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小米績佳超預期 倍升潛力即將釋放?

小米(SEHK:1810)股價近日強勢重上招股價,剛公佈的業績優於市場預期,有望踏上倍升之路嗎? –

新冠肺炎疫情為全球市場帶來衝擊,但小米(SEHK:1810)在疫市期間表現硬朗,最近股價更重上招股價,有望倍升嗎?

疫市表現硬朗

儘管各地封城措施不利銷情,加上全球市場消費意欲疲弱,但小米的整體表現依然硬朗。在今年第二季,小米錄得收入約535億元(人民幣·下同),同比增長為3.1%,反映旗下硬件銷品銷情硬朗,互聯網收入擴張,以及海外業務持續增長。

此外,期內小米的毛利率有所擴張,帶動毛利按年增長6.1%,反映產品定價提升,以及邊際較高的互聯網業務貢獻增加。然而,期內集團用於營銷及研發的開支有所增長,經調整淨利潤較去年同期減少7.2%,至33.7億元,優於市場預期。

消費升級持續

雖然小米以親民定價的智能手機打出名堂,但隨著品牌持續滲透,集團亦已逐漸推動品牌升級。小米在第二季的智能手機收入為316億元,同比跌幅為1.2%,但集團指出中高端手機銷量貢獻有所增加,帶動全球智能手機平均售價上漲近12%,抵消了期內智能手機出貨量減少的負面影響。

在中國內地市場,集團旗下Redmi K30 Pro和小米10在京東618購物節期間成為平台銷量最佳的5G手機,而在海外市場,高端手機出貨量更在第二季同比增長近100%。隨著5G持續滲透,大眾更換及升級手機的趨勢將會加快,小米為低定價產品推出升級系列的策略有望受惠。

互聯網服務增長

小米的硬件產品定價雖低,但卻可推動集團的用戶基數擴張,持續鞏固互聯網服務的增長動力。疫市期間大眾外出活動大減,在家娛樂需求因而受惠擴張,小米的MIUI月活躍用戶在6月份達3.4億人,較去年同期增加逾20%,而在第二季度,小米的遊戲收入更錄得逾50%同比增長,其他互聯網增值服務收入則按年增加27%。

互聯網服務分部的毛利率雖在今年第二季回落約5個百分點至60.3%,但水平仍屬分部之中最高,相比起智能手機分部的7.2%,以及IoT與生活消費產品分部的11.4%。疫市期間小米的互聯網生態加強滲透,有望在疫後持續改善集團的盈利質素。

結語

小米在疫市期間銷售表現依然硬朗,更體現出消費升級的正面影響,高邊際互聯網服務分部則持續改善集團盈利能力,集團增長前景明朗有利支持股價。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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