According to the Guoxin Securities Research Report, ZTE (000063.SZ) will operate steadily in 2023 and maintain a high level of investment in R&D. The company's operator network business accounted for 66.6% of revenue in 2023. The revenue from this business increased 3.4% year on year. The company continues to consolidate its leading position in technology, and the market pattern in this field is steadily improving. In the first curve business, which mainly focuses on “connectivity,” it maintains its core competitiveness in the wireless and wired fields. According to the Dell'Oro Group report, the company's 5G base station shipments are second in the world for four consecutive years. In 2024, the company plans to continue to strengthen the evolution of 5G-A/6G technology, deepen cooperation with leading customers in the Internet and financial industries, seize the reconfiguration window period of Xinchuang and power communication networks in the power industry, and seize the opportunity to upgrade gigabit optical network terminals. The company accelerated its expansion to computing power in 2024, and the overall operation was steady and resilient. Maintain a “buy” rating.