Investment Rating - The report maintains a "Recommendation" rating for Kingsoft Office (688111.SH) [1][7] Core Views - The company has shown steady growth in its performance for the first three quarters of 2024, with revenue reaching 3.627 billion yuan, a year-on-year increase of 10.90%, and a net profit attributable to shareholders of 1.04 billion yuan, up 16.41% year-on-year [2][3][4] - The report highlights the significant potential of WPS AI, which is expected to enhance user engagement and subscription conversion rates, contributing to future growth [6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved: - Revenue: 3.627 billion yuan, up 10.90% year-on-year - Net profit attributable to shareholders: 1.04 billion yuan, up 16.41% year-on-year - Non-recurring net profit: 999 million yuan, up 15.16% year-on-year [2][3] - In Q3 2024 alone, the company reported: - Revenue: 1.214 billion yuan, up 10.53% year-on-year - Net profit attributable to shareholders: 318 million yuan, up 8.33% year-on-year - Non-recurring net profit: 303 million yuan, up 6.66% year-on-year - Operating cash flow: 451 million yuan, up 31.20% year-on-year [3][4] Business Segment Performance - In Q3 2024, the domestic personal office service subscription business generated revenue of 762 million yuan, a growth of 17.24% year-on-year [6] - The domestic institutional subscription and service business saw revenue of 248 million yuan, a slight increase of 0.02% year-on-year [6] - The domestic institutional authorization business achieved revenue of 143 million yuan, up 8.97% year-on-year [6] - International and other businesses reported revenue of 61 million yuan, down 10.43% year-on-year [3][6] Cost and Investment Analysis - The gross margin for the first three quarters of 2024 was 85.10%, slightly down by 0.55 percentage points year-on-year [4] - The operating expense ratio decreased to 61.89%, down 0.77 percentage points year-on-year, with R&D expenses increasing to 1.262 billion yuan, up 17.26% year-on-year [4] - The company’s R&D investment in Q3 2024 was 454 million yuan, a year-on-year increase of 26.54% [4] Future Earnings Forecast - The report adjusts the earnings forecast for the company, estimating net profits for 2024-2026 to be 1.536 billion yuan, 1.969 billion yuan, and 2.505 billion yuan respectively, with corresponding EPS of 3.32 yuan, 4.26 yuan, and 5.42 yuan [7][10]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a revenue of 3.627 billion yuan for the first nine months of 2024, representing a year-on-year growth of 10.90%. The net profit attributable to the parent company was 1.04 billion yuan, up 16.41% year-on-year [2][6] - The personal subscription and institutional authorization businesses are showing steady growth, while international business faces challenges [6] - Continuous investment in R&D, particularly in AI applications, is expected to enhance user engagement and revenue growth [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.214 billion yuan in Q3, a year-on-year increase of 10.53%. The net profit for Q3 was 318 million yuan, up 8.33% year-on-year [2][6] - The gross margin for the first nine months was 85.10%, slightly down by 0.55 percentage points year-on-year, while Q3 saw a gross margin of 85.47%, an increase of 0.66 percentage points [2][6] - The company’s R&D expenses for the first three quarters were 1.262 billion yuan, reflecting a year-on-year increase of 17.26%, with an R&D expense ratio of approximately 34.78% [6] Business Segments - Domestic personal subscription revenue reached 762 million yuan in Q3, a year-on-year increase of 17.24%. Institutional subscription revenue was 248 million yuan, up 0.02% year-on-year, while institutional authorization revenue was 143 million yuan, up 8.97% year-on-year [6] - The number of monthly active devices for the company's main products reached 618 million, a year-on-year growth of 4.92% [6] Future Projections - Revenue projections for 2024-2026 are 5.261 billion yuan, 6.175 billion yuan, and 8.119 billion yuan, with year-on-year growth rates of 15.48%, 17.38%, and 31.47% respectively. Net profit projections for the same period are 1.517 billion yuan, 1.775 billion yuan, and 2.318 billion yuan, with growth rates of 15.11%, 17.03%, and 30.59% respectively [6][7]

