金山办公（688111.SH）：业绩符合 预期，AI 产品拓展顺利 2024 年 8 月 22 日 强烈推荐/维持 金山办公 公司报告 ——2024 半年报点评 事件：8 月 20 日，公司发布 2024 半年度报告。报告期内公司实现营业收入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同比 增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同比 增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%； 实现归母净利润 3.54 亿元，同比增长 6.74%。 点评： 业绩符合预期，订阅业务双轮驱动。1）整体来看，报告期内公司实现营业收 入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同 比增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同 比增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%；实现归母净利润 3.54 亿元，同比增长 6.74%。公司业绩在外部压力 下仍保持稳健增长，彰显经营实力；2 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a revenue of 2.413 billion yuan for H1 2024, representing a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, up 20.38% year-on-year, which aligns with expectations [8] - The personal subscription business continues to grow steadily, with revenue reaching 1.530 billion yuan, a 22% increase year-on-year, and a total of 38.15 million annual paid users, reflecting a 15% year-on-year growth [8] - Institutional business is under short-term pressure, with subscription revenue at 443 million yuan, a 6% increase year-on-year, while authorization revenue decreased by 10% to 325 million yuan [8] - The total contract liabilities increased by approximately 22% year-on-year to 2.69 billion yuan, indicating optimistic growth in subscription business, especially long-cycle subscriptions [8] - The company continues to leverage AI in its office software, with the launch of WPS 365, which integrates documents, AI, and collaboration tools, positioning itself as a leading player in the digital office space [8] Financial Summary - For H1 2024, the company achieved total revenue of 2.413 billion yuan, with a net profit of 721 million yuan, and is projected to reach revenues of 5.250 billion yuan, 6.484 billion yuan, and 8.204 billion yuan in 2024, 2025, and 2026 respectively [10][11] - The expected net profit for 2024, 2025, and 2026 is projected to be 1.507 billion yuan, 1.915 billion yuan, and 2.457 billion yuan respectively [10][11] - The company's price-to-earnings ratio is expected to be 59x, 46x, and 36x for 2024, 2025, and 2026 respectively [9][10]

2024 年 8 月 21 日 公司研究 经营业绩稳健增长，C 端 AI 商业化及 B 端 SaaS 转型进展顺利 ——金山办公（688111.SH）2024 年半年报点评 要点 事件： 8 月 20 日，公司发布 2024 年半年度报告，2024 年上半年公司实现营业 收入 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%；扣非归母净利润 6.88 亿元，同比增长 19.35%。 个人业务稳健增长，机构订阅业务 SaaS 转型进展顺利：分业务看，2024 年上 半年国内个人办公服务订阅业务收入 15.30 亿元，同比增长 22.17%；截至 2024 年 6 月 30 日，公司主要产品月度活跃设备数为 6.02 亿，同比增长 3.08%，其 中 WPS Office PC 版月度活跃设备数 2.71 亿，同比增长 7.11%；WPS Office 移 动版月度活跃设备数 3.28 亿，同比增长 0.31%，公司累计年度付费个人用户数 达到 3,815 万，同比增长 14.79%。国内机构订阅及服务业务收入 4.43 亿元， 同比增长 5.95%；依托更完善的产 ...

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]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 21 日 金山办公(688111.SH) C 端订阅稳增，AI 商业化进展顺利 事件概述： 8 月 21 日，金山办公发布《2024 年半年度报告》。公司实现营业收入 24.13 亿元，同比增长 11.09%；归母净利润为 7.21 亿元，同比增长 20.38%；扣非归母净利润为 6.88 亿元，同比增长 19.35%。 C 端订阅收入稳增，B 端坚定 SaaS 转型 2024 年上半年，公司实现营业收入 24.13 亿元（YoY+11.09%），归母 净利润 7.21 亿元（YoY+20.38%）。单 Q2 来看，公司实现营业收入 11.88 亿元（YoY+5.98%），归母净利润 3.54 亿元（YoY+6.63%）。 分业务来看，①国内个人办公服务订阅业务收入 15.30 亿元 （YoY+22.17%）。截至 2024 年 6 月 30 日，公司主要产品月度活跃设 备数为 6.02 亿（YoY+3.08%），其中 WPS Office PC 版月度活跃设备 数2.71亿（YoY+7.11%），移动版月度活跃设备数3.28亿（Y ...

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 ...