Kingsoft Office(688111)

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金山办公_在人工智能货币化方面需要更多耐心
2025-03-23 15:39
March 20, 2025 12:55 PM GMT Beijing Kingsoft Office Software Inc | Asia Pacific More Patience Is Needed to Monetize AI | What's Changed | | | | --- | --- | --- | | Beijing Kingsoft Office Software Inc (688111.SS) | From | To | | Price Target | Rmb185.00 | Rmb195.00 | Strategy shift from AI revenue back to user scale amid intensified competition and weak macro conditions suggest that much more patience is needed to see the AI dividend – vs. prior market perception of a pioneer in monetizing AI application. K ...
【金山办公(688111.SH)】WPS 365增长强劲,AI 产品持续迭代——2024年年报点评(刘凯/白玥)
光大证券研究· 2025-03-22 14:46
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客 户,用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限,若给您造成不便, 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 风险提示: AI落地不及预期,信创进展不及预期。 发布日期: 2025- 03-21 免责声明 本订阅号是光大证券股份有限公司研究所(以下简称"光大证券研究所")依法设立、独立运营 的官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大 证券研究所品牌名称等相关信息的订阅号均不是光大证券研究所的官方订阅号。 个人业务稳健增长,WPS 365开启增长新引擎 分业务看,2024年,WPS个人业务收入32.83亿元,同比增长18%。截至2024年12月31日,WPS Office全 球月度活跃设备数为6.32亿,同比增长6.22%;其中,WPSOffice PC版月度活跃设备数2.91亿,同比增长 9 ...
金山办公:四季度收入提速,AI和海外业务打开新成长空间-20250321
Guoxin Securities· 2025-03-21 15:23
证券研究报告 | 2025年03月21日 金山办公(688111.SH) 优于大市 四季度收入提速,AI 和海外业务打开新成长空间 2024 年四季度收入提速,利润保持较高增长。2024 年公司营业收入 51.21 亿元(+12.4%);归母净利润 16.45 亿元(+24.84%),扣非归母净利润 15.56 亿元(+23.30%)。单 Q4 来看,公司收入 14.94 亿元(+16.21%),归母净 利润 6.05 亿元(+42.58%),扣非归母净利润 5.66 亿元(+40.72%)。 控费效果显现,加大 AI 领域研发投入。24 年公司销售、管理费用率分别为 19.36%和 7.86%,同比下降了 1.87、1.89 个百分点。研发费用率为 33.11%, 同比提升 0.79 个百分点。公司加大 AI 领域研发,例如将大模型与全线产品 深度耦合,利用"AI 网关"统一管理不同大模型能力。同时,公司与华为深 度合作,推出 WPS 鸿蒙版,同时实现 PC 端与移动端架构统一。 面向云和 AI 的 WPS 365 业务快速增长,信创业务有所回暖。WPS 个人业务收 入 32.83 亿元(+18%),包含国 ...
金山办公:2024年年报点评:WPS 365增长强劲,AI产品持续迭代-20250321
EBSCN· 2025-03-21 14:05
Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a year-on-year growth of 12%, and a net profit of 1.645 billion yuan, up 25% year-on-year [1] - The personal business segment showed robust growth, with WPS personal business revenue reaching 3.283 billion yuan, a year-on-year increase of 18% [2] - The WPS 365 business saw significant growth, with revenue of 437 million yuan, a substantial increase of 149% [2] - The monthly active users of WPS AI reached nearly 20 million, indicating strong user engagement and product adoption [3] - The company invested 1.696 billion yuan in R&D in 2024, a 15.16% increase year-on-year, with R&D expenses accounting for approximately 33% of total revenue [3] Revenue and Profit Forecast - The revenue forecast for 2025 and 2026 has been slightly adjusted to 6.274 billion yuan and 7.670 billion yuan respectively, reflecting a decrease of 10.05% and 11.55% [4] - The net profit forecast for 2025 and 2026 has been revised to 1.998 billion yuan and 2.413 billion yuan, with adjustments of 7.46% and 9.93% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 79x, 65x, and 55x respectively [4] Financial Performance Summary - In 2024, the company reported a gross margin of 85.1% and an EBITDA margin of 28.9% [12] - The net profit margin for 2024 was 32.1%, indicating strong profitability [12] - The company’s total assets are projected to grow from 15.913 billion yuan in 2024 to 24.382 billion yuan by 2027 [11] User Engagement and Product Development - As of December 31, 2024, the global monthly active devices for WPS Office reached 632 million, a growth of 6.22% year-on-year [2] - The company launched various AI tools, enhancing its product offerings and user experience [3]
金山办公:WPS 365带动B端新成长,AI带动C端付费率提升-20250321
申万宏源· 2025-03-21 14:01
上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 03 月 21 日 金山办公 (688111) ——WPS 365 带动 B 端新成长,AI 带动 C 端付费率提升 报告原因:有业绩公布需要点评 买入(维持) | 市场数据: | 2025 年 03 月 20 日 | | --- | --- | | 收盘价(元) | 323.60 | | 一年内最高/最低(元) | 408.68/167.18 | | 市净率 | 13.2 | | 股息率%(分红/股价) | 0.27 | | 流通 A 股市值(百万元) | 149,721 | | 上证指数/深证成指 | 3,408.95/10,879.49 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产(元) | 24.55 | | 资产负债率% | 28.13 | | 总股本/流通 A 股(百万) | 463/463 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 03-20 04-20 05-20 06-20 0 ...
