行情运行至今，对过去低估的价值挖掘已尽，市场已纷纷转向对将来式的价值挖掘，其中3G产业正式启动，及其巨额产业投入给相关公司所带来的财富效应与利润增长潜力无疑是一个重点。而在整个3G产业中，中兴通讯无疑是其中的头牌，也将是最大的得益者。因此，该股一直被机构投资者"长相守"，且继续看好。

评级机构                                                                         评级日期     股票评级    投资要点                                                                                                                                                                                                                                    EPS （元）                     估值

                                                                                                                                                                                                                                                                                                                                                                                         (元)

                                                                                                                                                                                                                                                                                                                                                         06年         07年     08年        

中金公司                                                                         2007/04/19    推荐        公司保持2008年实现签单额100亿美金的目标不变，预计2007年签单额有机会较2006 年实现同比大幅增长。据了解，公司2007年签单指标为520 亿，收入将体现出较大的增长。                                                                                 0.84         1.35     1.77     ----

中信证券                                                                         2007/04/19    买入        公司经营处于上升趋势，国内、国际业务双轮驱动下，公司将迎来其增长的一个黄金时期。TD-SCDMA 建设及其其他制式3G 建设将启动新一轮投资高峰；国际业务处于良性增长轨道，同时国际业务增长质量也有所提升。                                            0.84         1.38     2.21     60.00

海通证券                                                                         2007/04/19    买入        未来公司将重点突破发展中国家的主流运营商，以新业务突破发达国家的主流运营商。随着TD 建设的展开，未来国内其它制式的3G 建设也将逐步启动，这为公司把握扩大国内市场份额创造了良好的环境与机遇。公司必将逐步跻身国际通信设备商的“第一梯队”。    0.84         1.51     1.85     ----

国泰君安                                                                         2007/04/19    增持        2006 年海外收入同比增长33%、占比已自2005 年的36%提升至44%，但毛利率自2005 年的41%降低至35%。2007 年是企业步出业绩低谷后的经营拐点。                                                                                                         0.84         1.34     1.77     53.00

长江证券                                                                         2007/04/19    谨慎推荐    尽管3G 仍存在一定的不确定性，而TD 终端当前的局限性也仍构成该产业发展的瓶颈，但3G所带来的行业洗牌机会仍然是公司近两年最大看点。                                                                                                             0.84         1.25     1.83     ----

天相投顾                                                                         2007/04/19    增持        未来三年业绩增长主要看点在于国内运营商对TD 的投资、海内外运营商对GSM 网络扩容升级、海外大单逐渐确认以及和全球领先运营商在终端领域的进一步合作。如果NGN、IPTV 等市场需求一旦明确，公司相关产品储备也会给未来业绩增长带来有效支撑。         0.84         1.51     1.95     58.00

平安证券                                                                         2007/04/19    中性        研发费用暴增吞噬了公司盈利，未来几年公司研发费用仍会较高。TD-SCDMA事实上的启动，有望将公司经营带出2006年的寒冬。                                                                                                                            0.84         1.31     2.03     ----

凯基证券                                                                         2007/04/19    持有        中兴已在中移动TD-SCDMA 试验网招标中得标，相信其能取得无线设备50%的份额。再加上手机标案即将展开，预计TD-SCDMA 的设备与手机业务2007 年将分别贡献32 亿元与20 亿元营收。                                                                        0.84         1.31     1.93     46.00

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                             0.84         1.37     1.92     54.25

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                             55.95         34.31    24.48        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                

（1）公司毛利率有下降现象；（2）3G产业仍存在不确定性；（3）公司费用呈攀升趋势。