2024年5月27日 公司研究 1Q24《尘白禁区》流水表现超预期，WPS AI 商业化开启 —— 金山软件（3888.HK）1Q24 业绩点评 要点 买入（维持） 当 前价：25.60港元 事件：公司发布1Q24业绩，实现收入21.37亿元，同比增长8%，环比下 滑7%；1Q24实现经营利润6.02亿元，同比增长31%，对应OP Margin提 升4.8pcts至28.2%，带动归母净利润提升至2.85亿元, 同比大涨48%。 作者 分析师：付天姿 WPS AI初步开启商业化，主要产品月活设备数突破6亿。1Q24办公业务实 执业证书编号：S0930517040002 现收入12.25亿元，同比增长17%，其中: 1) C端订阅营收同比增长25%至 021-52523692 7.35 亿元，主要受益于会员权益不断丰富、带动用户粘性和付费转化率的提 futz@ebscn.com 升，截至 3M24 公司主要办公产品月活设备数达 6.02 亿，同比增长 2.2%， 联系人：黄铮 其中WPS Office PC 版月活设备数达 2.7 亿，同比增长7.1%。2) B端订阅营 021-52523825 收同比增长 1 ...

2024 年 05 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 《剑网 》全平台版上线在即， 稳步开 3 WPS AI 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 启商业化 yinr@ghzq.com.cn ——金山软件（ ） 财报点评 3888.HK 2024Q1 最近一年走势 事件 : 5月22日，公司公告2024Q1季报，实现营收21.37亿元（YoY+8.5%， QoQ-7.5%），营业利润6.02亿元，净利润5.22亿元，归母净利润2.85 亿元。 我们的观点：  1、主要财务指标分析：2024Q1 实现营业收入 21.37 亿元 （YoY+8.5%，QoQ-7.5%），其中办公软件及服务业务12.25亿元 相对恒生指数表现 2024/05/24 （YoY+16.5%，QoQ-4.7%），网络游戏及其他业务 9.12 亿元 表现 1M 3M 12M （YoY-0.8%，QoQ-11.0%）。毛利润 17.41 亿元（YoY+7.1%， 金山软件 -0.6% 17 ...

计算机/软件开发 公 司 研 金山软件（03888.HK） 游戏增速有望回升，WPS AI 商业化进展顺利 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 日期 2024/5/23 证 书编号：S0790521110001 证书编号：S0790123080037  游戏业务增速有望于2024Q2回升，WPS AI进展顺利有利平台估值提升 港 当前股价(港元) 25.950 考虑到游戏业务增速超出我们此前预期，我们上调 2024-2026 净利润预测至 股 一年最高最低(港元) 35.150/18.400 公 9.23/11.66/15.83 亿元（前值 7.86/11.59/15.76 亿元），同比增速分别为 司 总市值(亿港元) 347.51 91.0%/26.3%/35.8%，对应2024-2026年摊薄后EPS 0.7/0.9/1.2元，当前股价对应 信 流通市值(亿港元) 347.51 息 2024-2026年34.3/27.2/20.0倍PE。游戏盈利改善、WPS ...

[Table_Page] 公告点评|软件与服务 证券研究报告 [【Table广_Title发] 计算机&海外】金山软件（03888.HK） [公Tab司le_评Inve级st] 买入 当前价格 25.95港元 《尘白禁区》超预期，关注 WPS AI 商业化 合理价值 38.73港元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary ：] 报告日期 2024-05-24 ⚫ 公司披露24Q1业绩公告，游戏稳健、办公维持高增，盈利能力提升。 [相Tab对le_P市icQ场uote表] 现 收入同比+8.5%至21.37亿元，运营利润率同比+4.8pct至28.2%，归 母净利大幅增至2.85亿元，主要是销售费用率下降及金山云减亏。 40% 24% ⚫ 游戏：《剑网3》稳健，《尘白禁区》超预期。24Q1 收入同比-0.8%至 8% 9.12 亿元，《剑网 3》整体稳健；《尘白禁区》Q1 DAU 和流水环比显 -8%03/23 05/23 07/23 09/23 11/23 01/24 03/24 著增长，截至目前在iOS免费/畅销榜最高排到第2/4位，助力公司打 -24% 开二次元赛道。储备游戏：《剑网 ...

计算机/软件开发 公 司 研 金山软件（03888.HK） 游戏增速有望回升，WPS AI 商业化进展顺利 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 日期 2024/5/23 证 书编号：S0790521110001 证书编号：S0790123080037  游戏业务增速有望于2024Q2回升，WPS AI进展顺利有利平台估值提升 港 当前股价(港元) 25.950 考虑到游戏业务增速超出我们此前预期，我们上调 2024-2026 净利润预测至 股 一年最高最低(港元) 35.150/18.400 公 9.23/11.66/15.83 亿元（前值 7.86/11.59/15.76 亿元），同比增速分别为 司 总市值(亿港元) 347.51 91.0%/26.3%/35.8%，对应2024-2026年摊薄后EPS 0.7/0.9/1.2元，当前股价对应 信 流通市值(亿港元) 347.51 息 2024-2026年34.3/27.2/20.0倍PE。游戏盈利改善、WPS ...

