Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [4] Core Viewpoints - The company is expected to significantly benefit from the new innovation cycle in the technology sector, with upward revisions to profit forecasts for the next three years [1] - The technology innovation sector is entering a 2.0 phase, driven by policy support and a trillion-yuan national bond issuance, which is expected to boost the sector's growth [1] - The company's institutional licensing business is projected to experience rapid growth due to the expansion of the technology innovation market, particularly in the government and enterprise sectors [2][3] Financial Forecasts - Revenue forecasts for 2024-2026 have been revised upward from 51.37/60.75/73.16 billion yuan to 52.20/64.75/80.95 billion yuan, representing growth rate adjustments of 2pct/6pct/5pct [6] - Net profit attributable to the parent company is expected to increase from 15.52/19.54/24.05 billion yuan to 16.16/22.91/30.66 billion yuan for 2024-2026 [6] - The company's EPS is projected to grow from 2.42/2.85/3.49 yuan per share in 2022-2024 to 4.95/6.63 yuan per share in 2025-2026 [6] Market Opportunities - The government sector has a PC replacement potential of nearly 2000 million units, with an estimated annual replacement of 400/450/500 million units from 2024-2026, creating a revenue opportunity of 20/22.5/25 billion yuan for the company's office software [3] - The company's office software products are expected to see increased demand from government and enterprise users, driven by the technology innovation policies and funding support [2][3] Financial Performance - The company's revenue growth rate is projected to be 14.58% in 2024, increasing to 24.05% and 25.02% in 2025 and 2026, respectively [6] - The company's net profit growth rate is expected to rise from 22.66% in 2024 to 41.76% in 2025 and 33.83% in 2026 [6] - The company's ROE is forecasted to increase from 14.44% in 2024 to 17.93% in 2025 and 20.58% in 2026 [8] Valuation Metrics - The company's P/E ratio is expected to decrease from 53.22 in 2024 to 37.55 in 2025 and 28.06 in 2026 [6] - The P/B ratio is projected to decline from 7.69 in 2024 to 6.73 in 2025 and 5.77 in 2026 [6] - The EV/EBITDA ratio is forecasted to drop from 44.31 in 2024 to 30.92 in 2025 and 22.36 in 2026 [6]

金山办公（688111）/计算机 证券研究报告/公司点评 2024 年 9 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：182.21 元/股 [Table_Industry] 分析师：闻学臣 执业证书编号：S0740519090007 分析师：何柄谕 执业证书编号：S0740519090003 Email：heby@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 463 | | 流通股本 ( 百万股 ) | 463 | | 市价 ( 元 ) | 182.21 | | 市值 ( 百万元 ) | 84,277 | | 流通市值 ( 百万元 ) | 84,277 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1《金山办公（688111）：双订阅维 持高增，AI 加速商业化落地》 2《金山办公（688111）：双订阅收 入继续高增，WPS AI 打开成长空间》 3《金山办 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][6][47] Core Insights - The company's subscription business continues to grow, with a significant increase in the proportion of subscription revenue, reaching 82% in the first half of 2024, up 5 percentage points year-on-year [6][16] - The AI product commercialization process has officially begun, with the launch of WPS AI 2.0 and various versions targeting personal, enterprise, and government users [6][38][47] - The company is focusing on enhancing user penetration and cultivating user habits for its AI products, which may lead to short-term fluctuations in gross margin but is expected to positively impact product positioning and improvement in the long run [6][46] Summary by Sections 1. Overall