Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported steady performance with significant growth in operating cash flow, reflecting the advantages of its subscription-based business model for both C-end and B-end services [4] - The C-end business showed a steady increase in monthly active users, driven by the WPS AI features, enhancing user engagement and conversion rates [5] - The B-end business is experiencing an upgrade in revenue models, with a recovery in the Xinchuang (信创) business, contributing to long-term healthy development [6] - The company is expected to see revenue growth in personal subscription services and institutional subscription services, with projected revenue growth rates of 21%/24%/26% and 5%/15%/18% respectively from 2024 to 2026 [6][8] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit of 318 million yuan, up 8.33% year-on-year [4] - The operating cash flow net amount reached 451 million yuan, reflecting a year-on-year growth of 31.2% [4] - The gross profit margin stood at 85.47%, an increase of 0.66 percentage points year-on-year [4] - Revenue projections for 2024-2026 are 5.107 billion yuan, 6.143 billion yuan, and 7.551 billion yuan, with year-on-year growth rates of 12.1%, 20.3%, and 22.9% respectively [8][11] Business Segment Analysis - C-end: Revenue from domestic personal office service subscriptions reached 762 million yuan in Q3 2024, a year-on-year increase of 17.24% [5] - B-end: Revenue from domestic institutional subscription and service business was 248 million yuan, showing a slight increase of 0.02% year-on-year [6] - The institutional authorization business is expected to see revenue growth rates of -3%/12%/15% from 2024 to 2026, while international and other businesses are projected to grow at -12%/15%/20% during the same period [8] Valuation and Price Target - The company is assigned a dynamic PE of 75-80 times for 2025, with a reasonable value range of 305.25-325.60 yuan [8]

服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布金山办公未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权金山办公将保留追究其法律责任的权利金山办公不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 在会议开始前我们提示各位投资者在主讲嘉宾发言起初后将留有提问时间接下来有请公司领导发言谢谢 大家好我是金山办公的董秘潘磊感谢各位投资者和分析师参加2024年Q3的金山办公业绩说明会那我向大家来介绍一下今天公司参会的领导包含总经理张庆元先生以及副总裁毕晓存女士 江志强先生和财务总监副总裁崔岩女士接下来我们整个的会议议程是先由总经理张庆元先生就公司的Q3情况给大家去进行一个汇报之后我们就进行到QA的开放阶段进行问题回复现在我们先将话筒交给张庆元先生全屏一下 各位同事们大家好,我是张庆元,接下来我给各位简单来讲一下我们Q3的一个业绩的情况。 首先今年的Q3的话整个收入跟利润都保持了一个相对比较稳健的一个增长吧然后我们24年Q3的话单级收入是12.14亿同比是这个10%亿的增长然后利润是3.18亿同比去年是8%的增长规模利润率基本上保持 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit attributable to shareholders of 318 million yuan, up 8.33% year-on-year [1] - The personal subscription business showed stable growth, with subscription revenue reaching 762 million yuan, a year-on-year increase of 17.24%, driven by the launch of WPS AI 2.0 [2] - Institutional subscription revenue was 248 million yuan, a slight increase of 0.02% year-on-year, as the company transitions to a SaaS model [3] - R&D investment increased by 26.54% year-on-year to 454 million yuan, accounting for 37.41% of revenue, supporting the development of WPS AI [4] Summary by Sections Financial Performance - Q3 2024 revenue: 1.214 billion yuan, up 10.53% year-on-year - Net profit: 318 million yuan, up 8.33% year-on-year - Cash flow from operating activities: 451 million yuan, up 31.20% year-on-year [1] Personal Subscription Growth - Personal subscription revenue: 762 million yuan, up 17.24% year-on-year - Monthly active users reached 618 million, a year-on-year increase of 4.92% - New membership system launched to enhance user engagement and conversion rates [2] Institutional Subscription and Licensing - Institutional subscription revenue: 248 million yuan, up 0.02% year-on-year - Licensing revenue: 143 million yuan, up 8.97% year-on-year, driven by demand in the government and enterprise sectors [3] R&D and Product Development - R&D investment: 454 million yuan, up 26.54% year-on-year - WPS AI 2.0 launched with significant upgrades across multiple AI functionalities [4] Future Projections - Expected revenue for 2024-2026: 5.074 billion, 6.411 billion, and 8.306 billion yuan respectively - Expected net profit for 2024-2026: 1.523 billion, 1.950 billion, and 2.499 billion yuan respectively [5]

