ZTE Corp

DB:FZM

China / Information Technology / Communications Equipment

Overview

Dividends

10Y Historical Financials

Stock Price

2.40 EUR


Key Metrics	Latest
Total Revenue	121.3 B
Adjusted EBITDA	12.169 B
EBITDA Margin	10.0%
Net Profit Margin	7.5%
Total Assets	207.3 B
Total Debt	58.072 B

10Y Historical Financial Statements

Summary Financials


Summary Financials

	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	12 Months

Revenue	100,186	101,233	108,815	85,513	90,737	101,451	114,522	122,954	124,251	121,299	121,299
% Growth		1.0%	7.5%	-21.4%	6.1%	11.8%	12.9%	7.4%	1.1%	-2.4%

Adjusted EBITDA	2,399	1,092	6,744	1,932	5,809	6,322	11,592	13,608	14,644	12,169	12,169
% Margin	2.4%	1.1%	6.2%	2.3%	6.4%	6.2%	10.1%	11.1%	11.8%	10.0%	10.0%

Adjusted EBIT	1,257	(252)	5,384	(540)	4,278	4,605	7,410	9,549	10,075	9,928	9,928
% Margin	1.3%	-0.2%	4.9%	-0.6%	4.7%	4.5%	6.5%	7.8%	8.1%	8.2%	8.2%

Adjusted Net Income	3,535	2,653	5,603	(1,977)	2,995	4,559	6,640	8,979	10,001	9,135	9,135
% Margin	3.5%	2.6%	5.1%	-2.3%	3.3%	4.5%	5.8%	7.3%	8.0%	7.5%	7.5%

Adjusted Basic EPS	0.86	0.64	1.34	(0.47)	0.71	0.99	1.43	1.90	2.10	1.91	1.91

Supporting Calculations

Income Statement

Balance Sheet

Statement of Cashflows


Income Statement
											Original
CNY	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
	FY - 9	FY - 8	FY - 7	FY - 6	FY - 5	FY - 4	FY - 3	FY - 2	FY - 1	FY	LTM

Revenue	100,186	101,233	108,815	85,513	90,737	101,451	114,522	122,954	124,251	121,299	121,299
% Growth	NA	1.0%	7.5%	-21.4%	6.1%	11.8%	12.9%	7.4%	1.1%	-2.4%

Cost of Revenue	(69,667)	(70,737)	(75,137)	(58,252)	(58,269)	(69,492)	(74,978)	(78,020)	(73,506)	(75,905)	(75,905)
Gross Profit	30,519	30,496	33,679	27,261	32,467	31,959	39,544	44,935	50,745	45,394	45,394
% Revenue	30.5%	30.1%	31.0%	31.9%	35.8%	31.5%	34.5%	36.5%	40.8%	37.4%	37.4%

Research and Development	(12,201)	(13,781)	(12,962)	(10,906)	(12,548)	(14,797)	(18,804)	(21,602)	(25,289)	(24,031)	(24,031)
Selling and Marketing	(11,278)	(11,951)	(11,535)	(8,624)	(7,869)	(7,579)	(8,733)	(9,173)	(10,120)	(8,901)	(8,901)
General and Admin	(4,313)	(5,110)	(5,902)	(7,634)	(6,843)	(5,252)	(5,751)	(5,552)	(5,732)	(4,290)	(4,290)
Other Inc / (Exp)	1,621	(1,646)	1,150	(7,188)	2,490	84	663	(1,437)	(345)	(5)	(5)
Total Operating Exp	(26,170)	(32,489)	(29,250)	(34,351)	(24,769)	(27,544)	(32,625)	(37,764)	(41,485)	(37,228)	(37,228)

Operating Income	4,349	(1,993)	4,428	(7,091)	7,698	4,415	6,919	7,170	9,260	8,166	8,166
% Revenue	4.3%	-2.0%	4.1%	-8.3%	8.5%	4.4%	6.0%	5.8%	7.5%	6.7%	6.7%

Interest Expense	(46)	1,225	2,291	(260)	(537)	649	1,580	1,581	943	1,064	1,064
Pre-tax Income	4,304	(768)	6,719	(7,350)	7,162	5,064	8,499	8,752	10,203	9,230	9,230
Earnings of Discontinued Ops.	0	0	0	0	0	0	0	0	0	0	0
Provision for Taxes	(563)	(640)	(1,333)	401	(1,385)	(342)	(1,463)	(960)	(962)	(874)	(874)
Net Income to Company	3,740	(1,408)	5,386	(6,949)	5,777	4,722	7,036	7,792	9,241	8,356	8,356
% Margin	3.7%	-1.4%	4.9%	-8.1%	6.4%	4.7%	6.1%	6.3%	7.4%	6.9%	6.9%