Performance Analysis in H1 2024 - The company reported a revenue of 2.413 billion yuan in H1 2024, a year-on-year increase of 11.09%, but a decline of 10.16 percentage points compared to the previous year [6][9] - The net profit attributable to shareholders was 721 million yuan, up 20.38% year-on-year, with a growth of 5.06 percentage points compared to the previous year [6][9] - In Q2 2024, revenue was 1.188 billion yuan, a year-on-year increase of 5.98%, but a decline of 10.56% compared to Q1 [11] 2. AI Product Progress - The company has launched several AI products, including WPS AI Office Assistant, WPS AI Enterprise Edition, and WPS AI Government Edition, focusing on efficiency and data security [38][39] - The AI membership and premium membership have been introduced, with over one million paid users, indicating a significant increase in average revenue per user (ARPPU) [40][47] 3. Investment Recommendations - The report projects EPS for 2024-2026 to be 3.32 yuan, 4.57 yuan, and 6.35 yuan respectively, with corresponding PE ratios of 52.34x, 38.05x, and 27.37x based on the closing price of 173.72 yuan on September 3, 2024 [6][47]

关于参加 2024 年半年度软件行业集体业绩说明会的公告 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。 证券代码：688111 证券简称：金山办公 公告编号：2024-055 北京金山办公软件股份有限公司 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2024 年 9 月 12 日（星期四）16:00 前通过邮件、电话形式将 需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者 普遍关注的问题进行回答。 北京金山办公软件股份有限公司（以下简称"公司"）已于 2024 年 8 月 21 日 在上海证券交易所网站（www.sse.com.cn）披露公司 2024 年半年度报告。为便于 广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况、发展理 念，公司将参与由上海证券交易所主办的 2024 年半年度软件行业集体业绩说明 会，此次活动将采用网络文字互动的方式举行，投资者可登录上海证券交易所上 证路演中心（http://roadsh ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 金山办公（688111.SH） SaaS 转型顺利，WPSAI 持续升级 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 3,885 | 4,556 | 5,468 | 6,535 | 8,332 | | | | 增长率 yoy （ % ） | 18.4 | 17.3 | 20.0 | 19.5 | 27.5 | 股票信息 | | | 归母净利润（百万元） | 1,118 | 1,318 | 1,519 | 1,785 | 2,116 | 行业 | 计算机 | | 增 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [1][10] Core Views - Kingsoft Office's transition to SaaS is progressing smoothly, with continuous upgrades to WPS AI, which has achieved a leading position in the domestic AI application industry [2] - The company has introduced a new membership system, resulting in improved conversion rates and average revenue per user, driving steady growth in personal subscription services [2] - Despite challenges in the institutional authorization business due to policy impacts, the subscription business for both B2B and B2C segments continues to grow rapidly, supported by advancements in AI and SaaS [2] Financial Summary - Revenue for 2022 was 3,885 million CNY, with projections of 4,556 million CNY for 2023 and 5,468 million CNY for 2024, reflecting a year-on-year growth rate of 18.4% in 2022 and an expected 20.0% in 2024 [1][6] - Net profit attributable to shareholders was 1,118 million CNY in 2022, projected to reach 1,318 million CNY in 2023 and 1,519 million CNY in 2024, with growth rates of 7.3% in 2022 and 15.3% in 2024 [1][6] - The company achieved a net profit of 721 million CNY in H1 2024, representing a year-on-year increase of 20.38% [1] Business Developments - The launch of WPS AI 2.0 in July 2024 has introduced significant innovations across various AI functionalities, contributing to the growth of paid users exceeding one million [2] - The domestic personal office service subscription revenue reached 1,530 million CNY in the first half of 2024, up 22.17% year-on-year [2] - The institutional subscription and service revenue was 442 million CNY, marking a 5.95% increase year-on-year, while the institutional authorization business saw a decline of 10.14% to 324.57 million CNY due to policy impacts [2]