Investment Rating - The report maintains a "Recommended" rating for Kingsoft Office (688111.SH) with a closing price of 264.50 CNY on October 25, 2024 [5]. Core Insights - Kingsoft Office reported a total revenue of 3.627 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 10.90%. The net profit attributable to shareholders reached 1.04 billion CNY, up 16.41% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.214 billion CNY, marking a 10.53% increase year-on-year, with a net profit of 319 million CNY, reflecting an 8.33% growth [2]. - The company’s contract liabilities reached a historical high of 1.99 billion CNY, showing a quarter-on-quarter increase of 4.6% and a year-on-year increase of 16.3% [3]. Revenue Breakdown - Domestic personal office service subscription revenue was 760 million CNY, growing 17.24% year-on-year, driven by the introduction of WPS AI 2.0 features [3]. - Domestic institutional subscription and service revenue was 248 million CNY, with a slight growth of 0.02%, supported by the WPS 365 platform [3]. - Domestic institutional licensing revenue reached 143 million CNY, up 8.97% year-on-year, due to increased orders in the government and state-owned enterprise sectors [3]. - International and other business revenue was 60 million CNY, down 10.43% year-on-year, primarily due to the shutdown of domestic third-party advertising services [3]. User Engagement and Product Development - The monthly active devices for the company's main products reached 618 million, a year-on-year increase of 4.92% [3]. - The WPS Office PC version had 277 million monthly active devices, up 6.95% year-on-year, while the mobile version had 338 million, reflecting a 3.36% increase [3]. - The public beta of WPS on HarmonyOS in October 2024 is expected to enhance product penetration [3]. Financial Forecast - Revenue projections for Kingsoft Office are estimated at 5.143 billion CNY in 2024, 6.341 billion CNY in 2025, and 7.982 billion CNY in 2026, with corresponding EPS of 3.25 CNY, 4.09 CNY, and 5.18 CNY [4][6]. - The report anticipates a PE ratio of 81X for 2024, 65X for 2025, and 51X for 2026 [4].

f 源证券 计算机/软件开发 公 司 研 究 金山办公（688111.SH） 2024 年 10 月 27 日 业绩符合预期，Q3 现金流高速增长 ——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 我们维持公司 2024-2026 年归母净利润预测为 15.41、19.25、24.16 亿元，对应 EPS 分别为 3.33、4.16、5.22 元/股，当前股价对应 PE 为 79.4、63.5、50.6 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。 业绩符合预期，Q3 现金流高速增长 2024 年前三季度公司实现营业收入 36.27 亿元，同比增长 10.90%；实现归母净 利 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady growth in performance, with a revenue of 3.627 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.90%. The net profit attributable to shareholders reached 1.04 billion yuan, up 16.41% year-on-year [2] - The personal subscription business continues to grow, achieving a revenue of 2.292 billion yuan in the first three quarters of 2024, a year-on-year increase of 20.48%. The introduction of new AI features has enhanced user engagement and conversion rates [2] - The company has reached 200 million overseas users with WPS AI, and the revenue from domestic institutional subscriptions was 691 million yuan, a year-on-year increase of 3.74% [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.874 billion yuan, with net profits of 1.644 billion yuan, reflecting a PE ratio of 74 [3] - Revenue growth rates are expected to be 28.94% in 2024, 29.92% in 2025, and 28.71% in 2026 [4] - The company’s net profit is forecasted to grow at rates of 24.74% in 2024, 27.66% in 2025, and 27.47% in 2026 [4] User Engagement and Market Expansion - The active device count for the company's main products reached 618 million, a year-on-year increase of 4.92%, with the WPS Office PC version seeing a monthly active device count of 277 million, up 6.95% [2] - The company is focusing on expanding its presence in the public cloud market, targeting large and medium-sized enterprises, which is expected to enhance customer coverage and value [2] Future Outlook - The company is expected to benefit significantly from the digitalization and localization of office software in China, with a strong internal growth momentum driven by AI enhancements [3] - The projected revenues for 2024-2026 are 5.874 billion yuan, 7.632 billion yuan, and 9.823 billion yuan respectively, with net profits of 1.644 billion yuan, 2.098 billion yuan, and 2.675 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Insights - The company reported a revenue of 3.627 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.9%, with a net profit attributable to shareholders of 1.04 billion yuan, up 16.41% year-on-year [2] - The WPS AI 2.0 has introduced new AI tools, enhancing user engagement and subscription growth, particularly in the personal office service sector, which saw a revenue increase of 17.24% year-on-year [2][5] - The company is focusing on the public cloud market and has seen a 3.6 percentage point increase in the revenue share from institutional subscription services, which now accounts for 20% of total revenue [2][5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit of 318 million yuan, up 8.33% year-on-year [2] - The company's R&D expense ratio increased to 37.41% in Q3 2024, indicating a commitment to long-term growth through enhanced research and development [3] - The projected revenues for 2024-2026 are 5.242 billion yuan, 6.439 billion yuan, and 8.035 billion yuan respectively, with net profits expected to be 1.534 billion yuan, 1.942 billion yuan, and 2.556 billion yuan [5][6][8] Market Position and Growth Drivers - The company is positioned as a leading domestic office software provider, with the ongoing commercialization of WPS AI and deepening development in the "Xinchuang" sector expected to drive future growth [5][6] - The monthly active devices for the company's main products reached 618 million, reflecting a year-on-year increase of 4.92% [2][5] - The company has strategically aligned its offerings with policy changes and customer needs, particularly in the government and enterprise sectors, which has led to increased orders and growth in institutional licensing [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company reported a revenue of 1.214 billion yuan in Q3 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 318 million yuan, up 8.3% year-on-year [4] - Operating cash flow showed significant growth, with a net cash flow of 450 million yuan in Q3 2024, up 31.2% year-on-year, and a total of 1.08 billion yuan for the first three quarters, up 15.0% year-on-year [4] - The C-end business continues to grow, with personal office revenue reaching 760 million yuan in Q3 2024, a 17.2% increase year-on-year, driven by the introduction of AI 2.0 products [4] - The B-end subscription business faced temporary pressure, but the "Xin Chuang" (信创) business is beginning to recover, with institutional subscriptions generating 250 million yuan in Q3 2024, flat year-on-year [4] - The combination of SaaS, Xin Chuang, and AI is expected to enhance the company's valuation, supported by a favorable economic outlook and a competitive market position [4] Financial Data and Profit Forecast - The company is projected to achieve revenues of 5.25 billion yuan, 6.48 billion yuan, and 8.20 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.51 billion yuan, 1.92 billion yuan, and 2.46 billion yuan for the same years [5][6] - The gross profit margin is expected to remain stable around 83.6% to 83.1% from 2024 to 2026 [6] - The return on equity (ROE) is projected to increase from 9.7% in 2024 to 17.3% in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 3.63 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 10.9%, and a net profit attributable to shareholders of 1.04 billion RMB, up 16.4% year-on-year [2]. - The company's active device count reached 620 million by Q3 2024, a 4.9% increase year-on-year, with PC and mobile active devices growing by 7.0% and 3.4% respectively [3]. - The company is focusing on AI commercialization and has introduced new features to enhance user engagement and conversion rates [3]. Financial Performance - For Q3 2024, the company achieved a revenue of 1.21 billion RMB, a 10.5% increase year-on-year, and a net profit of 320 million RMB, up 8.3% year-on-year [2]. - The gross margin for Q3 was 85.5%, an increase of 0.7 percentage points year-on-year, while the sales and management expense ratios decreased [3]. - The company forecasts revenues of 5.13 billion RMB, 5.92 billion RMB, and 6.94 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.54 billion RMB, 1.91 billion RMB, and 2.34 billion RMB [4]. Business Segmentation - The domestic personal office service subscription business grew by 17.2% year-on-year in Q3, driven by the "Inclusive AI" strategy [3]. - The domestic institutional licensing business saw a revenue of 140 million RMB in Q3, a 9.0% year-on-year increase [3]. - International and other business revenues declined by 10.4% year-on-year, primarily due to the shutdown of advertising operations [3]. Cost and Expenses - The company’s R&D expense ratio increased to 37.4%, reflecting higher investments in AI and overseas market development [3]. - Contract liabilities increased by 16.3% year-on-year, indicating a strong order backlog [3].

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证券代码：688111 证券简称：金山办公 公告编号：2024-058 北京金山办公软件股份有限公司 第三届监事会第十八次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第三届监事会第十八次 会议通知于 2024 年 10 月 20 日以邮件方式发出送达全体监事，会议于 2024 年 10 月 25 日以现场会议结合通讯表决方式召开。本次会议应参加表决监事 3 人， 实际参加表决监事 3 人。本次会议的召集、召开和表决情况符合法律、行政法规、 部门规章、规范性文件以及《北京金山办公软件股份有限公司章程》（以下简称 "《公司章程》"）、《北京金山办公软件股份有限公司监事会议事规则》的相关 规定。 二、 监事会会议审议情况 监事会认为：根据《上市公司股权激励管理办法》、公司《2022 年限制性 股票激励计划（草案）》的相关规定，公司 2022 年限制性股票激励计划首次授 予部分第二类激励对象第二个归属期归属条件已经成就。因此，监事会同意公司 依 ...