Exceeded expectations! Xiaomi Q1 has revenue of 49.7 billion yuan and adjusted net profit of 2.3 billion yuan

富途资讯 · May 20, 2020 17:40 · Earnings

富途资讯5月20日消息，小米在今日港股盘后发布了2020年Q1业绩报告。小米集团表示，主要产品在一季度末销售已回到疫情前水平，中国大陆的产量已经大幅恢复。

财报显示：

营收为497.02亿元，去年同期437.57亿元，同比增长13.6%；
经调整净利润为23亿元，去年同期20.8亿元，同比增长10.6%。

分业务来看：

智能手机分部收入由2019年第一季度的人民币270亿元增加12.3%至2020年第一季度的人民币303亿元。 2020年第一季度，我们售出29.2百万部智能手机，而2019年第一季度售出27.9百万部。 2020年第一季度，智能手机的ASP为每部人民币1,038.0元，而2019年第一季度为每部人民币968.3元。 ASP上升主要是由于2020年第一季度发布的5G及其他高端智能手机型号拉动所致；
IoT与生活消费产品分部收入由2019年第一季度的人民币120亿元增加7.8%至2020年第一季度的人民币130亿元，主要是由于智能手环及路由器等若干IoT产品需求快速增长。智能电视及笔记本电脑的销售收入由2019年第一季度的人民币50亿元减少8.2%至2020年第一季度的人民币46亿元，主要是由于疫情影响导致销售活动减少及生产中断所致；
互联网服务分部收入由2019年第一季度的人民币43亿元增加38.6%至2020年第一季度的人民币59亿元，是由于我们主要的互联网服务业务都在稳健增长。 MIUI的月活跃用户由2019年3月的260.9百万人增加26.7%至2020年3月的330.7百万人。
其他收入由2019年第一季度的人民币447.8百万元增加10.0%至2020年第一季度的人民币492.6百万元，主要是由于部分IoT产品的安装服务收入的增长。

第一季度，境外市场收入达到人民币248亿元，同比增长47.8%，占总收入的50.0%。
MIUI的月活跃用户由 2019年3月的2.6亿人增加26.7%至2020年3月的3.3亿人。

小米公司表示：

2020年第一季度，我们持续推进5G+AIoT双引擎战略，成绩斐然。 2020年3月，我们在中国大陆的5G智能手机销量市占率已达14.1%。根据Canalys的数据，我们在中国大陆市场实现了25.9%的5G市场渗透率，高于市场平均，凸显了我们在5G市场的领先地位。
截至2020年3月31日，我们投资超过300家公司，总账面价值达人民币323亿元，同比增长11.4%。继2020年2月石头科技在科创板上市之后，小米参与投资的公司金山云2020年5月在纳斯达克成功上市。 2020年第一季度，我们处置投资录得税后净收益人民币225.9百万元，我们的投资不仅带来持续性的财务收益，与被投企业的合作，也为我们带来更大的战略价值。

关于疫情影响，小米表示：

从我们的数据来看，我们中国大陆的手机销量在2020年3月起已逐渐回到疫情前水平；智能电视出货量也大幅回升。
在疫情影响下，境外的其他市场也采取了不同形式的应对措施，预计会对我们第二季度的业绩造成影响。印度自3月底开始实施严格的封锁措施，封锁期间我们的销售受到了较大的影响。
在其他境外市场，应对疫情的限制措施也出现不同程度的放松趋势，销售也开始复苏。例如，截至5月第三周，欧洲市场每周的智能手机激活数已经达到2020年1月份平均周激活量的90%以上。

此前市场预期

19年四季度，小米受益印度等海外市场高速增长，营收同比增长27.1%，环比增长5.2%，超越市场预期。对于小米今年一季度业绩，彭博显示市场一致预期为，营收478.67亿人民币，同比增9.4%；调整后净利润21.26亿，同比增2.2%。

附：小米Q1财报

编辑/Sylvie Ray Iris

Futu News on May 20, XIAOMI released the 2020 Q1 performance report after today's Hong Kong stock market. XIAOMI Group saidSales of the main products returned to pre-epidemic levels by the end of the first quarter, and Chinese mainland production has recovered significantly.

