Investment Rating - The report maintains an "Accumulate" rating with a target price of 351.90 CNY, unchanged from the previous rating [1][7][9]. Core Views - The company reported a robust revenue growth of 16.54% year-on-year in Q1 2024, achieving a revenue of 1.225 billion CNY, while net profit grew by 37.31% to 367 million CNY, exceeding market expectations [7][8]. - Subscription business continues to grow, with personal subscription revenue increasing by 24.80% year-on-year, driven by enhanced member benefits and improved payment rates [7][8]. - The company is entering a pivotal year for AI applications in 2024, with the launch of WPSAI personal subscription service and the upgraded WPS365 productivity platform, which is expected to enhance user payment rates and average revenue per user [7][8]. Financial Summary - The company’s revenue is projected to grow from 4.556 billion CNY in 2023 to 6.035 billion CNY in 2024, reflecting a growth rate of 32% [8]. - The net profit is expected to increase from 1.318 billion CNY in 2023 to 1.720 billion CNY in 2024, with a growth rate of 31% [8]. - Earnings per share (EPS) are forecasted to be 3.72 CNY in 2024, up from 2.85 CNY in 2023 [8]. Market Data - The stock has a market capitalization of 140.716 billion CNY, with a 52-week price range of 209.86 to 517.00 CNY [2][9]. - The average daily trading volume is 4.38 million shares, with an average daily trading value of 1,204.96 million CNY [2]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 23.9% in 2023 to 29.5% in 2024 [8]. - The price-to-earnings (P/E) ratio is projected to decrease from 106.79 in 2023 to 81.83 in 2024, indicating a more attractive valuation [8]. Subscription and Licensing Business - The licensing business revenue grew by 6.31% year-on-year, supported by the recovery of procurement orders from domestic clients [7][8]. - The institutional subscription business revenue increased by 15.57% year-on-year, although the growth rate has slightly declined due to the transition phase of the WPS365 platform [7][8]. AI Integration - The acceleration of AI commercialization is anticipated to drive subscription business growth beyond expectations, with the launch of new AI features expected to enhance user engagement and revenue [7][8].

上 市 公 司 计算机 2024 年04月 24 日 金山办公 (688111) 公 司 研 究 ——利润超预期，AI 有望推动订阅业务提速 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司披露2024年一季报：24Q1收入12.25亿元，同比+16.5%，归母净利润3.67亿元， 同比+37.3%，扣非净利润 3.52 亿元，同比+40.6%。受益于费用端的良好控制，利润表 证 市场数据： 2024年04月24日 现超市场预期。 券 收盘价（元） 304.7 研 一年内最高/最低（元） 530.5/198.5  分板块看，订阅类业务有望提速： 究 市净率 13.6 1）个人订阅收入 7.34 亿元（YoY+24.8%），公司通过丰富的会员权益提升用户粘性及 报 息率（分红/股价） - 告 流通A股市值（百万元） 140716 付费转化，保持稳健成长。截至 3月底，公司主要产品月度活跃设备数为 6.02亿，同比 上证指数/深证成指 3044.82/9251.13 增长2.21%；其中PC版月度活跃设备数2.70亿，同比增长7.14%。4月份AI会员付费 注：“息率”以最近一 ...

证券研究报告 | 季报点评 2024年04月24日 金山办公（688111.SH） 24Q1 利润超预期，WPS AI 有望逐步打开空间 事件：4月23日晚，公司发布《2024年第一季度报告》，实现营业收入122,530 买入（维持） 万元，同比增长 16.54%，归属于母公司所有者净利润 36,702 万元，同比 股票信息 增长37.31%；归属于母公司所有者扣除非经常性损益净利润35,209万元， 同比增长40.56%，利润超出市场预期。 行业 软件开发 前次评级 买入 双订阅转型稳步推进，授权业务受信创订单提振。1）报告期内，公司实现 4月23日收盘价(元) 285.75 营业收入12.25亿元，同比增长16.54%，符合市场预期。2）分业务来看， 总市值(百万元) 131,964.28 个人订阅业务实现收入7.34亿元，同比增长24.80%，主要系会员权益丰富、 总股本(百万股) 461.82 带动用户粘性和付费转化，其主要产品MAU达到6.02亿，同比增长2.21%； 其中自由流通股(%) 100.00 PC版月活2.70亿，同比增长7.14%；移动版月活3.29亿，同比下降1.50%。 30日日均 ...

