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袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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36670666

金山軟件(03888.HK)

Friday, August 23, 2019 Views775

金山軟件(03888.HK)主要從事以下業務:

‧ 研究及開發網絡遊戲,以及提供網絡遊戲,手機遊戲及休閒遊戲服務;

‧ 提供雲存儲及雲計算服務;及

‧ 設計、研究、開發及銷售推廣WPS Office辦公軟件產品及服務。

 

二零一九年第一季度收入17.27元(人民幣),較上年同期增長了37%,但較上季度下降了2%。收入主要來自網絡遊戲,雲服務和辦公軟件及服務分別佔集團第一季度總收入的34%,49%和17%。

 

其中網絡遊戲收入5.99元(人民幣),較上年同期下降了5%較上季度下降9%。年度的輕微下降主要由於現有遊戲的收益減少,部分被多款新手遊的推出而更加豐富的遊戲產品組合的收益貢獻所抵銷。環比下降主要由於現有遊戲隨生命週期的自然回落。

 

來自雲服務的收入8.39元(人民幣),較上年同期增長100%較上季度增長16%。該等增長主要來自通過持續的技術優化與人工智能的運用,移動視頻及互聯網行業用戶使用量的強勁增長及企業雲服務的收入增長。

 

辦公軟件及服務及其他收入2.88億元(人民幣),較上年同期增長35%,但較上季度下降23%。年度增長主要來自WPS Office個人版增值服務及其企業版銷售收益的快速增長,反映了通過持續升級產品功能及不斷豐富內容,用戶數及用戶活躍度提升。環比下降主要由於WPS辦公軟件企業版銷售的季節性回落,部分被其個人版增值服務的收益增長所抵銷。

 

集團第一季度毛利6.58億元人民幣,較上年同期增長7%,較上季度下降13%。本集團的毛利率為38%,較上年同期下降了十一個百分點,較上季度下降了五個百分點。該等毛利率下降乃主要由於雲服務的收益貢獻增加,其具有相對較低的毛利率及較高的增長潛力。

 

本人認為雖然一季度整體業務表現良好,來季推出全新旗艦手遊《劍網3》,但隨著中美貿易戰的進一步惡化, 好多中小企業業務和營利跟隨惡化,集團的雲服務和辦公軟件及服務業務會多少受到拖累. 增長可能放慢。但第二季股價已從高位數$22.25回跌38.8%到近日$13.62.相信已反映部分的負面因素。


 

短期建議

買入價:$13.62

目標價 : $15.42

止蝕價 : $13

 

註:本人袁鉅文為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。


 

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