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推動小米勢破歷史高位的三大動力

小米(SEHK:1810)終於重上招股價,而且這三個利好因素勢可助小米再創高峰。 –

中國手機龍頭品牌——小米(SEHK1810)上市以來股價表現持續不振,最近在新經濟熱潮下終於重上招股價,更創下新高。以下三個利好因素或可助小米股價再破頂:

1.大眾市場滲透空間大

小米以廉價手機起家,主打高性價比的低定價智能手機。低定價產品的邊際較低,如小米的手機產品毛利率僅得單位數,IoT與生活消費產品則只有約13%,相比起蘋果公司的硬件產品30%毛利率明顯為低。

不過,大眾市場往往較高端市場為大,而且歐洲、亞洲有不少消費力相對落後的地區的智能手機滲透度仍有上升空間這為小米帶來大的增長空間。事實上,小米更已走出中國在海外市場紮根,如集團在印度市場佔有龍頭地位。

2.互聯網業務受惠疫情

硬件產品的收入佔比雖然高,但小米的核心增長業務其實是互聯網業務,例如智能手機廣告遊戲電商平台金融科技、電視互聯網等業務。新冠肺炎疫情為實體經濟帶來衝擊,同時成為新經濟產業的增長時機。

疫情中大眾外出娛樂活動大減,在家娛樂成為大趨勢,手遊、電商等線上手態受惠並加速滲透互聯網業務的吸引之處在於邊際高,最近季度毛利率有約57%,而且互聯網業務可借助小米硬件產品來獲客,效益相當高。展望長線,互聯網業務的用戶基數可隨硬件產品滲透而擴大,小米的盈利質素有望持續改善。

3.內循環利好中資品牌

中國政府最近提出「內循環」,內需有望成為撐住中國經濟的重要引擎,而國內產業鏈亦有望受惠擴張升級。這趨勢有利小米等中資品牌在中國市場搶奪並鞏固份額。中國經濟增速雖然領先發達國家,但人均收入仍然落後,這代表著中國消費市場仍有龐大的升級空間

內需重振將迎來消費升級,用家替換及選購升級產品的意欲更高,用於娛樂體驗的消費意欲同樣較高,這將為小米等享有領先優勢的品牌帶來持續需求,例如小米經營的智能家居方案有望加強滲透,互聯網業務中的訂閱服務同樣可以受惠於大眾娛樂需求擴張。

結語

以上三大增長動力有望成為小米業務增長的重要引擎,長線有利支持股價再上。

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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