中兴通讯盈利预警 股价大跌17%

Shares of ZTE dropped by as much as 17 per cent to close at the lowest level in three and a half years, battered by the company’s warning last Friday that interim net profit could fall by up to 80 per cent from a year ago.

中兴通讯(ZTE)股价昨日下挫17%，以三年半以来的最低价收盘，该公司上周五发布预警称，中期净利润同比可能下降至多80%。

China’s second-largest telecoms equipment maker by revenue blamed the expected decline on lower investment income, exchange rate-related losses and weaker domestic revenue. It also warned that its gross profit margin had slipped from last year.

按收入计算，中兴通讯是中国第二大电信设备制造商。该公司将预期净利润下降归咎于投资收益下降、汇兑相关损失以及国内市场收入趋弱，该公司还警告称，其毛利率较上年同期有所下降。

The group’s Hong Kong-listed shares have fallen nearly 60 per cent since the start of the year. Analysts said the stock could come under further pressure as ZTE’s growth strategy appears to be off-track.

自今年初以来，中兴通讯港股股价累计跌幅已接近60%。分析师称未来该公司股价可能进一步承压，因中兴通讯的增长战略似乎已经脱轨。

“The magnitude of the earnings decline is a major surprise, and the falling margins mean that price competition is probably worse than expected in the handset business, said Jones Ku, an analyst at Barclays Capital.

巴克莱资本(Barclays Capital)分析师顾永贤(Jones Ku)表示：“中兴通讯的盈利降幅之大让人颇感意外。毛利率下滑则表明，手机业务的价格竞争很可能超出预期。

ZTE said in April it wanted to boost the share of income from handsets and aimed to be the third-largest supplier of smartphones in 2015. Mr Ku said the group also faced fierce competition in the telecoms network equipment market, which made up more than 53 per cent of sales last year. “The capital expenditure of network operators around the world will only register single-digit growth this year, including in China, he said.

中兴通讯4月份时表示，希望提升来自手机业务的利润比重，并力求到2015年成为全球第三大智能手机供应商。顾永贤表示，该公司在电信网络设备市场也面临激烈竞争，去年该领域销售额占中兴总销售额的53%。他指出：“今年包括中国在内的全球电信运营商的资本支出同比增幅将只有个位数。

The company said net profit for the six months to June was expected to range from Rmb154m to Rmb308m ($24m to $48m) compared with Rmb769.3m a year ago. Its shares closed down 16.3 per cent yesterday.

该公司预计在截至6月份的六个月中，净利润将在1.54亿至3.08亿元人民币之间（合2400万至4800万美元），上年同期净利润则为7.693亿元人民币。中兴通讯昨日股价收盘下跌16.3%。