Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][11]. Core Insights - The company achieved a total revenue of 241,299 million yuan in the first half of 2024, representing a year-on-year growth of 11.09%. The net profit attributable to the parent company was 72,144 million yuan, up 20.38% year-on-year [1][3]. - The transition to a SaaS model for domestic institutional subscription services is progressing smoothly, laying a solid foundation for the company's long-term healthy development [1]. - The company launched WPS 365, a new productivity platform for organizations and enterprises, which has already served over 18,000 major government and enterprise clients [2][3]. Financial Performance - Revenue from personal office service subscriptions reached 152,982 million yuan, growing by 22.17% year-on-year. Domestic institutional subscription and service revenue was 44,270 million yuan, up 5.95% year-on-year [1]. - The total contract liabilities amounted to 268,547 million yuan by the end of the first half of 2024, indicating healthy growth in related contracts [1]. - The company adjusted its revenue forecasts for 2024-2026 from 56.53/74.21/96.63 billion yuan to 51.37/60.75/73.16 billion yuan, and net profit forecasts from 16.25/21.63/28.79 billion yuan to 15.52/19.54/24.05 billion yuan [3]. Product Development - The company continues to iterate on its key strategic product, WPS AI, with the release of WPS AI 2.0 in July 2024, enhancing features across various dimensions [3]. - The introduction of WPS AI for government clients includes capabilities tailored for administrative tasks, supporting private deployment and various environments [3]. Market Position - The company is positioned as a leading domestic office software provider, with a focus on rapid iteration of AI products and expansion into the public cloud market [3][4].

证券研究报告 公司点评 金山办公(688111.SH) 计算机｜ 软件开发 个人订阅延续增长势头，AI 商业化稳步推进 2024 年半年报点评 2024 年 08 月 21 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 191.15 | | 52 周价格区间（元） | 187.33-394.60 | | 总市值（百万） | 88411.78 | | 流通市值（百万） | 88411.78 | | 总股本（万股） | 46252.60 | | 流通股（万股） | 46252.60 | 涨跌幅比较 金山办公 软件开发 -49% -29% -9% 11% 2023/08 2023/11 2024/02 2024/05 2024/08 % 1M 3M 12M 金山办公 -6.06 -31.78 -47.99 软件开发 -5.03 -19.44 -43.65 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 hu ...

Group 1: AI Development and Commercialization - The company plans to increase investment in AI, focusing on self-developed small models and partnerships with large model vendors. The AI capabilities in office scenarios have significantly improved, evolving from content generation to AI-assisted writing, with future developments aimed at more complex and valuable functions [2]. - The company aims to enhance user penetration and cultivate user habits to expand the potential paid user base, which will lay the foundation for long-term commercialization [2]. - As of March 2024, the payment situation for both new and old users has been optimistic, with a notable increase in new user payments [3]. Group 2: User Engagement and Retention - The company is focusing on improving user retention by optimizing the display of AI features and enhancing user convenience, while also monitoring active AI user metrics [3]. - The company plans to strengthen AI functionality in vertical fields, particularly targeting education and government sectors, which currently represent a significant portion of paid users [3]. Group 3: B-end Business Strategy - The B-end AI projects are primarily co-created with large clients, with several ongoing projects. The company is gradually launching complete WPS AI enterprise features on public cloud platforms [3]. - The company has adjusted its membership structure to enhance ARPPU (Average Revenue Per Paying User) but has faced challenges due to external market conditions. Future strategies will focus on improving user payment penetration and retention [4]. - As of mid-2024, the company's contract liabilities have increased by 24% year-on-year, indicating growth in the B-end subscription model [4]. Group 4: Market Outlook and Challenges - The company maintains confidence in the growth of its信创 (Xinchuang) business, particularly in the government and state-owned enterprise sectors, despite some slowdowns due to macroeconomic factors [4]. - The company does not anticipate significant pricing pressure in the信创 market, as software spending constitutes a small portion of overall IT budgets [4]. - The company views overseas business development as a core strategy, with rapid growth in C-end business driven by AI, while B-end business is still in its early stages [4]. Group 5: Financial Performance and R&D Investment - The company's gross margin has faced pressure due to increased costs associated with privatized services for large clients, but the decline in token prices is expected to promote AI product adoption [4]. - Future R&D investments will be increased, focusing on domestic collaboration and AI markets, as well as enhancing overseas market capabilities [4].

