Reasons for the decline in net profit
ZTE explained in the financial report that it was mainly the one-time pre-tax income of 2.66 billion yuan brought by asset disposal in the third quarter of 20 19, which greatly increased the net profit of 20 19; The basic earnings per share is 0.92 yuan.
If we don't consider the impact of the disposal of large assets in 20 19 mentioned by ZTE, the profit level in 2020 is close to the historical best level in 20 17.
If the disposable asset disposal income (2.662 billion) in 20 19 years is excluded, the annual profit in 2020 will increase by 76% year-on-year, instead of negative growth.
The main business of the three major sectors has achieved growth.
ZTE focuses on "carrier network, government and enterprise business and consumer business". In 2020, the revenues of the three major sectors all achieved year-on-year growth.
Among them, in 2020, the operating income of ZTE's network business will be 74.0/kloc-0.80 billion yuan; The proportion of operators' business will increase from 57% in 20 15 to 73% in 2020. Operating income of government and enterprise business112.72 million yuan; The operating income of consumer business was RMB 65,438+0,665,438+0.6 billion, all of which achieved year-on-year growth.
Gross profit margin "diving"
It is reported that before 20 18, the company's gross profit margin was stable at around 30%. In 20 18, the company's business structure began to adjust, and the proportion of operators with higher gross profit margin increased. Therefore, the overall gross profit margin of the company is 20 17%.
However, in 2020, the company's gross profit margin dropped to 365,438+0.665,438+0%, down 5.5% from the same period of last year. The annual report shows that it is mainly due to the increase in the proportion of income from low gross profit margin products.
According to the business segment, in 2020, the gross profit margin of the company's operators' network business will be 33.79%, that of government and enterprise business will be 28.82%, and that of consumer business will be 23.58%.
R&D investment hit a new high.
Since 20 17, the proportion of the company's R&D expenditure has continued to increase. Even in the most difficult 20 18 years, the company did not reduce its investment in r&d.
From 20 15 to 20 19, it was 122 billion,127.6 billion,129.6 billion,109.6 billion and1254.8 billion respectively.
In 2020, the number of ZTE R&D personnel will be 3 1747, an increase of 12. 18% year-on-year.
In addition, by the end of 2020, ZTE had applied for about 80,000 patents worldwide and authorized about 36,000 patents. Among them, there are more than 4,270 chip patent applications and more than 1800 chip patent authorizations.
Expect 202 1 year
ZTE expects that the net profit attributable to ordinary shareholders of listed companies in the first quarter of 2002/kloc-0 will reach10.80 billion yuan to 2.40 billion yuan, a year-on-year increase of10.30.8% to 207.7%.
Looking forward to 20021,the Ministry of Industry and Information Technology has proposed the goal of building 600,000 5G base stations throughout the year, which is further accelerated compared with 2020. With the increase of ZTE's share, the company's subsequent growth is worth looking forward to.