The financial report shows that:

Revenue was 49.702 billion yuan, compared with 43.757 billion yuan in the same period last year, up 13.6% from the same period last year.
The adjusted net profit was 2.3 billion yuan, compared with 2.08 billion yuan in the same period last year, an increase of 10.6% over the same period last year.

From a business point of view:

Smartphone segment revenue increased by 12.3% from 27 billion yuan in the first quarter of 2019 to 30.3 billion yuan in the first quarter of 2020. In the first quarter of 2020, we sold 29.2 million smartphones, compared with 27.9 million in the first quarter of 2019. The ASP of smartphones was 1038.0 yuan per smartphone in the first quarter of 2020, compared with 968.3 yuan per smartphone in the first quarter of 2019. The increase in ASP is mainly due to the pull of 5G and other high-end smartphone models released in the first quarter of 2020.
The income of the IoT and consumer products segment increased by 7.8% from RMB 12 billion in the first quarter of 2019 to RMB 13 billion in the first quarter of 2020, mainly due to the rapid growth in demand for several IoT products such as smart bracelets and routers. Sales revenue from smart TVs and laptops decreased by 8.2% from 5 billion yuan in the first quarter of 2019 to 4.6 billion yuan in the first quarter of 2020, mainly due to reduced sales activities and production disruptions caused by the epidemic.
Revenue from the Internet Services Division increased by 38.6% from RMB 4.3 billion in the first quarter of 2019 to RMB 5.9 billion in the first quarter of 2020, due to the steady growth of our major Internet services business. The number of monthly active users of MIUI increased by 26.7% from 260.9 million in March 2019 to 330.7 million in March 2020.
Other income increased by 10.0% from RMB447.8 million in the first quarter of 2019 to RMB492.6 million in the first quarter of 2020, mainly due to the increase in revenue from installation services for some IoT products.

In the first quarter, overseas market revenue reached 24.8 billion yuan, an increase of 47.8% over the same period last year, accounting for 50.0% of the total revenue.
The number of monthly active users of MIUI increased from 260 million in March 2019 to 330 million in March 2020.

XIAOMI said:

In the first quarter of 2020, we continued to promote the 5G+AIoT twin-engine strategy and achieved remarkable results. In March 2020, we sold 14.1% of Chinese mainland's 5G smartphones. According to Canalys, we achieved 25.9% of the 5G market penetration in Chinese mainland, which is higher than the market average, highlighting our leading position in the 5G market.
As of March 31, 2020, we have invested in more than 300 companies with a total book value of 32.3 billion yuan, an increase of 11.4% over the same period last year. Following the listing of Stone Technology in Science and Technology Innovation Board in February 2020, Kingsoft Cloud Holdings, a company invested by XIAOMI, was successfully listed on NASDAQ in May 2020. In the first quarter of 2020, we made a net income of 225.9 million yuan after disposing of investment tax. our investment not only brings sustainable financial gains, but also brings greater strategic value to us through cooperation with the invested enterprises.

On the impact of the epidemic, XIAOMI said:

According to our data, our Chinese mainland mobile phone sales have gradually returned to pre-epidemic levels since March 2020, and smart TV shipments have also rebounded sharply.
Under the influence of the epidemic, other markets outside the country have also taken different forms of response measures, which are expected to have an impact on our performance in the second quarter. India has imposed a strict blockade since the end of March, and our sales have been greatly affected during the blockade.
In other overseas markets, restrictions on dealing with the epidemic have also been relaxed to varying degrees, and sales have begun to recover. For example, as of the third week of May, the number of weekly smartphone activation in the European market had reached more than 90% of the average weekly activation in January 2020.

The market had expected

In the fourth quarter of 1919, XIAOMI benefited from the rapid growth of overseas markets such as India, with revenue up 27.1% year-on-year and 5.2% month-on-month, exceeding market expectations. For XIAOMI's first-quarter results, Bloomberg showed that the market unanimously expected revenue of 47.867 billion yuan, up 9.4% from a year earlier, and adjusted net profit of 2.126 billion, up 2.2% from a year earlier.

附：XIAOMI Q1 Financial report

Edit / Sylvie Ray Iris

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

大超预期！小米Q1营收497亿元，经调整净利润23亿