Minority Interest in Earnings	(116)	(448)	(317)	383	(280)	(446)	(223)	289	85	69	69
Net Income to Stockholders	3,625	(1,856)	5,069	(6,567)	5,496	4,276	6,813	8,080	9,326	8,425	8,425

Preferred Dividends	0	0	0	0	0	0	0	0	0	0	0
Other Adj.	(417)	(501)	(501)	(417)	(349)	(16)	0	0	0	0	0

Net Income to Common	3,208	(2,357)	4,568	(6,984)	5,148	4,260	6,813	8,080	9,326	8,425	8,425
% Margin	3.2%	-2.3%	4.2%	-8.2%	5.7%	4.2%	5.9%	6.6%	7.5%	6.9%	6.9%

As Reported
Basic EPS (Continuing Ops)	0.78	(0.57)	1.09	(1.67)	1.22	0.92	1.47	1.71	1.96	1.76	1.76
Diluted EPS (Continuing Ops)	0.77	(0.57)	1.08	(1.67)	1.22	0.92	1.47	1.71	1.96	1.76	1.76

WA Basic Shares Out.	4,127.35	4,159.66	4,189.23	4,192.67	4,205.70	4,612.34	4,641.91	4,736.11	4,763.57	4,783.32	4,783.32
WA Diluted Shares Out.	4,180.14	4,159.66	4,219.47	4,192.67	4,224.05	4,633.49	4,644.47	4,736.21	4,763.57	4,783.32	4,783.32

EBITDA, EBIT Reconciliation
EBT, Incl. Unusual Items	4,304	(768)	6,719	(7,350)	7,162	5,064	8,499	8,752	10,203	9,230	9,230
Addback: Net Interest Expense	46	(1,225)	(2,291)	260	537	(649)	(1,580)	(1,581)	(943)	(1,064)	(1,064)
Addback: Other Non Operating Expenses, Total	(2,814)	(3,746)	663	(168)	338	410	1,026	774	(213)	709	709
Addback: Depreciation & Amortization	1,142	1,344	1,360	2,472	1,531	1,717	4,183	4,058	4,569	2,241	2,241
Addback: Restructuring Charges	0	0	0	0	0	0	0	0	0	0	0
Addback: Merger / Acquisition Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Goodwill Impairment	0	0	0	123	0	0	186	0	0	0	0
Addback: Gain (Loss) On Sale Of Invest.	188	(30)	40	1,891	234	(31)	(1,083)	1,163	942	625	625
Addback: Gain (Loss) On Sale Of Assets	29	23	112	(19)	(2,688)	0	(232)	(11)	(21)	(96)	(96)
Addback: Asset Writedown	13	45	29	67	0	19	417	410	51	411	411
Addback: In Process R&D Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Insurance Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Legal Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Other Unusual Items	(508)	5,450	113	4,657	(1,305)	(207)	177	43	55	113	113
Adjusted EBITDA	2,399	1,092	6,744	1,932	5,809	6,322	11,592	13,608	14,644	12,169	12,169
% Margin	2.4%	1.1%	6.2%	2.3%	6.4%	6.2%	10.1%	11.1%	11.8%	10.0%	10.0%

Adjusted EBIT	1,257	(252)	5,384	(540)	4,278	4,605	7,410	9,549	10,075	9,928	9,928
% Margin	1.3%	-0.2%	4.9%	-0.6%	4.7%	4.5%	6.5%	7.8%	8.1%	8.2%	8.2%

Adjusted Net Income Reconciliation
Net Income to Company	3,740	(1,408)	5,386	(6,949)	5,777	4,722	7,036	7,792	9,241	8,356	8,356
Addback: Unusual Items	(278)	5,487	293	6,719	(3,759)	(219)	(535)	1,605	1,028	1,053	1,053
Less: Tax Benefit of Unusual Items (26%)	72	(1,427)	(76)	(1,747)	977	57	139	(417)	(267)	(274)	(274)
Adjusted Net Income	3,535	2,653	5,603	(1,977)	2,995	4,559	6,640	8,979	10,001	9,135	9,135
% Margin	3.5%	2.6%	5.1%	-2.3%	3.3%	4.5%	5.8%	7.3%	8.0%	7.5%	7.5%

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ZTE Corp

DB:FZM

China / Information Technology / Communications Equipment

10Y Historical Financials