2024年08月23日 证券研究报告|公司研究|公司点评 | --- | --- | |--------------------------------------------------------------------|-------| | 金山办公 (688111) | | | 2024 半年报点评:To C 拉动订阅业务成长,AI+办 | | | | | | 公赋能在路上 | | | 事件:公司 2024年上半年实现营业收入 24.13 亿元(+11.09%),归母净 | | | 利润 7.21 亿元（+20.38%）, 扣非净利润6.88 亿元（+19.35%）。 | | | | | | To C 收入拉动订阅业务成长,"服务 SaaS 化+产品 AI 化"战略稳健。� | | | 报告期内,公司营业收入保持稳健增长。其中,订阅业务作为公司的核心增 | | | 长引擎收入 19.73 亿元，总收入占比约 82%，同比提升近 5 个百分点。从 | | | 收入结构来看,(1) 国内个人办公服务订阅业务收入 15.30 亿元 | | | (+22.17%)。期末，主要产品月度活跃设备数为 6.02亿（ ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6-12 months [2][5]. Core Insights - The company's personal subscription business is experiencing rapid growth, while the institutional business faces short-term pressure due to the transition to a SaaS model. The introduction of WPS AI 2.0 and a new membership system is expected to enhance user engagement and revenue [1][4]. - The company reported a revenue of 24.13 billion yuan for the first half of 2024, a year-on-year increase of 11.09%, with a net profit of 7.21 billion yuan, up 20.38% year-on-year [3][4]. - The report highlights the strong performance of the personal office service subscription business, which generated 1.53 billion yuan in revenue, a 22.17% increase year-on-year, driven by continuous upgrades in AI and collaboration product features [1][3]. Financial Performance - For the first half of 2024, the company achieved a net profit margin of 29.92%, an increase of 2.50 percentage points year-on-year, attributed to reduced promotional expenses and a decrease in the sales expense ratio to 18.32% [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 3.22 yuan, with expected growth rates of 13.9%, 25.8%, and 26.7% for the years 2024, 2025, and 2026 respectively [5][6]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with projected revenues of 51.88 billion yuan in 2024 and 65.25 billion yuan in 2025 [6][7]. Business Developments - The launch of WPS AI 2.0 includes various versions tailored for personal, enterprise, and government use, indicating a strategic push towards AI commercialization [1][4]. - The company has initiated collaborative projects with leading enterprises across various sectors, including finance and high-end manufacturing, to explore the implementation of WPS AI in office scenarios [1][4].

证券代码：688111 证券简称：金山办公 公告编号：2024-054 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 高级管理人员持股的基本情况 截至本公告披露日，北京金山办公软件股份有限公司（以下简称"公司"）高 级管理人员、财务负责人崔研（CUI YAN）女士直接持有公司股份 30,000 股，占 公司总股本的 0.0064%。上述股份为通过公司限制性股票激励计划取得的股份。 集中竞价减持计划的主要内容 因自身资金需求，崔研（CUI YAN）女士拟通过集中竞价方式减持其持有的 本公司股份，合计减持数量不超过 7,500 股，占公司总股本的比例不超过 0.0016%； 自本次减持股份计划公告披露之日起 15 个交易日后的 3 个月内实施（窗口期不 减持，中国证监会、上海证券交易所相关法律法规、规范性文件规定不得进行减 持的其他时间不减持）。 上述股份的减持价格按市场价格确定，若公司在上述减持计划实施期间发生 派发红利、送红股、转增股本、增发新股或配股等除权除息事项的，则上述减持 计划将作相应 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 金山办公（688111）公司半年报点评 2024 年 08 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |--------------------------------------------|---------------| | 08[Table_StockInfo 月 23日收盘价（元）] | 189.80 | | 52 周股价波动（元） | 185.17-407.00 | | 总股本/流通 A 股（百万股） | 463/463 | | 总市值/流通市值（百万元） | 87787/87787 | | 相关研究 | | | [Table_ReportInfo] 《 24Q1 净利润高增， AI | 商业化落地》 | | 2024.04.28 | | | 《双订阅快速增长，WPS AI | 加速商业化》 | | 2024.03.25 | | | 市场表现 | | [Table_QuoteInfo] 金山办公 海通综指 -49.33% -38.33% -27.33% ...