On October 22, UBS Group released a research report stating that zte's third-quarter revenue fell by 3.9% year-on-year to 27.6 billion yuan, lower than expected; net income fell by 8.2% year-on-year to 2.2 billion yuan, but still exceeded expectations. The bank pointed out that although the capital expenditure of mainland telecom operators in the third quarter was low, it is expected that zte's related revenue will decline by a double-digit percentage, with a total revenue decline of 4%, mainly due to the decline of mainland operators being offset by the growth in overseas operator revenue and mainland consumer and enterprise income. The bank indicated that after the company announced its third-quarter performance, it lowered its revenue forecast for 2021 to 2026 by 2% to 7%, expecting net income to stabilize next year, and also reduced its long-term capital expenditure forecast by 6% to 7%. The bank raised the target price by 14% to 21.2 Hong Kong dollars, maintaining a "Neutral" rating.