Financial Data and Key Metrics - Revenue for Q1 2024 reached RMB 2,137 million, a YoY increase of 8.45% and a QoQ decrease of 7.50% [2] - Net profit attributable to shareholders was RMB 285 million, a YoY increase of 47.95% and a QoQ increase of 38.52% [2] - Adjusted net profit attributable to shareholders (excluding share-based compensation costs) was RMB 329 million, compared to RMB 236 million in the same period last year and RMB 257 million in Q4 2023 [2] - Monthly active devices for the company's office software products reached 602 million, a YoY increase of 2.21% and a QoQ increase of 0.67% [2] Business Line Data and Key Metrics - Online games and other revenue was RMB 912 million, a YoY decrease of 0.78% and a QoQ decrease of 11.02%, accounting for 42.66% of total revenue [3] - Office software and services revenue was RMB 1,225 million, a YoY increase of 16.52% and a QoQ decrease of 4.69%, accounting for 57.34% of total revenue [3] - The growth in office software revenue was driven by domestic personal and institutional subscription services, as well as institutional licensing, partially offset by a decline in advertising revenue [3] Market Data and Key Metrics - The company's flagship game "JX3" maintained steady growth, while the mobile version "JX3: Beyond Boundaries" is expected to launch in June 2024, offering a multi-platform gaming experience [7] - The sci-fi mecha game "Xianji" received a license in March 2024 and is undergoing testing and optimization in both domestic and overseas markets [7] Company Strategy and Industry Competition - The company is focusing on its "multi-screen, cloud, content, collaboration, AI" strategy, with continuous investment in AI and collaboration product development [7] - WPS AI began initial commercialization in March, and the upgraded WPS 365 platform was launched in April, providing a comprehensive AI office solution [7] - The company remains confident in its competitive position against Microsoft's Copilot, citing strong user loyalty and a solid foundation in the domestic market [9] Management Commentary on Operating Environment and Future Outlook - The company achieved steady financial performance in Q1 2024, with operating profit reaching RMB 601.6 million, a YoY increase of 31% [7] - Management emphasized the importance of user feedback and long-term operational strategies, particularly in the gaming segment [8] - The company is optimistic about the growth potential of its AI-driven office solutions and expects further advancements in both C-end and B-end markets [8] Other Important Information - The company's gross margin for Q1 2024 was 81.46%, a YoY decrease of 1.04 percentage points and a QoQ decrease of 0.62 percentage points [4] - R&D expenses increased by 7.83% YoY to RMB 713 million, driven by continued investment in AI and collaboration products [4] - Sales and marketing expenses decreased by 25.59% YoY to RMB 261 million, primarily due to reduced promotional spending in the gaming segment [4] Q&A Summary Q1: Sustainability of "Chen Bai" and WPS AI progress - The company is confident in the sustained growth of "Chen Bai" due to its deep expertise in the niche market and has raised its full-year revenue guidance for the game [8] - WPS AI's C-end testing met expectations, and the company is focusing on model optimization and B-end integration with existing clients [8] Q2: Breakdown of gaming growth and share repurchase plans - "Chen Bai" is expected to contribute significantly to gaming revenue growth, while "JX3: Beyond Boundaries" will drive user base expansion [8] - The company has a share repurchase plan of up to HKD 1 billion, with flexibility based on market conditions [8] Q3: AI competition and cost impact - The company views the reduction in AI model costs as beneficial and is considering lowering membership fees for WPS AI [9] - Management is not concerned about competition from Microsoft's Copilot, citing strong user loyalty and a solid domestic market presence [9]

Investment Rating - The report upgrades the rating for Kingsoft Corporation (3888 HK) to **Buy** with a target price of HKD 30 00, implying a potential upside of 17 2% from the current price of HKD 25 60 [1][2][3] Core Views - **Q1 2024 Performance**: Kingsoft reported Q1 2024 revenue of RMB 2 14 billion, up 8% YoY but 4% below expectations Game revenue declined 1% YoY to RMB 910 million, while WPS revenue grew 17% YoY to RMB 1 23 billion Adjusted operating profit increased 27% YoY to RMB 678 million, 8% above expectations, driven by reduced game marketing expenses [1][2] - **Game Business**: The game segment saw stable performance with *JX Online 3* maintaining steady results and *Whiteout Survival* showing improved popularity and revenue The new version of *Whiteout Survival* launched in mid-April is expected to contribute ~15% to Q2 game revenue, with estimated revenue of RMB 100-200 million in the following 30 days [2] - **WPS Growth**: WPS revenue growth was driven by a 25% YoY increase in personal subscriptions and a 14% YoY increase in institutional subscriptions The launch of WPS 365, an AI-powered productivity platform, is expected to boost subscription revenue with AI-enabled services priced at double the traditional subscription rate [2] - **Future Outlook**: The report forecasts a 12% growth in game revenue for 2024, up from the previous estimate of 9%, supported by the upcoming launch of *JX Online 3: Infinite* in June 2024 and the potential of *Whiteout Survival* and *JX Online 3* cross-platform integration [2] Financial Projections - **Revenue and Profit**: The report slightly adjusts revenue forecasts and raises 2024 net profit estimates by 4% The target price is increased to HKD 30 00, based on a 13x 2024 P/E for the game business (up from 10x) and a 25x P/E for WPS [2] - **Valuation**: The valuation is supported by the expected double-digit growth in game revenue and the positive impact of *Whiteout Survival* on Q2 performance [2] Industry Context - The report highlights Kingsoft's position in the gaming and office software sectors, with a focus on the growth potential of its AI-powered WPS platform and the upcoming game releases [2][3]