Investment Rating - The report maintains a "Recommendation" rating for Kingsoft Office (688111.SH) [1][7] Core Views - The company has shown steady growth in its performance for the first three quarters of 2024, with revenue reaching 3.627 billion yuan, a year-on-year increase of 10.90%, and a net profit attributable to shareholders of 1.04 billion yuan, up 16.41% year-on-year [2][3][4] - The report highlights the significant potential of WPS AI, which is expected to enhance user engagement and subscription conversion rates, contributing to future growth [6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved: - Revenue: 3.627 billion yuan, up 10.90% year-on-year - Net profit attributable to shareholders: 1.04 billion yuan, up 16.41% year-on-year - Non-recurring net profit: 999 million yuan, up 15.16% year-on-year [2][3] - In Q3 2024 alone, the company reported: - Revenue: 1.214 billion yuan, up 10.53% year-on-year - Net profit attributable to shareholders: 318 million yuan, up 8.33% year-on-year - Non-recurring net profit: 303 million yuan, up 6.66% year-on-year - Operating cash flow: 451 million yuan, up 31.20% year-on-year [3][4] Business Segment Performance - In Q3 2024, the domestic personal office service subscription business generated revenue of 762 million yuan, a growth of 17.24% year-on-year [6] - The domestic institutional subscription and service business saw revenue of 248 million yuan, a slight increase of 0.02% year-on-year [6] - The domestic institutional authorization business achieved revenue of 143 million yuan, up 8.97% year-on-year [6] - International and other businesses reported revenue of 61 million yuan, down 10.43% year-on-year [3][6] Cost and Investment Analysis - The gross margin for the first three quarters of 2024 was 85.10%, slightly down by 0.55 percentage points year-on-year [4] - The operating expense ratio decreased to 61.89%, down 0.77 percentage points year-on-year, with R&D expenses increasing to 1.262 billion yuan, up 17.26% year-on-year [4] - The company’s R&D investment in Q3 2024 was 454 million yuan, a year-on-year increase of 26.54% [4] Future Earnings Forecast - The report adjusts the earnings forecast for the company, estimating net profits for 2024-2026 to be 1.536 billion yuan, 1.969 billion yuan, and 2.505 billion yuan respectively, with corresponding EPS of 3.32 yuan, 4.26 yuan, and 5.42 yuan [7][10]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a revenue of 3.627 billion yuan for the first nine months of 2024, representing a year-on-year growth of 10.90%. The net profit attributable to the parent company was 1.04 billion yuan, up 16.41% year-on-year [2][6] - The personal subscription and institutional authorization businesses are showing steady growth, while international business faces challenges [6] - Continuous investment in R&D, particularly in AI applications, is expected to enhance user engagement and revenue growth [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.214 billion yuan in Q3, a year-on-year increase of 10.53%. The net profit for Q3 was 318 million yuan, up 8.33% year-on-year [2][6] - The gross margin for the first nine months was 85.10%, slightly down by 0.55 percentage points year-on-year, while Q3 saw a gross margin of 85.47%, an increase of 0.66 percentage points [2][6] - The company’s R&D expenses for the first three quarters were 1.262 billion yuan, reflecting a year-on-year increase of 17.26%, with an R&D expense ratio of approximately 34.78% [6] Business Segments - Domestic personal subscription revenue reached 762 million yuan in Q3, a year-on-year increase of 17.24%. Institutional subscription revenue was 248 million yuan, up 0.02% year-on-year, while institutional authorization revenue was 143 million yuan, up 8.97% year-on-year [6] - The number of monthly active devices for the company's main products reached 618 million, a year-on-year growth of 4.92% [6] Future Projections - Revenue projections for 2024-2026 are 5.261 billion yuan, 6.175 billion yuan, and 8.119 billion yuan, with year-on-year growth rates of 15.48%, 17.38%, and 31.47% respectively. Net profit projections for the same period are 1.517 billion yuan, 1.775 billion yuan, and 2.318 billion yuan, with growth rates of 15.11%, 17.03%, and 30.59% respectively [6][7]

