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騰訊首季盈利僅增2.8% 受累轉型電子商貿 成本急增

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Tencent first-quarter earnings increased only 2.8% involved the transformation of

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_17eb002__new_05_2012.jpgbEDRainbow Mandarin 彩虹汉语

 bEDRainbow Mandarin 彩虹汉语

【明報專訊】騰訊(0700)今年首季受惠於春節假期,拉動其網遊業務。然而,近年積極轉型發展的電子商貿業務卻「未見其利,先見其害」,因成本高昂直接拉低毛利率,令到集團首季純利按年僅升2.8%,賺29.5億。不過,管理層對電子商貿業務充滿信心,期待憑內地龐大的客戶群及價格優勢,取得更多內地市場的份額。bEDRainbow Mandarin 彩虹汉语

昨晚在首季業績電話會議上,多名分析員對首次列入業績內的電子商貿業務甚為關注,要求管理層解釋發展計劃及整體毛利率會否持續被拖低。總裁劉熾平解釋,包括團購網、網上商城等內容的電子商貿業務仍在起步階段,暫時難以交代更多詳情。bEDRainbow Mandarin 彩虹汉语

他又指出,業務未在全國範圍推出,而除了上海之外,其他地方均將物流工作外判,令成本增加,但他認為騰訊的價格,較其他競爭者低,有望奪得更多市場份額,而日後亦會在其他地方,建設物流設施。bEDRainbow Mandarin 彩虹汉语

騰訊以價格戰打入市場,其首季電子商務收入為7.53億元,佔總收入7.8%。不過,銷售成本增加,令電子商貿的開支,竟佔收入97.2%,達到7.32億元,毛利率只得2.8%。bEDRainbow Mandarin 彩虹汉语

集團今年首季收入達到96.5億元,按年上升52.2%,但成本開支大增74.9%,令毛利率跌5.2個百分點至60.2%(見表)。結果,首季純利按年僅升2.8%,賺29.5億元,略低於市場預期,而純利按季增幅亦持續放緩(見圖)。bEDRainbow Mandarin 彩虹汉语

首季賺29.5億 純利率急跌bEDRainbow Mandarin 彩虹汉语

當中毛利率按年及按季的跌幅約5%,但純利率按年卻急跌14.7個百分點。騰訊的往績市盈率為30倍,但首季純利增長不足3%,估值是否值回票價則見仁見智。網遊及互聯網增值業務的收入有73.8億元,依然是騰訊盈利增長的主要動力,兩者收入按年均上升逾40%。主席馬化騰表示,春節假期令客戶消費意欲增加,而開放平台亦令他們更投入,故推動相關業務向上。此外,對於近期盛傳騰訊內部,將有高層的人事變動,甚至進行「大換血」。劉熾平不肯回應有關傳聞,只表示一切以公布為準。bEDRainbow Mandarin 彩虹汉语

分析員:前景仍看好bEDRainbow Mandarin 彩虹汉语

「想不到電子商貿收入會增加得這麼快,要分多項收入出來,但業務成本的確拖低盈利。」瑞穗電訊分析員盧銘雄認為,經營團購的成本較高,毛利率及純利率均會被拉低,尤其是收入仍未大得足以蓋過成本。bEDRainbow Mandarin 彩虹汉语

不過,盧銘雄仍然看好騰訊的前景,「微博、微信等或是騰訊的未來,但目前仍然看其網遊業務,至今續有增長,覺得不錯。」他指出,雖然增長幅度放慢,但純利率仍維持在30%以上,近期股價回落後,有吸納的價值,相信能守穩200元以上的水平。騰訊昨日急跌10.4元或4.5%,收報219.6元。bEDRainbow Mandarin 彩虹汉语

明報記者 岑梽豪bEDRainbow Mandarin 彩虹汉语

 [Ming Pao] Tencent first quarter of this year (0700) to benefit from the Spring Festival holidays, pulling its online business. However, the positive transformation in recent years the development of e-commerce business has "no benefit, first reflected in its harm, directly down the high cost of the gross margin, to the Group's first quarter net profit rose 2.8 percent, according to the age of earned 29.5 billion. However, management of e-commerce business full of confidence and look forward to working with the Mainland's huge customer base and price advantage, more mainland market share.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
In the first quarter results conference call last night, more than analysts included in the results of e-commerce business for the first time concern about, requires management to explain the development plan and will have continuous drag on overall gross profit margin. President Lau Chi Ping Martin explained that the Customers network, online mall and other e-commerce business is still in its infancy, being difficult to account for more details.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
He also pointed out that the business did not launch a nationwide, In addition to the outside of Shanghai, the other parts of outsourcing of logistics, the cost increase, but he believes that the price of Tencent, which is lower than other competitors, is expected to win more market share , while in other places and will build logistics facilities.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
Tencent to enter the market, price wars, its e-commerce revenue in the first quarter of 753 million yuan, 7.8 percent of total revenue. However, the increase in cost of sales, so that e-commerce spending, actually accounted for revenue of 97.2 percent to 732 million yuan, gross profit margin of only 2.8%.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
Group in the first quarter of this year, revenue reached 9.65 billion yuan, up 52.2 percent year-on-year, but costs jumped 74.9 percent, gross profit margin fell 5.2 percentage points to 60.2% (see table). A result, first quarter net profit according to only 2.8% earned 2.95 billion yuan, slightly lower than market expectations, while the net profit of the quarterly growth rate continued to slow down (see photo).bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
In the first quarter to earn 2.95 billion net profit margin plungebEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
Among the approximately 5% of the gross margin decline in the annual and quarterly net profit margin the year-on-year plunge of 14.7 percentage points. The Tencent track record of 30 times earnings, first quarter net profit increase of less than 3% of valuation of the value of the fare is a matter of opinion. Online games and Internet value-added business revenue of 7.38 billion yuan, is still the main engine of growth of Tencent profit, both income according to the average annual increase of more than 40%. President Ma said the Chinese New Year holiday wishes to increase customer spending, and open the platform Yiling more input, and therefore promote related businesses up. In addition, the recent rumors of Tencent internal high-level personnel changes, and even the "big shake". Liu Zhi Ping refused to respond to the rumors, saying only that all announced prevail.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
Analyst: outlook remains optimistic about thebEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
"But, e-commerce revenues will increase so fast, to be divided into a number of income out, but the cost of doing business does drag on earnings." Lu Ming-hsiung, the Mizuho telecommunications analysts, business buy the higher cost, gross margin and net profit rate will be down , especially the income is not yet large enough to overshadow the cost of.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
However, Lu Ming Xiong is still optimistic about the prospects of Tencent "microblogging micro letter or Tencent's future, but still see their online business has continued to grow, feel good." He pointed out that although the growth rate slowed, but net profit remains at more than 30% after the recent share price fall to absorb the value, and believe that we can hold above the level of more than 200 yuan. Tencent yesterday fell 10.4 yuan, or 4.5 percent, to close at 219.6 yuan.bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
Ming Pao Daily News reporter Cen ZhihaobEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语
bEDRainbow Mandarin 彩虹汉语

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