投資概要
小米集團發佈 2022 年一季報,公司營業收入 734 億元(人民幣.下同),同比減少
4.6%;毛利為 127 億元, 同比減少 10.2%;經調整淨利潤為 29 億元,同比減少 52.9%。
2022 年第一季度,智能手機業務由於核心零部件供應短缺、疫情導致國內封控及全球
經濟環境影響,出貨量大幅下降,但受益於智能手機高端化策略,出貨量的下降部分
被平均售價(ASP)的上升所抵銷;IoT 與生活消費產品業務方面,智能電視、平板電
腦、家用電器和可穿戴產品保持快速增長。互聯網服務方面收入維持穩健,全球和中
國大陸 MIUI 月活躍用戶數延續增長趨勢。總體來說,2022 年一季度智能手機需求疲
弱,IoT 與生活消費產品業務受負面影響,互聯網服務業務維持平穩增長,同時,公司
未來 1-2 年會持續加大電動汽車的研發投入,這可能對公司整體的利潤水平造成負面
影響。
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魏書詠小姐 (Victoria Wei) 分析師 畢業於城市大學和浸會大學,分別獲得市場營銷和應用經濟學理學碩士學位。現為輝立証券持牌證券分析師,主要負責醫藥,能源,科技等板塊的研究。她曾在受託人、資產管理和證券公司工作,具備股票研究分析和投資經驗。 Graduated from City University and Baptist University with Master of Science Degree in Marketing and Applied Economic respectively. Currently worked at Phillip Securities as a licensed securities research analyst. She is now responsible for the sector covers healthcare, energy, technology and etc. She has working experience in trustee, asset management and securities companies, which equipped her to have equity research analysis and investment experience.