[Table_InvestInfo] 首次覆盖: 游戏表现强劲， AI 赋能智能办公打开新发展空间 [Table_MainInfo] 公司研究/信息服务 证券研究报告 金山软件（3888）公司研究报告 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 金山云持续助力云战略，研发投资引领未来。金山云于 2020 年 5 月 8 日完成分拆并 独立上市后，不再作为公司的附属公司，而被视为联营公司，同时公司继续持有金山 云股份以支持集团云战略的实施。金山云专注于为战略选定的垂直领域客户提供多样 化云服务，凭借广泛的云基础设施、雄厚的技术研发实力、先进的云产品和行业特定 解决方案，为客户提供覆盖项目全生命周期的端到端实施部署，助力其实现数字化转 型。截至 2024 年 H1，公司持有金山云 14.23 亿股股份，占其投票权的 37.4%。 深度合作雷军系企业，未来有望持续释放协同效应。11 月 19 日，公司非全资附属公 司 KOSC 与小米新加坡签署广告服务协议。根据协议，KOSC 将通过应用程式为小米新 加坡及其客户提供海外广告服务，KOSC 海外版应用程式的所有广告流量将提供给 ...

[Table_Contacts] [Table_Page] 跟踪研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山软件（03888.HK） 游戏强劲，长线产品增多，办公蓄势，信创转暖 [Table_Summary] 核心观点： ⚫ 公司发布 24Q3 业绩公告，收入 29.1 亿元，同比+41.5%；运营利润 11.4 亿元，同比+204%，运营利润率 39.3%，同比+21.0pct，环比 +7.2pct；归母净利润 4.13 亿，剔除金山云减值影响后，同环比均大幅 增长。 ⚫ 游戏：24Q3 收入 17.1 亿元，同比+77.7%，环比+32.8%，《剑网 3》 持续展现韧性，《解限机》即将上线。《剑网 3 无界》移动端 6 月推 出，用户数超预期，带来移动端增量，同时推动《剑网 3》端游收入增 长；《剑网 3》10 月底发布年度资料片，进一步增强玩家情感体验和 活跃度。《解限机》计划 2025 年上线；8 月结束首测，全球范围内引 广泛关注，在 Steam 心愿单最高排 17 位，全球预约人数近 300 万； 《剑侠情缘·零》、《剑侠世界 4》已拿到版号，计划 25 年 ...

隐证券 计算机/软件开发 公 司 研 究 金山软件（03888.HK） 2024 年 11 月 20 日 游戏显著超预期，WPS B 端迎复苏拐点 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/11/20 | | 当前股价 ( 港元 ) | 31.950 | | 一年最高最低 ( 港元 ) | 35.950/18.400 | | 总市值 ( 亿港元 ) | 426.88 | | 流通市值 ( 亿港元 ) | 426.88 | | 总股本 ( 亿股 ) | 13.36 | | 流通港股 ( 亿股 ) | 13.36 | | 近 3 个月换手率 (%) | 41.39 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-11 2024-03 2024-07 2024-11 金山软件 恒生指数 数据来源：聚源 相关研究报告 《游戏迎产品上升周期，WPS B 端订 阅有望重回增长 —港股公司信息更 新报告》-2024.8.22 《游戏增速有望回升，W ...

52 周价格区间（港元） 18.40-35.95 2024 年 11 月 20 日 公司研究 评级：买入(维持) [Table_Title] 游戏收入高速增长，AI 赋能数字办公新体验 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——金山软件（3888.HK）2024Q3 财报点评 最近一年走势 事件: 11 月 19 日，公司公告 2024Q3 季报，实现营收 29.15 亿元（YoY+41.5%， QoQ+17.8%），营业利润 11.44 亿元，净利润 7.52 亿元，归母净利润 4.13 亿元。 我们的观点： 1 、 主 要 财 务 指 标 分 析 ： 2024Q3 实 现 营 业 收 入 29.15 亿 元 （YoY+41.5%，QoQ+17.8%），其中办公软件及服务业务 12.07 亿 元（YoY+9.9%，QoQ+1.6%），网络游戏及其他业务 17.08 亿元 （YoY+77.7%，QoQ+32.8%）。毛利润 24.54 亿元（YoY+46.4%， Q ...

证券研究报告·海外公司点评·软件服务(HS) 金山软件（03888.HK） 2024Q3 业绩报点评：游戏收入超预期，办公 AI 商业化稳步推进 2024 年 11 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|--------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7660 | 8547 | 10481 | 11927 | 13509 | | 同比 (%) | 19.86 | 11.74 | 22.82 | 13.80 | 13.26 | | 归母净利润（百万元） | (6,048.19) | 483.46 | 1,484.81 | 1,841.89 | 2,239.48 | | 同比 (%) | (1,629.90) | - | 207.12 | 24.05 | 21.59 ...

