Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [8]. Core Views - The company has demonstrated steady growth in operational performance, with a 11.09% year-on-year increase in revenue to 2.413 billion yuan and a 20.38% increase in net profit to 721 million yuan for the first half of 2024 [2][3]. - The transition to a SaaS model for institutional subscriptions is progressing well, supported by a robust product ecosystem [2][3]. - Continued investment in AI and collaboration technologies is driving the commercialization of AI applications, with significant user adoption in both personal and institutional segments [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.413 billion yuan, up 11.09% year-on-year, and a net profit of 721 million yuan, reflecting a 20.38% increase [2]. - The personal office service subscription revenue reached 1.530 billion yuan, growing 22.17% year-on-year, while institutional subscription revenue was 443 million yuan, up 5.95% [2]. - The total subscription revenue amounted to 1.973 billion yuan, a year-on-year increase of 18.11%, accounting for 82% of total revenue [2]. Business Segments - The company reported 6.02 billion monthly active devices as of June 30, 2024, with a 3.08% year-on-year increase [2]. - The WPS AI 2.0 was launched, enhancing the AI capabilities across various applications, contributing to strong growth in personal subscription services [3]. - The institutional subscription business is transitioning to a SaaS model, with healthy growth in contract liabilities [2][3]. Research and Development - R&D investment reached 808 million yuan in H1 2024, a 12.61% increase year-on-year, with R&D expenses accounting for approximately 33% of total revenue [3]. - The workforce includes 2,991 R&D personnel, representing about 65% of total employees [3]. Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 5.200 billion yuan and 6.975 billion yuan, respectively, reflecting a decrease of 25.57% and 28.00% [3]. - Net profit forecasts for the same periods have also been revised down to 1.588 billion yuan and 2.159 billion yuan, with corresponding adjustments of 22.12% and 24.43% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated resilient growth in revenue and profits, with significant contributions from the "WPS AI + Premium Membership" model, surpassing one million paid users [1] - The transition to a subscription model is progressing smoothly, with a focus on expanding into the public cloud market for medium to large enterprises [3][4] Financial Performance - In H1 2024, the company reported revenue of 2.413 billion yuan, a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, up 20.38% [3] - The revenue breakdown shows that personal subscriptions contributed 1.53 billion yuan (up 22% YoY), while institutional subscriptions brought in 443 million yuan (up 6% YoY) [1][3] Business Segments - The company is maintaining growth across various business lines, with a notable increase in R&D investment, which reached 808 million yuan, a 13% increase YoY [4] - The C-end commercialization is progressing well, with the launch of WPS AI 2.0 leading to stable growth in monthly active users [5] Market Position and Future Outlook - The company is positioned as a leading domestic office software provider, with expectations for revenue growth to reach 5.177 billion yuan in 2024, and net profit to reach 1.609 billion yuan [7][9] - The projected EPS for 2024 is 3.48 yuan per share, with a corresponding P/E ratio of 54.96 [9][10]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 247.83 CNY for the next six months [4]. Core Insights - The company reported a revenue of 2.413 billion CNY for the first half of 2024, representing a year-on-year growth of 11.09%. The net profit attributable to shareholders was 721 million CNY, up 20.38% year-on-year [2][9]. - The company is experiencing steady growth in its C-end subscription services and is making significant progress in its B-end SaaS transformation [2][3]. - The upgraded WPS AI 2.0 was launched, enhancing various functionalities such as writing, reading, data analysis, and design assistance, which is expected to drive growth in personal subscription services [3][9]. Financial Performance - For the first half of 2024, the company achieved a revenue of 2.413 billion CNY, with a net profit of 721 million CNY. In Q2 alone, the revenue was 1.188 billion CNY, showing a year-on-year increase of 5.98% [2]. - The domestic personal office service subscription revenue reached 1.530 billion CNY, growing by 22.17% year-on-year, while the institutional subscription and service revenue was 443 million CNY, up 5.95% year-on-year [2]. - The total contract liabilities amounted to 2.685 billion CNY, indicating a solid foundation for the company's long-term development [2]. Business Segments - The personal and institutional subscription revenues accounted for 82% of total revenue, an increase of 5 percentage points year-on-year [2]. - The company is transitioning its domestic institutional subscription business to a SaaS model, which is progressing smoothly [2][9]. - The international and other business revenues decreased to 115 million CNY, down 18.12% year-on-year [2]. Future Projections - The company is expected to achieve revenues of 5.211 billion CNY, 6.136 billion CNY, and 7.295 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits projected at 1.556 billion CNY, 1.922 billion CNY, and 2.371 billion CNY for the same years [9][10].

