ZTE Results: Weak Link in Networks, Handset Hopes 中兴通讯财报：薄弱环节在网络设备手机有希望
I think I may write a bit too much about ZTE (HKEx: 763; Shenzhen: 000063); but considering the company is at a critical point in its development, similar to what many of China’s emerging export powerhouses will face down the road, hopefully the excess ink is justified. The point I’m trying to make was all too apparent in ZTE’s just-published first-quarter results which showed its profit and revenue grew just 15 percent — a number that looks downright Western in terms of what you might see for a more mature company like Ericsson (Stockholm: ERIC). Even more alarming, ZTE’s core networking equipment business grew by less than 2 percent, as it faces numerous obstacles, including government bureaucracy in India, political hostility in the US, and a lawsuit from Ericsson in Europe. The one bright spot in all this was its handset business, which jumped 50 percent and was obviously the major driver behind the quarter’s growth. Given the less controversial nature of handsets, ZTE would be well advised to focus on this segment of its business and tone down its efforts on the networking equipment front. Crosstown rival Huawei would be well advised to make similar moves. But as these two make this painful transition, look for some less-than-stellar numbers in both their top and bottom lines in the next year or two.
Bottom line: ZTE needs to transition from a networking equipment company to a more diversified telecoms player, to avoid ending up like just another slow-growth Western company.
我可能写了太多关於中兴通讯<0763.HK><000063. SZ>的文章了。但考虑到这家公司正处於发展的关键环节，中国的很多大型出口型企业将面临类似的问题，我还是希望再多花些笔墨。我想说的，在中兴刚发布的第一季度财报中体现得再明白不过了–利润和营收仅增长15%。这个数字看起来完全就是一个西方国家的公司，比如爱立信<ERICb.ST>这样更为成熟的公司。让人更为警觉的是，中兴的核心业务–网络设备业务增长不足2%，同时还在面临很多困难，如印度政府的官僚主义、美国政界的敌意以及爱立信在欧洲的一起诉讼。财报唯一的亮点是增长率达50%的手机业务，这是该季度增长的主要推动力。中兴也许应该专注于手机，降低其网络设备业务的比重。外界认为，中兴的直接竞争对手华为也应该这麽做。在两家公司做出这种痛苦的转型时，他们未来一两年的营收和利润数字可能会不那麽吸引人。
一句话：中兴需要从网络设备商向着更多元化方向转型，以避免走上西方企业的缓慢增长老路。
Related postings 相关文章:
◙ Huawei Looks for Growth in IT Services 华为在IT服务领域寻求增长机遇
◙ ZTE Pressures Ericsson With China Suit — NOT 中兴反诉爱立信
◙ ZTE, Huawei Stumble Some More 华为中兴：难兄难弟
