第二曲线业务快速成长，“买入”

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This Equity Research Report by Gin Yu of GTJA Securities covers ZTE (00763 HK), a company in the telecommunications sector. The report maintains an "Buy" investment rating and raises the target price to HK$29.20, forecasting FY23-FY25 EPS of RMB2.058/RMB2.390/RMB2.783, respectively. The report expects the company's business in the telecom network side to grow steadily in 2023, with 5G base station construction volume in China similar to that in 2022. The report also expects the development of businesses in the second curve to exceed market expectations, with the company quickly developing its second curve layout in servers and storage, 5G industry applications, terminals, digital energy, automotive electronics, and strengthening cooperation with leading companies.