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].

证券研究报告·公司点评报告·软件开发 金山办公（688111） 2024 年一季报点评：信创开始恢复，利润超 2024年 04月 24日 预期 证券分析师 王紫敬 买入（维持） 执业证书：S0600521080005 021-60199781 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E wangzj@dwzq.com.cn 证券分析师 李康桥 营业总收入（百万元） 3,885 4,556 5,710 7,744 10,167 执业证书：S0600523050004 同比（%） 18.44 17.27 25.33 35.62 31.29 likq@dwzq.com.cn 归母净利润（百万元） 1,118 1,318 1,700 2,438 3,213 同比（%） 7.33 17.92 29.02 43.40 31.79 股价走势 EPS-最新摊薄（元/股） 2.42 2.85 3.68 5.28 6.96 金山办公 沪深300 P/E（现价&最新摊薄） 137.33 116.47 90.27 62.95 47.77 11% [关Ta键bl词e_： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company has a clear long-term growth path, with net profit forecasts for 2024-2026 at 1.654 billion, 2.076 billion, and 2.750 billion yuan, respectively, corresponding to EPS of 3.58, 4.50, and 5.95 yuan per share [3][9]. - The current stock price corresponds to P/E ratios of 79.8, 63.6, and 48.0 for the years 2024, 2025, and 2026, respectively [3][9]. - The continuous upgrade of the WPS AI product is expected to open up growth opportunities for the company [3]. Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 1.225 billion yuan, a year-on-year increase of 16.54%, and a net profit of 367 million yuan, a year-on-year increase of 37.31% [7]. - The personal subscription revenue was 734 million yuan, up 24.80% year-on-year, while institutional subscription revenue was 242 million yuan, up 13.57% year-on-year [7]. - The company's gross profit margin was 84.80%, a decrease of 2.02 percentage points year-on-year, with improved operational efficiency reflected in reduced sales, management, and R&D expense ratios [7]. Product Development - The company launched WPS 365 on April 11, 2024, enhancing collaboration capabilities and introducing WPS AI Enterprise Edition, which includes AI Hub, AI Docs, and Copilot Pro [8].

证券代码：688111 证券简称：金山办公 公告编号：2024-023 北京金山办公软件股份有限公司 第三届董事会第十七次会议决议公告 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。 一、 董事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第三届董事会第十七次 会议通知于 2024 年 4 月 18 日以邮件方式发出送达全体董事，会议于 2024 年 4 月 23 日以现场会议结合通讯表决方式召开。本次会议应出席的董事 9 人，实际 出席会议的董事 9 人。本次会议的召集、召开和表决情况符合《公司法》等有关 法律、法规、规章以及《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董事会议事规则》的相关规定。 二、 董事会会议审议情况 （一）审议通过《关于公司 2024 年第一季度报告的议案》 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的《金山 办公 2024 年第一季度报告》。 表决情况：9 票同意；0 票反对；0 票弃权。 （二）审议 ...

证券代码：688111 证券简称:金山办公 公告编号：2024-026 北京金山办公软件股份有限公司 关于 2022 年限制性股票激励计划首次授予部分第一类激励 对象第二个归属期符合归属条件的公告 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。 3、授予价格（调整后）：44.43 元/股。 4、归属期限及归属安排如下： 根据岗位职责及激励需求不同，在综合考虑了公司股权激励连续性和有效性 的前提下，对归属安排做出了差异化设置，以提高本激励计划的针对性和精准度。 本激励计划首次授予的激励对象分为两类，公司对两类激励对象分别置了不同的 归属安排，本激励计划首次授予的限制性股票的归属期限和归属安排具体如下： 第一类激励对象 1 本次拟归属股票数量：240,735 股 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 重要内容提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：2022 年限制性股票激励计划（以下简称"本激励计划"）拟 向激励对象授予 1 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-025 北京金山办公软件股份有限公司 为了进一步建立、健全北京金山办公软件股份有限公司（以下简称"金山办 公"、"本公司"、"公司"或"上市公司"）长效激励机制，吸引和留住优秀 人才，充分调动公司核心团队的积极性，有效地将股东利益、公司利益和核心团 队个人利益结合在一起，使各方共同关注和推动公司的长远发展，在充分保障股 东利益的前提下，按照激励与约束对等的原则，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上 市公司股权激励管理办法》（以下简称"《管理办法》"）《上海证券交易所科创板 - 1 - 2024 年限制性股票激励计划（草案）摘要公告 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。 重要内容提示： 股权激励方式：限制性股票（第二类限制性股票） 股份来源：公司向激励对象定向发行公司 A 股普通股股票或公司从二级 市场回购的 A 股普通股股票 《北京金山办公软件股份有限公司 2024 年限制性股票激 ...

