本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 11 日 金 山办公(688111.SH) 证券研究报告 AI 助力办公新质生产力平台进军 B 端市场 云软件服务 投资评级 买入-A 事件概述： 维持评级 4月9 日，金山办公生产力大会在北京召开，公司正式发布了 WPS 365 6个月目标价 349.30元 办公新质生产力平台，并围绕面向 B 端组织和企业的一站式 AI 办公 股价 (2024-04-11) 287.76元 进行了战略解读和客户分享。 交易数据 强调 B 端战略，与大模型厂商协作共生 总市值(百万元) 132,892.53 金山办公 CEO章庆元首先做了战略分享，强调了政企业务始终是 WPS 流通市值(百万元) 132,892.53 发家的根基之一。自成立以来，公司的政企业务稳健发展，已累计服 总股本(百万股) 461.82 务了97 家央企客户、127家金融头部客户、135家大型民营企业和超 流通股本(百万股) 461.82 过17000 家大型企业客户。过去几年，聚焦多屏、内容、云、协作和 12个月价格区间 209.86/517.0元 AI五大方向， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recent productivity conference by the company has exceeded expectations, with significant updates in strategy and product offerings [2] - The integration of AI into the company's products is expected to enhance the long-term potential in the B-end market, which was previously underestimated [2][3] - The company's revenue and profit forecasts for 2024-2026 are optimistic, with projected revenues of 57.11 billion, 77.45 billion, and 101.7 billion respectively, and net profits of 17.00 billion, 24.38 billion, and 32.1 billion respectively [3] Financial Forecasts - Total revenue (in million) for 2022A was 3,885, with projections of 4,556 for 2023A, 5,711 for 2024E, 7,745 for 2025E, and 10,168 for 2026E, reflecting growth rates of 18.44%, 17.27%, 25.35%, 35.62%, and 31.29% respectively [1] - Net profit attributable to the parent company (in million) was 1,118 for 2022A, with forecasts of 1,318 for 2023A, 1,700 for 2024E, 2,438 for 2025E, and 3,213 for 2026E, indicating growth rates of 7.33%, 17.92%, 29.03%, 43.40%, and 31.79% respectively [1] - The latest diluted earnings per share (in yuan) are projected to be 2.85 for 2023A, 3.68 for 2024E, 5.28 for 2025E, and 6.96 for 2026E [1] Market Data - The closing price of the company's stock is 284.18 yuan, with a one-year low of 198.50 yuan and a high of 530.50 yuan [5] - The price-to-book ratio is 13.19, and the circulating A-share market value is 131,239.22 million yuan [5] Basic Data - The net asset per share (in yuan) is 21.55, with a debt-to-asset ratio of 28.30% [6] - The total share capital is 461.82 million shares, all of which are circulating A-shares [6]

证券代码：688111 证券简称：金山办公 公告编号：2024-022 北京金山办公软件股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 年 月 2024 | 2 | 日 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 | 1 | 31 | 日~2025 | 年 | 1 | 月 | 30 | 日 | | 预计回购金额 | 50,000,000 | | | 元~100,000,000 | | 元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | | | 累计已回购股数 | 138,688 | 股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.03% | | | | | | | | | | 累计已回购金额 | 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an adjustment to profit forecasts for 2024-2026 [4][7]. Core Insights - The company achieved a revenue of 45.56 billion yuan in 2023, representing a year-on-year growth of 17.27%. The net profit attributable to shareholders was 13.18 billion yuan, up 17.92% year-on-year. The net profit excluding non-recurring items was 12.62 billion yuan, showing a significant increase of 34.45% [3][4]. - Subscription business revenue is accelerating, with Q4 2023 revenue reaching 12.86 billion yuan, a year-on-year increase of 17.99%. The net profit attributable to shareholders for Q4 was 4.24 billion yuan, up 39.44% year-on-year [3][4]. - The subscription business now accounts for 79.24% of total revenue, with individual subscription revenue growing by 29.42% and institutional subscription revenue increasing by 38.36% [3][4]. Financial Summary - The company reported a gross margin of 85.30% in 2023, a slight increase of 0.3 percentage points year-on-year. The net profit margin excluding non-recurring items improved to 27.70%, up 3.53 percentage points year-on-year [2][3]. - The total number of employees reached 4,558, reflecting a year-on-year growth of 6.55% [2][3]. - Key financial metrics for 2024-2026 include projected revenues of 56.03 billion yuan, 69.50 billion yuan, and 84.82 billion yuan, with corresponding net profits of 16.67 billion yuan, 20.85 billion yuan, and 26.06 billion yuan [2][4].