公[T司abl点e_H评ea报der告] ●计算机行业 2024年 04月24 日 [Table_Title] [Table_StockCode] 业绩高增长，企业端 AI 应用落地持续 金山办公(688111.SH) [Table_InvestRank] 推进 推荐 维持评级 核心观点： 分析师 [Tabl事e_S件u：mm公a司ry]发布 2024年一季度报告，报告期内实现营业收入 12.25 亿元，同 [吴Ta砚b靖le_Authors] ：（8610）66568589 比增长 16.54%；实现归母净利润 3.67 亿元，同比增长 37.31%；实现扣非归母 ：wuyanjing@chinastock.com.cn 净利润 3.52 亿元，同比增长 40.56%。 分析师登记编码：S0130519070001  收入符合预期，订阅业务与指标稳健增长。公司发布 2024年一季度报告， 李璐昕 报告期内实现营业收入 12.25 亿元，同比增长 16.54%，符合预期；其中，个 ：（021）20252650 人订阅业务实现收入 7.34 亿元，同比增长 24.8%，机构订阅业务实现收入 2.42 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 374.25 CNY for the next six months [5]. Core Views - The company reported a significant increase in net profit for Q1 2024, with a year-on-year growth of 37.31%, driven by robust performance in both B and C-end subscription services [3][9]. - The launch of the enterprise version of WPS AI is expected to enhance the company's position in the B-end market, potentially creating new models and scenarios for AI applications [9]. Financial Performance - In Q1 2024, the company achieved an operating revenue of 1.225 billion CNY, representing a year-on-year increase of 16.54%. The net profit attributable to shareholders was 367 million CNY, up 37.31% year-on-year, while the net profit excluding non-recurring items was 352 million CNY, reflecting a growth of 40.56% [2][3]. - The domestic personal office service subscription revenue reached 734 million CNY, growing by 24.8% year-on-year, attributed to enhanced user engagement and conversion [3]. - The domestic institutional subscription and service business generated 242 million CNY, marking a year-on-year increase of 13.57% [3]. - The company has set ambitious revenue growth targets for 2024, aiming for a minimum of 10% growth in overall revenue and 15% growth in institutional subscription revenue [8][9]. Product Development - The enterprise version of WPS AI includes three main products: AI Hub, AI Docs, and Copilot Pro, aimed at improving office automation and data management for enterprise clients [4][9]. - The company is transitioning its institutional subscription sales model to better serve the B-end market, with the recent launch of the WPS 365 productivity platform [3][4]. Market Position - The company is recognized as a leading player in the domestic office service software market, with a strong focus on AI integration to enhance productivity and operational efficiency [9].

证券代码：688111 证券简称：金山办公 北京金山办公软件股份有限公司 2024 年限制性股票激励计划 （草案） 警告：本激励计划的内容及其所提及的文件未经香港或其他地方的任何监管机构审查。 请谨慎对待本激励计划项下限制性股票的要约。如您对本激励计划的任何内容有任何疑 问，您应征求独立的专业意见。 北京金山办公软件股份有限公司 2024 年 4 月 声明 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、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相 关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所科创板股票上市规则》《上市公司股权激励管理办法》《科创 板上市公司自律监管指南第 4 号——股权激励信息披露》《香港联合交易所有限 公司证券上市规则》等其他有关法律、法规、规范性文件，以及《北 ...