交银国际研究 财务模型更新 收盘价 港元29.20 目标价潜在涨幅 港元33.00↑+13.0% 互联网 2024 年 11 月 20 日 金山软件 (3888 HK) 游戏带动业绩超预期，关注游戏及 WPS 海外增长潜力 金山软件（3888 HK）2024 年 3 季度游戏高速增长拉动收入及调整后运营利润 同比增 42%/168%，大幅超我们/市场预期。WPS C 端维持稳健增长，B 端 SaaS 转型影响逐步减弱。我们相应上调 2024 年全年收入及利润预测，将估值切换 至 2025 年，基于游戏业务利润扩张及金山云估值提升，上调目标价至 33 港元 （原为 30 港元），维持买入。 3 季度业绩超预期。总收入同比增 42%至 29.2 亿元（人民币，下同），主 要因游戏收入增长超预期。调整后运营利润同/环比增 168%/37%至 12.0 亿 元，对应运营利润率为 41%，同/环比大幅提升 19/6 个百分点。 游戏及其他业务收入同/环比显著增长（78%/33%），受益于《剑网 3 无 界》/10 月新资料片推出促进《剑网 3》用户回流和流水增长，以及手游 运营优化带来增量贡献。WPS 同比增 10%， ...

财联社11月19日讯（编辑 冯轶） 财联社为您带来今日港股重要公告 1）公司要闻 微博-SW(09898.HK)： 前三季度净收入12.98亿美元，同比增加0.13%；净利润2.92亿美元，同比增加 12.56%。 小鹏汽车-W(09868.HK)： 三季度汽车总交付量为46,533辆，同比增加16.3%，销售收入88亿元，同比增 加12.1%，汽车毛利率8.6%，同比增加14.7个百分点；总收入101亿元，同比增加18.4%；净亏损18.1亿 元，同比减亏53.5%。 同程旅行(00780.HK)：三季度交易额同比增加2.4%至728亿元；收入约49.915亿元，同比增加51.3%；净 利润同比增长55.8%至约8.03亿元，平均月付费用户同比增加5.0%至4640万人，年付费用户同比增加 3.4%至2.324亿人。 | --- | |------------------------------------------------------------------------------------------------------------------------------------------ ...

Revenue and Profit Performance - Revenue for the three months ended September 30, 2024, was RMB 2,914.785 million, a 42% year-over-year increase and an 18% quarter-over-quarter increase[3] - Operating profit for the three months ended September 30, 2024, was RMB 1,144.118 million, a 204% year-over-year increase and a 44% quarter-over-quarter increase[3] - Net profit attributable to the parent company's shareholders for the three months ended September 30, 2024, was RMB 413.449 million, a 1,351% year-over-year increase and a 5% quarter-over-quarter increase[3] - Revenue for Q3 2024 reached RMB 2,914.8 million, a 42% YoY increase and an 18% QoQ growth[34] - Revenue for Q3 2024 reached RMB 2,914.8 million, a 42% YoY increase and an 18% QoQ growth[54] - Gross profit for the three months ended September 30, 2024, was RMB 2,454.444 million, a 46% year-over-year increase[8] - Gross profit for Q3 2024 was RMB 2,454.4 million, up 46% YoY and 20% QoQ, with a gross margin of 84%, up 3 percentage points YoY and 1 percentage point QoQ[35] - Operating profit before share-based compensation for Q3 2024 was RMB 1,202.4 million, up 168% YoY and 37% QoQ[41] - Net profit attributable to the parent company for Q3 2024 was RMB 413.4 million, compared to RMB 28.5 million in Q3 2023 and RMB 393.4 million in Q2 2024[45] Office Software and Services - Revenue from office software and services was RMB 1,206.815 million for the three months ended September 30, 2024, a 10% year-over-year increase[8] - Office software and services revenue for Q3 2024 was RMB 1,206.8 million, up 10% YoY and 2% QoY, driven by WPS AI 2.0 enhancements[34] - Office software and services revenue for Q3 2024 was RMB 1,206.8 million, up 10% YoY and 2% QoQ[54] - Domestic individual office subscription business continues to optimize WPS AI product features, enhancing user stickiness and payment conversion[55] - Domestic institutional subscription business steadily advances SaaS transformation with WPS 365, targeting large-scale private enterprises and local state-owned enterprises[55] - WPS AI innovations include text companion writing, AI Docs intelligent document library, and WPS Lingxi AI assistant, with the release of WPS HarmonyOS version[55] Online Games and Other Revenue - Revenue from online games and others was RMB 1,707.970 million for the three months ended September 30, 2024, a 78% year-over-year increase[8] - Online games and other revenue for Q3 2024 was RMB 1,708.0 million, a 78% YoY increase and 33% QoQ growth, boosted by strong performance of "JX3" and the successful launch of "JX3 Infinite"[34] - The company's gaming and other business revenue for Q3 2024 was RMB 1,708.0 million, a 78% YoY increase and a 33% QoQ growth[54] - "JX3" game shows strong resilience, with "JX3: Infinite" exceeding expectations in returning user numbers[55] - "JX3" annual expansion released in October, introducing new classes, level caps, and innovative gameplay[55] - Sci-fi mecha game "JX3: Limit Breaker" completed its first public test in August, with nearly 3 million global pre-registrations and ranking 17th on Steam wishlists[55] - Mobile game "JX3: Zero" has obtained a license and is planned for release next year[55] Research and Development - Research and development costs for the three months ended September 30, 2024, were RMB 860.931 million, a 28% year-over-year increase[8] - R&D costs for Q3 2024 were RMB 860.9 million, a 28% YoY increase and a 16% QoQ growth, driven by increased headcount for AI and collaboration product development[36] - The company will continue long-term investment in AI and collaboration to meet user needs in various office scenarios[56] User Metrics - Monthly active devices for the main office software products reached 618 million in September 2024, a 5% year-over-year increase and a 3% quarter-over-quarter increase[5] - Cumulative paying users for the main office software products reached 38.15 million in September 2024, a 15% year-over-year increase[5] Financial Position and Cash Flow - Total non-current assets as of September 30, 2024, were RMB 8,292.9 million, slightly down from RMB 8,301.5 million at the end of 2023[11] - Total current assets as of September 30, 2024, were RMB 28,143.5 million, up from RMB 26,893.2 million at the end of 2023[11] - Net cash generated from operating activities for Q3 2024 was RMB 1,387.3 million, compared to a net cash outflow of RMB 552.4 million in the same period last year[20] - Cash and cash equivalents at the end of Q3 2024 were RMB 2,202.5 million, down from RMB 2,430.9 million at the beginning of the quarter[23] - Total equity as of September 30, 2024, was RMB 27,668.9 million, up from RMB 26,573.3 million at the end of 2023[18] - The company's cash and bank deposits as of September 30, 2024, were RMB 20,483.1 million, slightly up from RMB 19,747.7 million at the end of 2023[25] - Cash and bank deposits, along with restricted cash, totaled RMB 20,483.1 million and RMB 3.2 million respectively, accounting for 56% of the company's total assets[48] - Net cash generated from operating activities for Q3 2024 was RMB 1,387.3 million, compared to a net cash outflow of RMB 552.4 million in Q3 2023 and a net cash inflow of RMB 1,045.2 million in Q2 2024[51] - Capital expenditures for Q3 2024 were RMB 108.6 million, down from RMB 159.7 million in Q3 2023 and RMB 49.7 million in Q2 2024[52] Earnings Per Share - Basic earnings per share for the three months ended September 30, 2024, were RMB 0.31, a 1,450% year-over-year increase[3] Overseas and AI Business - Overseas business maintains healthy growth[55] - The gaming business focuses on innovation and quality improvement to deliver exceptional global gaming experiences[56]

