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]

证券代码：688111 证券简称：金山办公 公告编号：2024-052 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会作出《关于同意北京金山办公软件股份有限公司 首次公开发行股票注册的批复》（证监许可[2019]1973 号），同意北京金山办公 软件股份有限公司（以下简称"公司"或"金山办公"）向社会公开发行人民币普通 股 101,000,000 股，每股发行价格为 45.86 元，募集资金总额为 463,186.00 万元， 扣除发行费用后，募集资金净额为 445,940.27 万元，上述资金已全部到位。大华 会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了 审验，并于 2019 年 11 月 13 日出具了大华验字[2019]000458 号《验资报告》。 （二）本年度年末余额 截至 2024 年 6 月 30 日，公司对募投项目累计投入总额为 4,459,402,720.77 元，其中：募集资金投资项目累计投入 3,503,689,413.78 元，累计补充流动资金 955,713,306.99 元。本期使用募集资金补充流动资金 233,679,124.60 元，截 ...

公司代码：688111 公司简称：金山办公 2024 年半年度报告 北京金山办公软件股份有限公司 2024 年半年度报告 1 / 206 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邹涛、主管会计工作负责人崔研及会计机构负责人（会计主管人员）孙晶晶声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 是否 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-053 北京金山办公软件股份有限公司 关于修改公司章程及办理市场主体变更登记的公告 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。 北京金山办公软件股份有限公司（以下简称"公司"）于 2024 年 8 月 20 日以现场会议结合通讯表决方式召开公司第三届董事会第十九次会议，会议审议 通过了《关于修订<北京金山办公软件股份有限公司章程>部分条款的议案》， 拟修订《北京金山办公软件股份有限公司章程》（简称"《公司章程》"）相关 条款。 公司 2022 年限制性股票激励计划首次授予部分第一类激励对象第二个归属 期、2021 年限制性股票激励计划首次授予部分第三个归属期、2023 年限制性股 票激励计划首次授予部分第一个归属期归属条件已成就，分别实际完成归属 240,735 股、210,494 股、257,169 股，并分别于 2024 年 6 月 5 日、2024 年 7 月 17 日上市流通。详见公司于 2024 年 5 月 31 日、2024 年 7 月 12 日在 ...