北京金山办公软件股份有限公司 2024 年限制性股票激励计划激励对象名单 | | | | 获授限制性 | 占授予限制 | 占本激励计 | | --- | --- | --- | --- | --- | --- | | 姓名 | 国籍 | 职务 | 股票数量 | 性股票总数 | 划公告日股 | | | | | （万股） | 比例 | 本总额比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | | / | / | / | / | / | / | | 二、核心管理人员、技术骨干（共 158 | | | 80.10 | 80.10% | 0.17% | | 人） | | | | | | | 三、预留部分 | | | 19.90 | 19.90% | 0.04% | | 合计 | | | 100.00 | 100.00% | 0.22% | 一、限制性股票激励计划的分配情况 注 4：合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 北京金山办公软件股份有限公司 董事会 注 1：截至本激励计划草案公告日，上述任何一名激励对象通过公司全部有效期内的股权激励计划（包 括本激励计划）获 ...

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年4月24日 金山办公 (688111.SH) Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 350 一季度稳健增长，后续关注办公AI化进展 公司基本资讯 事件： 产业别 计算机 公司发布2024年一季报，Q1收入12.25亿元，同比+16.5%；归母净利润3.67 A股价(2024/4/23) 285.75 亿元，同比+37.3%，扣非净利润3.52亿元，同比+40.6%，业绩符合预期，维 上证指数(2024/4/23) 3021.98 持“买进”评级。 股价12个月高/低 529.63/198.5 总发行股数(百万) 461.82  个人业务维持高增长，费用管控良好带动盈利能力提升：分业务来看， A股数(百万) 461.82 一季度国内个人办公服务订阅收入7.34亿元，同比+24.8%，通过提升用 A市值(亿元) 1319.64 户粘性及付费转化率带动稳健增长；机构订阅收入2.42亿元，同比+13.6%， 主要股东 Kingsoft WPS 随着公司推出WPS 365办公 ...

计算机 公 2024年04月24日 司 报 金山办公(688111.SH) 告 利润实现大幅增长，个人办公服务订阅业务表现良好 推荐 ( 维持 ) 事项： 公司公告2024年一季报。2024年一季度，公司实现营业收入12.25亿元，同比 股价:285.75元 增长16.54%；实现归母净利润3.67亿元，同比增长37.31%；实现扣非归母净 公 主要数据 利润3.52亿元，同比增长40.56%。 行业 计算机 司 平安观点： 公司网址 www.wps.cn ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of approximately 388.66 CNY per share [4][13]. Core Views - The company reported Q1 2024 revenue of 1.225 billion CNY, a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 367 million CNY, up 37.3% year-on-year. The non-GAAP net profit was 352 million CNY, reflecting a 40.6% increase year-on-year [2][8]. - The commercialization of AI for the consumer segment has fully commenced, coupled with an upgrade of the membership account system, which is expected to boost both ARPU and the number of paying users. The pricing for AI features is significantly higher than non-AI features, indicating potential for substantial ARPU growth if widely accepted by customers [2][9]. - The launch of WPS 365, which integrates AI functionalities, aims to assist enterprises in building their own operational frameworks. This new offering includes WPS Office, WPS AI Enterprise Edition, and WPS Collaboration, with components like AI Hub and AI Docs. The report suggests that while this could significantly enhance institutional subscription revenue, the sales cycle for enterprise products is longer and requires patience for growth [2][10]. Financial Summary - The company forecasts revenues of 5.674 billion CNY, 7.421 billion CNY, and 10.004 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.5%, 30.8%, and 34.8% [13]. - The projected net profits for the same years are 1.624 billion CNY, 2.104 billion CNY, and 2.853 billion CNY, with growth rates of 23.3%, 29.6%, and 35.6% [13]. - The report highlights that the company's EBITDA is expected to grow from 1.812 billion CNY in 2024 to 3.094 billion CNY by 2026, indicating strong operational performance [2][13].