证券代码：688111 证券简称：金山办公 公告编号：2024-022 北京金山办公软件股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 年 月 2024 | 2 | 日 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 | 1 | 31 | 日~2025 | 年 | 1 | 月 | 30 | 日 | | 预计回购金额 | 50,000,000 | | | 元~100,000,000 | | 元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | | | 累计已回购股数 | 138,688 | 股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.03% | | | | | | | | | | 累计已回购金额 | 3 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ ＃ ＃d金yCo山mpa办ny＃公 （ 688111 ） investSug 增持 ( 维ges持tionC）h 688111 业绩稳健增长，＃ 订title＃ 阅业务占比提升 ange＃ ＃createTime1＃ 2024年03月 25日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  事件： 2023年，公司实现营业收入45.56亿元，同比增长17.27%；归属于 司 市场数据日期 2024-03-22 母公司所有者净利润13.18亿元，同比增长17.92%；归属于母公司所有者扣 点 收盘价（元） 329.74 除非经常性损益净利润12.62亿元，同比增长34.45%。 评 总股本（百万股） 461.82  Q4业绩提速，订阅业务收入占比提升。公司23Q4实现收入12.86亿元，同 报 流通股本（百万股） 461.82 比增长17.99%，实现归母净利润4.24亿，同比增长39.44%，实现扣非净利 净资产（百万元） 9948.8 告 润4.02亿 ...

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [4][14]. Core Insights - The company achieved a revenue of 4.556 billion yuan in 2023, representing a year-on-year growth of 17.27%, and a net profit of 1.318 billion yuan, up 17.92% [2][3]. - The subscription revenue has shown rapid growth, with personal office service subscription revenue reaching 2.653 billion yuan, an increase of 29.42% [3][6]. - The company has upgraded its membership structure, enhancing user conversion rates and average revenue per user, which is expected to drive future growth in subscription services [3][8]. - The WPS AI product series is positioned for scalable commercial application, potentially providing long-term growth opportunities for the company [7][8]. Financial Performance - The company reported a net operating cash flow of 2.058 billion yuan, reflecting a 28.36% increase, indicating a strong recovery in cash flow performance [6]. - The financial expenses showed a significant positive gain, attributed to improved interest income management strategies [6]. - The company has maintained a healthy balance sheet with a debt-to-asset ratio of 25.76% and a return on equity of 9.44% [4][6]. Revenue Breakdown - Domestic personal office service subscription revenue accounted for nearly 80% of total revenue, indicating a robust growth trajectory [3][6]. - The company has also seen substantial growth in its public cloud services, with the number of paying enterprise users increasing by 83% year-on-year [3][6]. - The revenue from domestic institutional subscription and service business reached 957 million yuan, up 38.36%, while the internet advertising and other business revenue declined by 6.05% due to the cessation of third-party advertising services [3][6]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.694 billion yuan, 7.353 billion yuan, and 9.561 billion yuan respectively, with corresponding net profits of 1.582 billion yuan, 2.016 billion yuan, and 2.612 billion yuan [12][13]. - The company is expected to continue benefiting from its strategic focus on AI and subscription services, which are anticipated to enhance user engagement and retention [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic office software provider, benefiting from the rise of AIGC (Artificial Intelligence Generated Content) [2][11]. - In 2023, the company achieved a revenue of 4.556 billion yuan, a year-on-year increase of 17.27%, with a CAGR of 34.98% from 2017 to 2023 [2][19]. - The net profit attributable to shareholders was 1.318 billion yuan, up 17.92% year-on-year, with a CAGR of 35.35% from 2017 to 2023 [2][19]. - The gross margin was 85.30%, an increase of 0.30 percentage points year-on-year, while the net margin was 28.85%, a decrease of 0.26 percentage points [2][29]. Summary by Sections Company Overview - The company has undergone a deep transformation towards cloud office solutions and is actively exploring AIGC applications [11]. - Its core products include WPS Office, Kingsoft Document, and a digital office platform [14]. Business Model - The company operates through personal subscriptions, institutional subscriptions, and institutional licensing [17]. - Personal subscription revenue reached 2.653 billion yuan in 2023, growing 29.42% year-on-year, while institutional subscription revenue was 0.957 billion yuan, up 38.36% [22]. Financial Analysis - The company’s total revenue for 2023 was 4.556 billion yuan, with a breakdown showing personal subscription revenue at 2.653 billion yuan, institutional subscription at 0.957 billion yuan, licensing at 0.655 billion yuan, and advertising at 0.288 billion yuan [22][24]. - The company’s contract liabilities reached 1.892 billion yuan by the end of 2023, a year-on-year increase of 9.30% [26]. Market Position and Competitive Advantage - The office software industry has high technical barriers, with Microsoft’s MS Office being the main competitor [2][37]. - WPS Office has differentiated itself through personalized features, better mobile experiences, and flexible pricing strategies [2]. Future Outlook - The company anticipates significant growth in both personal and institutional subscription markets, with projections indicating a potential market size reaching hundreds of billions [6][11]. - The introduction of WPS AI is expected to enhance product offerings and drive revenue growth [7].