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [4][14]. Core Insights - The company achieved a revenue of 4.556 billion yuan in 2023, representing a year-on-year growth of 17.27%, and a net profit of 1.318 billion yuan, up 17.92% [2][3]. - The subscription revenue has shown rapid growth, with personal office service subscription revenue reaching 2.653 billion yuan, an increase of 29.42% [3][6]. - The company has upgraded its membership structure, enhancing user conversion rates and average revenue per user, which is expected to drive future growth in subscription services [3][8]. - The WPS AI product series is positioned for scalable commercial application, potentially providing long-term growth opportunities for the company [7][8]. Financial Performance - The company reported a net operating cash flow of 2.058 billion yuan, reflecting a 28.36% increase, indicating a strong recovery in cash flow performance [6]. - The financial expenses showed a significant positive gain, attributed to improved interest income management strategies [6]. - The company has maintained a healthy balance sheet with a debt-to-asset ratio of 25.76% and a return on equity of 9.44% [4][6]. Revenue Breakdown - Domestic personal office service subscription revenue accounted for nearly 80% of total revenue, indicating a robust growth trajectory [3][6]. - The company has also seen substantial growth in its public cloud services, with the number of paying enterprise users increasing by 83% year-on-year [3][6]. - The revenue from domestic institutional subscription and service business reached 957 million yuan, up 38.36%, while the internet advertising and other business revenue declined by 6.05% due to the cessation of third-party advertising services [3][6]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.694 billion yuan, 7.353 billion yuan, and 9.561 billion yuan respectively, with corresponding net profits of 1.582 billion yuan, 2.016 billion yuan, and 2.612 billion yuan [12][13]. - The company is expected to continue benefiting from its strategic focus on AI and subscription services, which are anticipated to enhance user engagement and retention [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic office software provider, benefiting from the rise of AIGC (Artificial Intelligence Generated Content) [2][11]. - In 2023, the company achieved a revenue of 4.556 billion yuan, a year-on-year increase of 17.27%, with a CAGR of 34.98% from 2017 to 2023 [2][19]. - The net profit attributable to shareholders was 1.318 billion yuan, up 17.92% year-on-year, with a CAGR of 35.35% from 2017 to 2023 [2][19]. - The gross margin was 85.30%, an increase of 0.30 percentage points year-on-year, while the net margin was 28.85%, a decrease of 0.26 percentage points [2][29]. Summary by Sections Company Overview - The company has undergone a deep transformation towards cloud office solutions and is actively exploring AIGC applications [11]. - Its core products include WPS Office, Kingsoft Document, and a digital office platform [14]. Business Model - The company operates through personal subscriptions, institutional subscriptions, and institutional licensing [17]. - Personal subscription revenue reached 2.653 billion yuan in 2023, growing 29.42% year-on-year, while institutional subscription revenue was 0.957 billion yuan, up 38.36% [22]. Financial Analysis - The company’s total revenue for 2023 was 4.556 billion yuan, with a breakdown showing personal subscription revenue at 2.653 billion yuan, institutional subscription at 0.957 billion yuan, licensing at 0.655 billion yuan, and advertising at 0.288 billion yuan [22][24]. - The company’s contract liabilities reached 1.892 billion yuan by the end of 2023, a year-on-year increase of 9.30% [26]. Market Position and Competitive Advantage - The office software industry has high technical barriers, with Microsoft’s MS Office being the main competitor [2][37]. - WPS Office has differentiated itself through personalized features, better mobile experiences, and flexible pricing strategies [2]. Future Outlook - The company anticipates significant growth in both personal and institutional subscription markets, with projections indicating a potential market size reaching hundreds of billions [6][11]. - The introduction of WPS AI is expected to enhance product offerings and drive revenue growth [7].