ZKINGSOFT ( 於開曼群島持續經營的有限公司 ) 股份代號：03888 金山軟件有限公司 二零二四年中期報告 KINGSOFT OFFIC E eesen 金山世游 目 錄 二零二四年中期報告 金山軟件有限公司 | --- | --- | |--------------------------|-------| | 公司資料 | 2 | | 營運摘要 | 4 | | 財務摘要 | 5 | | 業務回顧及前景 | 7 | | 管理層討論及分析 | 8 | | 其他資料 | 13 | | 中期簡明合併損益表 | 27 | | 中期簡明合併綜合收益表 | 28 | | 中期簡明合併財務狀況表 | 29 | | 中期簡明合併權益變動表 | 31 | | 中期簡明合併現金流量表 | 32 | | 中期簡明合併財務報表附註 | 35 | | 術語及詞彙 | 62 | P.O. Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands 執行董事 鄒濤先生 公司資料 | --- | --- | |-----------------------|------- ...

交银国际研究 财务模型更新 互联网 2024 年 8 月 21 日 收盘价 目标价 潜在涨幅 港元 20.55 港元 30.00 +46.0% 金山软件 (3888 HK) 游戏带动利润好于预期，预计 3 季度游戏收入加速增长 金山软件（3888 HK）2024 年 2 季度收入同比增 13%，调整后运营利润同比增 14%，游戏收入好于预期，WPS 因 B 端业务模式向 SaaS 转型导致收入增速短 期放缓。我们微调 2024 年公司收入预测，其中下调 WPS 业务的影响被上调游 戏收入预测所抵消，《剑网3无界》上线后带动老玩家回流好于预期，预计将 带动 3 季度游戏加速增长，全年游戏实现双位数增长确定性强，维持目标价 30 港元及买入评级。 2 季度公司总收入同比增 13%至 24.7 亿元（人民币，下同），其中游戏/WPS 分别同比增 20%/6%，调整后运营利润同比增 14%至 8.8 亿元，对应运营利润 率为 35%。 WPS 收入增速较 1 季度的 17%放缓，主要因 B 端业务模式向 SaaS 转型导致， 但合同负债金额同比增 24%，为长期稳健增长奠定基础。2 季度 WPS 个人订 阅/机构授权 ...