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疫市中鋒芒畢露 金山軟件可買未?

金山軟件(SEHK:3888)在上半年錄得可觀增長,當中有何亮點?值得投資嗎? –

金山軟件(SEHK3888)是領先中國市場的軟件開發商,疫市為中國經濟帶來衝擊,同時為新經濟產業帶來增長順風。金山軟件在上半年錄得可觀增長,第二季業績表現如何?值得投資嗎?

中期業續受惠疫市增長

金山軟件在期內受惠於線上化趨勢加速,第二季收益為14.2億元(人民幣·下同),同比增長為49%,環比增長則有21%,反映疫情中服務需求大增,需求更隨著疫情持續而擴張。期內毛利則按年增加55%12億元,按季則則增長24%營運溢利則錄得約230%同比增長。

網絡遊戲受惠在家娛樂

疫情中大眾外出消遣活動大減,在家娛樂需求急速擴張,其中網絡遊戲成為大眾的重要娛樂渠道。大眾消費力在疫市中累,部分釋放在網絡遊戲的虛擬消費之上,例如網絡遊戲中的道具服裝消費,以及其他提升玩家體驗的增值消費。金山軟件為旗艦遊戲《劍網3》推出的內容更新在疫市中得到玩家正面回饋,收益及日均活躍用戶分別按年增加120%39%。多款熱門遊戲在疫市中表現強勢,第二季分部收益為8.7億元,同比增長為53%,環比增長則為11%

辦公軟件服務持續滲透

網絡遊戲,集團的辦公軟件及服務同樣在疫市中錄得可觀增長,第二季收益按年增加43%5.5億元,按季則增加41%。疫市中在家工作成為趨勢,這為團隊協作方案帶來需求。金山軟件所開發及經營的WPS Office便是領先中國市場的辦公室軟件,其中金山文檔便可以支持在線協作編輯。據集團所公布的運營資料,包括WPS Office及金山詞霸在內的軟件產品在今年6月有約4.5月活躍用戶,較去年同期增加約31%。展望長線,企業對於在線協作的需求仍有龐大的增長空間。中美科技角力之下,中資背景軟件在國內的需求有望持續擴張,作為美國科技封殺的後備方案,金山軟件作為領先品牌可受惠。

結語

金山軟件在疫市中實現強勁增長,其中辦公軟件服務有望在疫後持續滲透,長線增長前景明朗,有利支持股價表現。

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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