证券研究报告 非金融公司|公司点评|金山办公（688111） 个人订阅业务稳定增长，研发持续投入 拓展 AI 能力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 金山办公发布 2024 年半年度报告，2024 年上半年公司实现营收 24.13 亿元，同比增长 11.09%； 归母净利润 7.21 亿元，同比增长 20.38%；扣非归母净利润 6.88 亿元，同比增长 19.35%；毛 利率为 84.92%，同比下降 1.15pct。2024 年第二季度公司实现营收 11.88 亿元，同比增长 5.98%；归母净利润 3.54 亿元，同比增长 6.74%；扣非归母净利润 3.36 亿元，同比增长 3.03%； 毛利率为 85.04%，同比下降 0.33pct。 |分析师及联系人 陈安宇 SAC：S0590523080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月23日 金山办公(688111) 个人订阅业务稳定增长，研发持续投入拓展 AI 能力 | --- | --- | --- ...

[Table_Main] 证券研究报告 | 公司点评 金山办公(688111.SH) 2024 年 08 月 23 日 买入（维持） 所属行业：计算机/软件开发 当前价格(元)：187.71 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 金山办公 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -7.75 | -23.97 | -35.28 | | 相对涨幅(%) | -1.37 | -18.75 | -25.41 | 资料来源：德邦研究所，聚源数据 相关研究 1.《金山办公发布业绩预告，AI 加持有 望维持高增速》，2024.1.15 2.《WPS AI 全面公测，加速国内大 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [2][3] Core Views - The company achieved a revenue of 241.299 million yuan, a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 72.144 million yuan, up 20.38% year-on-year, which is broadly in line with expectations [1] - The personal subscription growth is steady, with AI cumulative paid users exceeding one million. The domestic personal office service subscription revenue reached 1.530 billion yuan, growing 22.17% year-on-year, indicating robust growth in the personal subscription business [1] - The institutional subscription growth is impacted by the ongoing transformation, with institutional subscription and service revenue at 443 million yuan, a year-on-year increase of 5.95%. The company is transitioning institutional clients from annual venue to annual account models [1] Summary by Sections Financial Performance - For the first half of 2024, Kingsoft Office reported a revenue of 241.299 million yuan and a net profit of 72.144 million yuan, reflecting a year-on-year growth of 11.09% and 20.38% respectively [1] - The company expects to achieve revenues of 5.074 billion yuan, 6.411 billion yuan, and 8.306 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.523 billion yuan, 1.950 billion yuan, and 2.499 billion yuan for the same years [2] User Growth and Product Development - The company has over 38.15 million annual paid personal users, a year-on-year increase of 14.79%, and has launched a new membership system to enhance user engagement and conversion rates [1] - The WPS AI product has been upgraded to version 2.0, introducing features that significantly enhance user productivity across various tasks, indicating a strong potential for future growth [2] Market Position and Strategy - Kingsoft Office is leading in the commercialization of AI applications in the domestic market, with over one million cumulative paid users for AI membership and premium membership [1] - The company is focusing on expanding its public cloud market presence among private and state-owned enterprises, indicating a strategic shift towards a SaaS model [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 228.53 CNY per share [2][4][6]. Core Views - The company reported a revenue of 2.413 billion CNY for the first half of 2024, representing an 11.09% year-on-year growth, and a net profit of 721 million CNY, which is a 20.38% increase year-on-year [1]. - The C-end subscription business continues to grow well, with a revenue of 1.530 billion CNY, up 22.17% year-on-year, and a significant increase in paid user penetration for AI memberships [1]. - The B-end business is gradually transitioning to a subscription model, with institutional subscription revenue of 443 million CNY, a 5.95% increase year-on-year, although institutional licensing revenue faced a decline of 10.14% due to industry adjustments [1]. - The company is actively investing in R&D, with an R&D expenditure of 808 million CNY, a 12.61% increase year-on-year, and a focus on integrating generative AI with office software [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.413 billion CNY, a year-on-year increase of 11.09%, and a net profit of 721 million CNY, up 20.38% year-on-year [1]. - The company forecasts earnings per share for 2024-2026 to be 3.34 CNY, 4.30 CNY, and 5.23 CNY respectively [2][6]. Business Segments - C-end subscription revenue reached 1.530 billion CNY, with a 22.17% year-on-year growth, and the number of paid personal users increased by 14.79% to 38.15 million [1]. - B-end institutional subscription revenue was 443 million CNY, a 5.95% increase year-on-year, while institutional licensing revenue decreased by 10.14% to 325 million CNY [1]. R&D and Cost Management - The company invested 808 million CNY in R&D, representing a 12.61% increase year-on-year, with a focus on AI and office software integration [1]. - Sales expense ratio decreased by 3.6 percentage points to 18.3% due to effective control of promotional expenses [1].