（3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； 北京金山办公软件股份有限公司监事会 关于公司 2024 年限制性股票激励计划的核查意见 北京金山办公软件股份有限公司（以下简称"公司"）监事会依据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《科创板上 市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 等相关法律、法规、规范性文件和《北京金山办公软件股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，对公司《2024 年限制性股票激励计划 （草案）》（以下简称"《激励计划》"）进行了核查，发表核查意见如下： 1. 公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； ...

关于 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） 的 法律意见书 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 二零二四年四月 北京市君合律师事务所 关于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）的 法律意见书 致：北京金山办公软件股份有限公司 北京市君合律师事务所（以下简称"本所"）受北京金山办公软件股份有限 公司（以下简称"公司""上市公司"或"金山办公"）的委托，担任金山办公 2024 年限制性股票激励计划（以下简称"本次激励计划"）的专项法律顾问， 依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司股权激励管理办法》（以下简称《管 理办法》）、《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称《自 律监管指南》）以及中华人民共和国（包括香港特别行政 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于 北京金山办公软件股份有限公司 2022 年限制性股票激励计划 首次授予第一类激励对象的第二个归属期相关事项 的 法律意见书 二零二四年四月 关于北京金山办公软件股份有限公司 2022 年限制性股票激励计划 首次授予第一类激励对象的第二个归属期相关事项 的法律意见书 致：北京金山办公软件股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立并 依法执业的律师事务所。 本所受北京金山办公软件股份有限公司（以下简称"公司""上市公司"或 "金山办公"）的委托，担任金山办公 2022 年限制性股票激励计划（以下简称 "本次激励计划"）的专项法律顾问，依据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股权激励管理办法》（以下简称《管理办法》）、《上海证券交易所科创板 股票上市规则》（以下简称《上市规则》）、《科创板上市公司 ...