公 司 研 究 计算机/软件开发 WPS AI 年付费会员超百万，期待商业化进程加速 金山办公（688111.SH） 2024 年 08 月 21 日 ——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 考虑外部环境变化及机构订阅转型影响，我们下调公司 2024-2026 年归母净利润 预测为 15.41、19.25、24.16 亿元（原预测为 16.54、20.76、27.5 亿元），对应 EPS 分别为 3.33、4.16、5.22 元/股，当前股价对应 PE 为 57.4、45.9、36.6 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。 业绩基本符合预期，机构订阅 SaaS ...

Investment Rating - The report assigns an investment rating of "A" for the company, indicating a positive outlook for its performance [4]. Core Views - The report highlights the company's strong growth potential driven by advancements in AI technology and its strategic initiatives in the market [1][3]. - It emphasizes the company's ability to leverage AI to enhance operational efficiency and product offerings, positioning it favorably against competitors [1][3]. - The report notes a projected increase in revenue and profitability, with specific growth rates mentioned for various segments [1][3]. Summary by Sections Financial Performance - The company is expected to achieve a revenue growth rate of +% year-over-year, with significant contributions from its AI-driven products [1]. - Earnings per share (EPS) projections indicate a positive trend, with estimates showing an increase of +% [4]. - The report provides a detailed analysis of the company's financial metrics, including PE ratios and EBITDA margins, which are expected to improve [5][6]. Market Position - The company is positioned as a leader in its sector, with a strong market share and competitive advantages due to its innovative technology [1][3]. - The report discusses the company's strategic partnerships and collaborations that enhance its market presence and product development capabilities [1][3]. Future Outlook - The outlook for the company remains optimistic, with expectations of continued growth in the AI sector and expansion into new markets [1][3]. - The report suggests that the company's investments in research and development will yield significant returns in the coming years [1][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4] Core Views - The long-term growth path of the company is clear, and despite external environmental changes and the impact of institutional subscription transformation, the company has adjusted its net profit forecasts for 2024-2026 to 1.541 billion, 1.925 billion, and 2.416 billion yuan respectively, with corresponding EPS of 3.33, 4.16, and 5.22 yuan per share [4] - The current stock price corresponds to PE ratios of 57.4, 45.9, and 36.6 times for the respective years [4] - The continuous upgrade of the WPS AI product is expected to open up growth opportunities, justifying the "Buy" rating [4] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 2.413 billion yuan, a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, a year-on-year increase of 20.38% [5] - In Q2 alone, the company reported operating revenue of 1.188 billion yuan, a year-on-year increase of 5.98%, and a net profit of 354 million yuan, a year-on-year increase of 6.74% [5] - The personal subscription business revenue grew by 19.8% year-on-year to 795 million yuan, while institutional subscription revenue declined by 2% to 201 million yuan due to the transition to a SaaS model [5] Product and Market Development - The WPS AI membership and premium membership have exceeded one million annual paid users, with expectations for accelerated commercialization in the second half of the year [6] - The launch of WPS AI 2.0 has brought significant upgrades across four dimensions: AI writing assistant, AI reading assistant, AI data assistant, and AI design assistant [6] - The company is focusing on optimizing its revenue structure through WPS 365, which has served over 18,000 major government and enterprise clients, and is guiding institutional clients to transition from annual venue-based subscriptions to annual account-based models [7]

C o m p a n y U p d a t e 2024 年 8 月 21 日 何利超 H70529@capital.com.tw 目标价(元) 250 公司基本资讯 | --- | --- | |---------------------|---------------| | 产业别 | | | A 股价(2024/8/20) | | | 上证指数(2024/8/20) | | | 股价 12 个月高/低 | 405.54/185.63 | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | | 三个月 | | 股价涨跌(%) | | 近期评等 | --- | --- | --- | |------------|----------|----------| | 出刊日期 | 前日收盘 | 评等 | | 2022-03-23 | 325.40 | 区间操作 | | 2023-02-27 | 288.71 | 买进 | | 2024-01-04 | 340.88 | 区间操作 | 产品组合 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 21 日 688111.SH 金山办公 买入 原评级：买入 市场价格:人民币 191.15 板块评级:强于大市 股价表现 (49%) (38%) (27%) (16%) (5%) 6% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 金山办公 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (37.0) (6.1) (34.8) (48.1) 相对上证综指 (33.8) (2.2) (25.2) (39.6) | --- | |-----------| | 462.53 | | 462.53 | | 88,411.78 | | 798.17 | | | | 51.59 | | | 以 2024 年 8 月 20 日收市价为标准 相关研究报告 《金山办公》20240321 《金山办公》20231026 《金山办公》20230823 中银国际证券股份有限公司 具备证券投资咨询业务资格 计算机：软件开发 证券分析师：杨思睿 (8610 ...