金山办公:单四季度利润端表现亮眼,WPS 365业务收入实现高增-20250321
Ping An Securities· 2025-03-21 12:32
公 司 报 告 计算机 2025年03月21日 金山办公(688111.SH) 单四季度利润端表现亮眼,WPS 365业务收入实现高增 推荐 ( 维持) 股价:323.6元 行情走势图 证券分析师 事项: 公司公告2024年年度报告。2024年,公司实现营业收入51.21亿元,同比增长 12.40%;实现归母净利润16.45亿元,同比增长24.84%;实现扣非归母净利 润15.56亿元,同比增长23.30%。公司公布利润分配预案:拟派发现金红利 415,991,268.90元(含税),即每10股派发现金红利9.00元(含税),股数以 462,212,521股计算。 平安观点: 证 券 研 究 报 告 请通过合法途径获取本公司研究报告,如经由未经许可的渠道获得研究报告,请慎重使用并注意阅读研究报告尾页的声明内容 公 司 年 报 点 评 HUANGWEIHAN235@pingan.com.cn 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- | --- | | | S1060123070023 | | | WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A ...
金山办公:WPS365增长强劲,AI产品持续迭代-20250321
EBSCN· 2025-03-21 10:20
要点 事件: 3 月 20 日,公司发布 2024 年年度报告,2024 年公司实现营业收入 51.21 亿元,同比增长 12%;归母净利润 16.45 亿元,同比增长 25%;单 Q4 营业收 入 14.94 亿元,同比增长 16%;归母净利润 6.05 亿元,同比增长 43%。 公司研究 WPS 365 增长强劲,AI 产品持续迭代 ——金山办公(688111.SH)2024 年年报点评 2025 年 3 月 21 日 个人业务稳健增长,WPS 365 开启增长新引擎。分业务看,2024 年,WPS 个 人业务收入 32.83 亿元,同比增长 18%。截至 2024 年 12 月 31 日,WPS Office 全球月度活跃设备数为 6.32 亿,同比增长 6.22%;其中,WPS Office PC 版月 度活跃设备数 2.91 亿,同比增长 9.81%;WPS Office 移动版月度活跃设备数 3.41 亿,同比增长 3.33%。国内累计年度付费个人用户数 4,170 万,同比增长 17.49%,海外累计年度付费个人用户数 174 万。WPS 365 业务收入 4.37 亿元, 大幅增长 149%, ...
金山办公:公司信息更新报告:WPS AI月活近2000万,WPS 365开启新增长引擎-20250320
KAIYUAN SECURITIES· 2025-03-20 15:00
Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15]. Core Insights - The company has a clear long-term growth path, supported by increased marketing and R&D investments. The net profit forecasts for 2025 and 2026 have been adjusted to 1.879 billion and 2.187 billion yuan, respectively, with a new forecast for 2027 at 2.540 billion yuan. The corresponding EPS for these years are projected to be 4.06, 4.73, and 5.49 yuan per share, with current PE ratios of 79.7, 68.5, and 59.0 times. The continuous upgrades of the WPS AI product are expected to open new growth opportunities, justifying the "Buy" rating [4][5][6]. Financial Performance Summary - In 2024, the company achieved operating revenue of 5.121 billion yuan, a year-on-year increase of 12.40%. The net profit attributable to the parent company was 1.645 billion yuan, up 24.84% year-on-year. The gross profit margin was 85.14%, with slight declines in sales and management expense ratios [5][7]. - The total amount of contract liabilities and other liabilities reached 3.186 billion yuan, reflecting a growth of 20.75% year-on-year, providing a solid foundation for sustainable growth. Investment income increased significantly by 68.79% to 370 million yuan, primarily due to increased financial management returns [5][6]. User Engagement and Product Development - The WPS AI product has seen continuous iteration, with domestic monthly active users reaching approximately 19.68 million. The personal business revenue for WPS in 2024 was 3.283 billion yuan, representing an 18.00% year-on-year growth. The number of annual paid personal users in the domestic market reached 41.7 million, a year-on-year increase of 17.49% [6][7]. - The company has successfully attracted users through differentiated value-added features, with overseas personal business revenue of 183 million yuan and a total of 1.74 million annual paid personal users, indicating potential for new growth in international markets [6][7].
金山办公:AI赋能下,个人业务稳健增长,WPS 365开启增长新引擎-20250320
GF SECURITIES· 2025-03-20 12:19
Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 emerging as a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business saw significant revenue growth of 149.33% in 2024, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% year-on-year growth, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in the previous year [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit reaching 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts revenues of 5.962 billion CNY, 7.332 billion CNY, and 8.715 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 16.4%, 23.0%, and 18.9% [2][20]. - Net profit is expected to be 1.792 billion CNY, 2.128 billion CNY, and 2.546 billion CNY for the same years, with growth rates of 9.0%, 18.7%, and 19.6% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].
金山办公(688111):AI赋能下,个人业务稳健增长,WPS365开启增长新引擎
GF SECURITIES· 2025-03-20 11:57
Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 opening a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business achieved revenue of 437 million CNY in 2024, a significant year-on-year growth of 149.33%, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% increase, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in 2023 [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit of 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts the following for Kingsoft Office: - 2025 Revenue: 5.962 billion CNY, growth of 16.4% - 2025 Net Profit: 1.792 billion CNY, growth of 9.0% - 2026 Revenue: 7.332 billion CNY, growth of 23.0% - 2026 Net Profit: 2.128 billion CNY, growth of 18.7% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].