Investment Rating - The report maintains a "Recommended" rating for Kingsoft Office (688111.SH) with a closing price of 264.50 CNY on October 25, 2024 [5]. Core Insights - Kingsoft Office reported a total revenue of 3.627 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 10.90%. The net profit attributable to shareholders reached 1.04 billion CNY, up 16.41% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.214 billion CNY, marking a 10.53% increase year-on-year, with a net profit of 319 million CNY, reflecting an 8.33% growth [2]. - The company’s contract liabilities reached a historical high of 1.99 billion CNY, showing a quarter-on-quarter increase of 4.6% and a year-on-year increase of 16.3% [3]. Revenue Breakdown - Domestic personal office service subscription revenue was 760 million CNY, growing 17.24% year-on-year, driven by the introduction of WPS AI 2.0 features [3]. - Domestic institutional subscription and service revenue was 248 million CNY, with a slight growth of 0.02%, supported by the WPS 365 platform [3]. - Domestic institutional licensing revenue reached 143 million CNY, up 8.97% year-on-year, due to increased orders in the government and state-owned enterprise sectors [3]. - International and other business revenue was 60 million CNY, down 10.43% year-on-year, primarily due to the shutdown of domestic third-party advertising services [3]. User Engagement and Product Development - The monthly active devices for the company's main products reached 618 million, a year-on-year increase of 4.92% [3]. - The WPS Office PC version had 277 million monthly active devices, up 6.95% year-on-year, while the mobile version had 338 million, reflecting a 3.36% increase [3]. - The public beta of WPS on HarmonyOS in October 2024 is expected to enhance product penetration [3]. Financial Forecast - Revenue projections for Kingsoft Office are estimated at 5.143 billion CNY in 2024, 6.341 billion CNY in 2025, and 7.982 billion CNY in 2026, with corresponding EPS of 3.25 CNY, 4.09 CNY, and 5.18 CNY [4][6]. - The report anticipates a PE ratio of 81X for 2024, 65X for 2025, and 51X for 2026 [4].

f 源证券 计算机/软件开发 公 司 研 究 金山办公（688111.SH） 2024 年 10 月 27 日 业绩符合预期，Q3 现金流高速增长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |----------------------|---------------------------| | | | | 陈宝健（分析师） | 刘逍遥（分析师） | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | S0790520080001 | 证书编号： S0790520090001 | 长期成长路径清晰，维持"买入"评级 我们维持公司 2024-2026 年归母净利润预测为 15.41、19.25、24.16 亿元，对应 EPS 分别为 3.33、4.16、5.22 元/股，当前股价对应 PE 为 79.4、63.5、50.6 倍。 考虑公司 WPS AI 产品持续升级，有望打开成长空间，维持"买入"评级。 业绩符合预期，Q3 现金流高速增长 2024 年前三季度公司实现营业收入 36.27 亿元，同比增长 10.90%；实现归母净 利 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady growth in performance, with a revenue of 3.627 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.90%. The net profit attributable to shareholders reached 1.04 billion yuan, up 16.41% year-on-year [2] - The personal subscription business continues to grow, achieving a revenue of 2.292 billion yuan in the first three quarters of 2024, a year-on-year increase of 20.48%. The introduction of new AI features has enhanced user engagement and conversion rates [2] - The company has reached 200 million overseas users with WPS AI, and the revenue from domestic institutional subscriptions was 691 million yuan, a year-on-year increase of 3.74% [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.874 billion yuan, with net profits of 1.644 billion yuan, reflecting a PE ratio of 74 [3] - Revenue growth rates are expected to be 28.94% in 2024, 29.92% in 2025, and 28.71% in 2026 [4] - The company’s net profit is forecasted to grow at rates of 24.74% in 2024, 