业绩简评 2024 年 8 月 20 日公司披露半年报，上半年实现营收 24.13 亿元， 同比增长 11.09%；实现归母净利润 7.21 亿元，同比增长 20.38%； 实现扣非归母净利润 6.88 亿元，同比增长 19.35%。 经营分析 分业务来看，国内 C 端服务订阅业务实现快速增长，24 年上半年 营收为 15.30 亿元，同比增长 22.17%，公司持续致力于重要战略 产品 WPS AI 的升级迭代，正式开启了 WPS AI 的商业化进程。公 司通过加强端云一体的深度运营，逐步提升 AI 用户的渗透率，并 根据用户需求推出全新会员体系，进而推动付费用户持续增长； 国内机构订阅及服务业务增速平稳，实现收入 4.43 亿元，同比增 长 5.95%；受到党政信创产业调整的影响，国内机构授权业务收入 3.25 亿元，同比减少 10.14%；国际及其他业务收入为 1.15 亿元， 同比减少 18.12%。公司继续培养桌面端大屏用户数，全新升级发 布 WPS AI 海外版产品及会员体系，由国际主流模型方提供技术支 持，全面增强海外产品能力和体验。 从成本费用角度看，24 年上半年公司营业成本同比增长 20% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable performance in the C-end market and is advancing its AI initiatives [1] - The revenue for Q2 2024 was 1.188 billion yuan, a year-on-year increase of 5.98%, which was below expectations [5] - The company has adjusted its revenue and net profit forecasts for 2024-2026 due to macroeconomic impacts [8] Revenue and Profitability - Total revenue for H1 2024 was 2.413 billion yuan, a year-on-year increase of 11.09%, with a net profit of 721 million yuan, up 20.38% year-on-year [5][6] - C-end subscription revenue for H1 2024 reached 1.530 billion yuan, a year-on-year increase of 22.2% [6] - B-end subscription revenue for H1 2024 was 443 million yuan, a year-on-year increase of 5.95%, but Q2 showed a decline of 1.78% [6] Subscription Revenue Breakdown - C-end subscription revenue growth was driven by a transformation in the membership system and AI commercialization [6] - The number of paid members reached 38.15 million, with an average revenue per user (ARPU) of 76.83 yuan, an increase of 8.12% year-on-year [6] - B-end authorization revenue for H1 2024 was 325 million yuan, a year-on-year increase of 10.14%, but Q2 saw a significant decline of 26.73% [6] Cash Flow and Expenses - Cash flow from operating activities for H1 2024 was 628 million yuan, a year-on-year increase of 5.51% [8] - The company maintained a stable expense ratio, with sales, management, and R&D expenses showing slight variations [8] Financial Forecasts - The company has revised its revenue forecasts for 2024-2026 to 51.97 billion yuan, 72.54 billion yuan, and 87.61 billion yuan respectively [8] - The net profit forecasts for the same period have been adjusted to 15.35 billion yuan, 22.31 billion yuan, and 27.08 billion yuan respectively [8]