证券研究报告·海外公司点评·软件服务(HS) 金山软件（03888.HK） 2024Q1 业绩报点评：《尘白禁区》驱动游戏 2024年 05月 23日 指引上修，积极关注 AI 商业化进展 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 7660 8547 9849 11412 13151 执业证书：S0600517110002 同比(%) 19.86 11.74 15.41 15.87 15.23 021-60199793 归母净利润（百万元） (6,048.19) 483.46 1,147.92 1,299.85 1,592.60 zhoulj@dwzq.com.cn 同比(%) - - 137.44 13.23 22.52 研究助理 陈欣 EPS-最新摊薄（元/股） (4.52) 0.36 0.86 0.97 1.19 执业证书：S0600122070012 P ...

Financial Data and Key Metrics Changes - In Q1 2024, Kingsoft Corporation achieved revenue of RMB 21.37 billion, representing a year-over-year increase of 8.45% but a quarter-over-quarter decrease of 7.50% [2] - The net profit attributable to shareholders for Q1 2024 was RMB 2.85 billion, showing a year-over-year increase of 47.95% and a quarter-over-quarter increase of 38.52% [4] - The adjusted net profit before share-based compensation for Q1 2024 was RMB 3.29 billion, compared to RMB 2.36 billion in the same period last year and RMB 2.57 billion in Q4 2023 [4] Business Line Data and Key Metrics Changes - Revenue from online games and other sources in Q1 2024 was RMB 9.12 billion, a slight year-over-year decrease of 0.78% and a quarter-over-quarter decrease of 11.02%, accounting for 42.66% of total revenue [2] - Revenue from office software and services in Q1 2024 was RMB 12.25 billion, reflecting a year-over-year increase of 16.52% but a quarter-over-quarter decrease of 4.69%, making up 57.34% of total revenue [2] Market Data and Key Metrics Changes - The number of monthly active devices for the main office software products reached 602 million in Q1 2024, representing a year-over-year growth of 2.21% and a quarter-over-quarter growth of 0.67% [5] Company Strategy and Development Direction - Kingsoft is focusing on a strategy centered around "multi-screen, cloud, content, collaboration, and AI," with ongoing investments in AI and collaborative product development [5] - The company aims to enhance product competitiveness through technological innovation and product iteration, while also exploring new game genres and maintaining a strong focus on user feedback [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainable growth of the gaming business, particularly with the success of the game "Dust White Zone," and has adjusted revenue expectations for the year [7] - The company is optimistic about the future of its office software business, driven by the launch of the upgraded WPS 365 platform, which integrates AI solutions for users [5] Other Important Information - The overall gross margin for Q1 2024 was 81.46%, a decrease of 1.04 percentage points year-over-year and 0.62 percentage points quarter-over-quarter [3] - Research and development expenses for Q1 2024 were RMB 7.13 billion, reflecting a year-over-year increase of 7.83% [3] Q&A Session Summary Question 1: What is the outlook for the game "Dust White Zone" and the strategy for future games? - The board believes in the sustainability of "Dust White Zone" growth, with an adjusted revenue forecast for the year indicating a 10% increase, supported by user feedback and operational adjustments [7] Question 2: Can you break down the 10% growth guidance for games and any considerations for stock buybacks? - "Dust White Zone" is expected to contribute significantly to growth, while "Sword Network 3 Unlimited" is anticipated to drive user engagement and growth [7] Question 3: How does management view the competitive landscape in the AI sector and its impact on WPS AI? - The decrease in model costs is seen as beneficial for WPS AI, and management is confident in their competitive position against major players like Microsoft [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 Kingsoft Corporation Limited 金 山 軟 件 有 限 公 司 （於開曼群島持續經營的有限公司） （股份代號：03888） （可換股債券代號：40210） 截 至 二 零 二 四 年 三 月 三 十 一 日 止 三 個 月 業 績 公 告 金山軟件有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（「本 集團」或「金山」）截至二零二四年三月三十一日止三個月未經審計的業績。 財務資料摘要 截至下列日期止三個月 二零二四年 二零二三年 二零二三年 三月 三月 十二月 三十一日 三十一日 三十一日 同比變動 環比變動 人民幣千元 人民幣千元 人民幣千元 % % （未經審計）（未經審計）（未經審計） ...