27.66% in 2025, and 27.47% in 2026 [4] User Engagement and Market Expansion - The active device count for the company's main products reached 618 million, a year-on-year increase of 4.92%, with the WPS Office PC version seeing a monthly active device count of 277 million, up 6.95% [2] - The company is focusing on expanding its presence in the public cloud market, targeting large and medium-sized enterprises, which is expected to enhance customer coverage and value [2] Future Outlook - The company is expected to benefit significantly from the digitalization and localization of office software in China, with a strong internal growth momentum driven by AI enhancements [3] - The projected revenues for 2024-2026 are 5.874 billion yuan, 7.632 billion yuan, and 9.823 billion yuan respectively, with net profits of 1.644 billion yuan, 2.098 billion yuan, and 2.675 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Insights - The company reported a revenue of 3.627 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.9%, with a net profit attributable to shareholders of 1.04 billion yuan, up 16.41% year-on-year [2] - The WPS AI 2.0 has introduced new AI tools, enhancing user engagement and subscription growth, particularly in the personal office service sector, which saw a revenue increase of 17.24% year-on-year [2][5] - The company is focusing on the public cloud market and has seen a 3.6 percentage point increase in the revenue share from institutional subscription services, which now accounts for 20% of total revenue [2][5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit of 318 million yuan, up 8.33% year-on-year [2] - The company's R&D expense ratio increased to 37.41% in Q3 2024, indicating a commitment to long-term growth through enhanced research and development [3] - The projected revenues for 2024-2026 are 5.242 billion yuan, 6.439 billion yuan, and 8.035 billion yuan respectively, with net profits expected to be 1.534 billion yuan, 1.942 billion yuan, and 2.556 billion yuan [5][6][8] Market Position and Growth Drivers - The company is positioned as a leading domestic office software provider, with the ongoing commercialization of WPS AI and deepening development in the "Xinchuang" sector expected to drive future growth [5][6] - The monthly active devices for the company's main products reached 618 million, reflecting a year-on-year increase of 4.92% [2][5] - The company has strategically aligned its offerings with policy changes and customer needs, particularly in the government and enterprise sectors, which has led to increased orders and growth in institutional licensing [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company reported a revenue of 1.214 billion yuan in Q3 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 318 million yuan, up 8.3% year-on-year [4] - Operating cash flow showed significant growth, with a net cash flow of 450 million yuan in Q3 2024, up 31.2% year-on-year, and a total of 1.08 billion yuan for the first three quarters, up 15.0% year-on-year [4] - The C-end business continues to grow, with personal office revenue reaching 760 million yuan in Q3 2024, a 17.2% increase year-on-year, driven by the introduction of AI 2.0 products [4] - The B-end subscription business faced temporary pressure, but the "Xin Chuang" (信创) business is beginning to recover, with institutional subscriptions generating 250 million yuan in Q3 2024, flat year-on-year [4] - The combination of SaaS, Xin Chuang, and AI is expected to enhance the company's valuation, supported by a favorable economic outlook and a competitive market position [4] Financial Data and Profit Forecast - The company is projected to achieve revenues of 5.25 billion yuan, 6.48 billion yuan, and 8.20 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.51 billion yuan, 1.92 billion yuan, and 2.46 billion yuan for the same years [5][6] - The gross profit margin is expected to remain stable around 83.6% to 83.1% from 2024 to 2026 [6] - The return on equity (ROE) is projected to increase from 9.7% in 2024 to 17.3% in 2026 [6]