云服务 分析师：唐月 WPS AI 即将商业化变现，2024 继续发 登记编码：S0730512030001 力 B 端 AI t angyue@ccnew.com 021-50586737 ——金山办公(688111)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-03-26) 发布日期：2024年03月27日 收盘价(元) 306.40 投资要点： 一年内最高/最低(元) 517.00/209.86  公司发布年报：2023年公司收入45.56亿元，同比增长 沪深300指数 3,543.75 17.27%；归母净利润13.18万元，同比增长17.92%；扣非净利 市净率(倍) 14.22 润12.62亿元，同比增长34.45%。 流通市值(亿元) 1,415.01  面对经济形势的不确定性，公司仍然保持了相对稳定的增速水 基础数据(2023-12-31) 平，业务能力优势得到进一步凸显。2023年公司收入、净利润、 每股净资产(元) 21.55 扣非净利润增速分别较上一年增长了-1.17、10.59、22.74个百分 每股经营现金流(元) 4.46 点。在业内普遍缩减人员规模和加强 ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 319.00元 金山办公（688111） 计算机 目标价： ——元（6个月） 双订阅稳步增长，AI 商业化元年可期 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年度报告，全年实现收入45.6亿元，同比增长17.3%； [分Ta析bl师e_：Au王th湘or杰] 实现归母净利润 13.2亿元，同比增长 17.9%；实现扣非后归母净利润 12.6亿 执业证号：S1250521120002 元，同比增长34.5%。 电话：0755-26671517 邮箱：wxj@swsc.com.cn  Q4经营快速回暖，合同负债大幅增长。单Q4看，公司实现收入12.9亿元，同 比增长18.0%，环比增长17.1%；实现归母净利润 4.2亿元，同比增长39.4%， 分析师：邓文鑫 环比增长37.0%，经营情况快速回暖。同时，截至报告期末，公司合同负债+其 执业证号：S1250523070002 电话：15123996370 他流动负债+其他非流动负债金额为26 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 金山办公（688111）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 双订阅快速增长，WPS AI 加速商业化 股票数据 [Table_Summary] 0[3Ta月b2le5_日S收to盘ck价（In元fo）] 319.00 投资要点： 52周股价波动（元） 198.50-530.50 总股本/流通A股（百万股） 462/462 稳健经营，营收净利润双增长。公司披露2023年年报。2023年公司实现营 总市值/流通市值（百万元） 147320/147320  相关研究 收45.56亿元，同比增长17.27%；归母净利润13.18亿元，同比增长17.92%； [《Ta订b阅le业_R务e表po现rt亮In眼fo，] AI 战略持续推进》 扣非归母净利润12.62亿元，同比增长34.45%。其中23Q4实现营收12.86 亿元，同比增长 17.99%；归母净利润 4.24 亿元，同比增长 39.44%；扣非 2024.01.05 归母净利润4.02亿元，同比增长45.49%。 市场 ...

证券研究报告 公司点评 金山办公(688111.SH) 计算机｜ 软件开发 个人&机构订阅维持高增速，AI 商业化节点临近 2023 年年报点评 2024年 03月 21日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 38.85 45.56 57.16 74.10 95.92 归母净利润(亿元) 11.18 13.18 16.29 21.07 27.57 评级变动 维持 每股收益（元） 2.42 2.85 3.53 4.56 5.97 交易数据 每股净资产（元） 18.89 21.54 24.35 27.98 32.74 当前价格（元） 332.07 P/E 137.23 116.38 94.16 72.77 55.63 52周价格区间（元） 209.86-517.00 P/B 17.58 15.41 13.64 11.87 10.14 总市值（百万） 153355.66 资料来源：iFinD，财信证券 流通市值（百万） 153355.66 总股本（万股） 46181.80 投资要点： 流通股（万股） 46181.80  事件：3月 21日，公司发布 ...