Revenue and Profit Growth - Revenue for the first quarter of 2024 reached 1,225,297,495.19 yuan, a year-on-year increase of 16.54%[4] - Net profit attributable to shareholders of the listed company was 367,017,201.69 yuan, up 37.31% year-on-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 352,094,578.62 yuan, an increase of 40.56% year-on-year[4] - Revenue for the quarter reached 1,225.3 million yuan, a year-on-year increase of 16.54%[12] - Net profit attributable to the parent company was 367.02 million yuan, up 37.31% year-on-year[12] - Total revenue for Q1 2024 reached 1,225,297,495.19 RMB, a 16.5% increase compared to 1,051,441,001.94 RMB in Q1 2023[19] - Net profit attributable to the parent company increased by 8.96% to 4,460,080,011.39 RMB in Q1 2024 from 4,093,062,809.70 RMB in Q1 2023[18] - Operating income grew by 16.5% to 1,225,297,495.19 RMB in Q1 2024 from 1,051,441,001.94 RMB in Q1 2023[19] - Operating profit for Q1 2024 reached 388.66 million RMB, compared to 281.86 million RMB in the same period last year[20] - Net profit attributable to parent company shareholders was 367.02 million RMB, up from 267.29 million RMB in Q1 2023[20] - Revenue from sales of goods and services reached 1.22 billion RMB, up from 1.03 billion RMB in Q1 2023[22] Earnings Per Share and Cash Flow - Basic earnings per share (EPS) were 0.79 yuan, up 36.21% year-on-year[4] - Diluted earnings per share (EPS) were 0.79 yuan, up 36.21% year-on-year[5] - Net cash flow from operating activities was 153,444,865.17 yuan, a year-on-year increase of 21.99%[4] - Basic and diluted earnings per share for Q1 2024 were 0.79 RMB, compared to 0.58 RMB in the previous year[21] - Cash flow from operating activities increased to 153.44 million RMB, up from 125.79 million RMB in Q1 2023[22] - Cash flow from investing activities showed a net outflow of 1.47 billion RMB, an improvement from the 3.38 billion RMB outflow in the same period last year[23] - Total cash and cash equivalents at the end of Q1 2024 stood at 2.11 billion RMB, compared to 3.75 billion RMB at the end of Q1 2023[23] R&D and Operational Expenses - Total R&D investment was 404,747,538.82 yuan, accounting for 33.03% of revenue, a decrease of 0.75 percentage points year-on-year[5] - R&D expenses rose to 404,747,538.82 RMB in Q1 2024, up 13.9% from 355,216,409.25 RMB in Q1 2023[19] - Payments for goods and services increased to 238.73 million RMB, compared to 180.65 million RMB in the previous year[22] - Employee compensation and benefits payments rose to 729.34 million RMB, up from 663.37 million RMB in Q1 2023[22] - Tax payments increased to 123.56 million RMB, compared to 103.13 million RMB in the same period last year[22] Assets and Liabilities - Total assets at the end of the reporting period were 14,084,304,390.86 yuan, an increase of 0.79% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was 10,337,150,408.81 yuan, an increase of 3.90% compared to the end of the previous year[5] - Total assets grew to 14,084,304,390.86 RMB as of March 31, 2024, compared to 13,974,021,307.95 RMB at the end of 2023[18] - Total equity attributable to the parent company increased to 10,337,150,408.81 RMB as of March 31, 2024, up 3.9% from 9,948,797,727.75 RMB at the end of 2023[18] - Total liabilities decreased to 3,677,970,244.69 RMB as of March 31, 2024, down 7% from 3,954,415,069.13 RMB at the end of 2023[18] - Cash and cash equivalents decreased to 2,111,399,370.51 RMB as of March 31, 2024, down 39.3% from 3,478,159,254.52 RMB at the end of 2023[16] - Contract liabilities stood at 1,822,708,169.79 RMB as of March 31, 2024, a 3.7% decrease from 1,891,874,143.93 RMB at the end of 2023[17] - Accounts receivable decreased slightly to 552,990,667.46 RMB as of March 31, 2024, compared to 566,940,348.12 RMB at the end of 2023[16] Shareholder and Equity Information - Kingsoft WPS Corporation Limited holds 238,387,351 shares, representing a significant portion of the company's equity[10] - The top 10 shareholders collectively hold a substantial portion of the company's shares, with significant changes in shareholding due to margin trading and securities lending activities[11] - The weighted average return on equity (ROE) was 3.62%, an increase of 0.61 percentage points year-on-year[5] Product and Market Performance - Monthly active devices for the main products reached 602 million, a 2.21% increase compared to the same period last year[13] - WPS Office PC version monthly active devices reached 270 million, a 7.14% year-on-year increase[13] - Domestic personal office service subscription revenue was 734.46 million yuan, up 24.80% year-on-year[13] - Domestic institutional subscription and service revenue was 242.14 million yuan, a 13.57% increase year-on-year[13] - Domestic institutional licensing revenue was 193.94 million yuan, up 6.31% year-on-year[13] - International and other business revenue was 54.72 million yuan, a decrease of 18.44% year-on-year[13]