公 司 报 告 2024年08月22日 计算机 金山办公(688111.SH) 上半年业绩稳健增长，WPS AI全面赋能公司成长 推荐 ( 维持) 事项： 股价:188.7元 主要数据 | --- | --- | |-------------------|--------------------------| | 行业 | 计算机 | | 公司网址 | www.wps.cn | | 大股东/持股 | Kingsoft WPS Corporation | | | Limited/51.59% | | 实际控制人 | 雷军 | | 总股本(百万股) | 463 | | 流通A股(百万股) | 463 | | 流通B/H股(百万股) | | | 总市值(亿元) | 873 | | 流通A股市值(亿元) | 873 | | 每股净资产(元) | 22.40 | | 资产负债率(%) | 26.9 | 行情走势图 证券分析师 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@ping ...

金山办公（688111.SH）：业绩符合 预期，AI 产品拓展顺利 2024 年 8 月 22 日 强烈推荐/维持 金山办公 公司报告 ——2024 半年报点评 事件：8 月 20 日，公司发布 2024 半年度报告。报告期内公司实现营业收入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同比 增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同比 增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%； 实现归母净利润 3.54 亿元，同比增长 6.74%。 点评： 业绩符合预期，订阅业务双轮驱动。1）整体来看，报告期内公司实现营业收 入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同 比增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同 比增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%；实现归母净利润 3.54 亿元，同比增长 6.74%。公司业绩在外部压力 下仍保持稳健增长，彰显经营实力；2 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a revenue of 2.413 billion yuan for H1 2024, representing a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, up 20.38% year-on-year, which aligns with expectations [8] - The personal subscription business continues to grow steadily, with revenue reaching 1.530 billion yuan, a 22% increase year-on-year, and a total of 38.15 million annual paid users, reflecting a 15% year-on-year growth [8] - Institutional business is under short-term pressure, with subscription revenue at 443 million yuan, a 6% increase year-on-year, while authorization revenue decreased by 10% to 325 million yuan [8] - The total contract liabilities increased by approximately 22% year-on-year to 2.69 billion yuan, indicating optimistic growth in subscription business, especially long-cycle subscriptions [8] - The company continues to leverage AI in its office software, with the launch of WPS 365, which integrates documents, AI, and collaboration tools, positioning itself as a leading player in the digital office space [8] Financial Summary - For H1 2024, the company achieved total revenue of 2.413 billion yuan, with a net profit of 721 million yuan, and is projected to reach revenues of 5.250 billion yuan, 6.484 billion yuan, and 8.204 billion yuan in 2024, 2025, and 2026 respectively [10][11] - The expected net profit for 2024, 2025, and 2026 is projected to be 1.507 billion yuan, 1.915 billion yuan, and 2.457 billion yuan respectively [10][11] - The company's price-to-earnings ratio is expected to be 59x, 46x, and 36x for 2024, 2025, and 2026 respectively [9][10]