云服务 分析师：唐月 WPS AI 即将商业化变现，2024 继续发 登记编码：S0730512030001 力 B 端 AI t angyue@ccnew.com 021-50586737 ——金山办公(688111)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-03-26) 发布日期：2024年03月27日 收盘价(元) 306.40 投资要点： 一年内最高/最低(元) 517.00/209.86  公司发布年报：2023年公司收入45.56亿元，同比增长 沪深300指数 3,543.75 17.27%；归母净利润13.18万元，同比增长17.92%；扣非净利 市净率(倍) 14.22 润12.62亿元，同比增长34.45%。 流通市值(亿元) 1,415.01  面对经济形势的不确定性，公司仍然保持了相对稳定的增速水 基础数据(2023-12-31) 平，业务能力优势得到进一步凸显。2023年公司收入、净利润、 每股净资产(元) 21.55 扣非净利润增速分别较上一年增长了-1.17、10.59、22.74个百分 每股经营现金流(元) 4.46 点。在业内普遍缩减人员规模和加强 ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 319.00元 金山办公（688111） 计算机 目标价： ——元（6个月） 双订阅稳步增长，AI 商业化元年可期 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年度报告，全年实现收入45.6亿元，同比增长17.3%； [分Ta析bl师e_：Au王th湘or杰] 实现归母净利润 13.2亿元，同比增长 17.9%；实现扣非后归母净利润 12.6亿 执业证号：S1250521120002 元，同比增长34.5%。 电话：0755-26671517 邮箱：wxj@swsc.com.cn  Q4经营快速回暖，合同负债大幅增长。单Q4看，公司实现收入12.9亿元，同 比增长18.0%，环比增长17.1%；实现归母净利润 4.2亿元，同比增长39.4%， 分析师：邓文鑫 环比增长37.0%，经营情况快速回暖。同时，截至报告期末，公司合同负债+其 执业证号：S1250523070002 电话：15123996370 他流动负债+其他非流动负债金额为26 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 金山办公（688111）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 双订阅快速增长，WPS AI 加速商业化 股票数据 [Table_Summary] 0[3Ta月b2le5_日S收to盘ck价（In元fo）] 319.00 投资要点： 52周股价波动（元） 198.50-530.50 总股本/流通A股（百万股） 462/462 稳健经营，营收净利润双增长。公司披露2023年年报。2023年公司实现营 总市值/流通市值（百万元） 147320/147320  相关研究 收45.56亿元，同比增长17.27%；归母净利润13.18亿元，同比增长17.92%； [《Ta订b阅le业_R务e表po现rt亮In眼fo，] AI 战略持续推进》 扣非归母净利润12.62亿元，同比增长34.45%。其中23Q4实现营收12.86 亿元，同比增长 17.99%；归母净利润 4.24 亿元，同比增长 39.44%；扣非 2024.01.05 归母净利润4.02亿元，同比增长45.49%。 市场 ...

证券研究报告 公司点评 金山办公(688111.SH) 计算机｜ 软件开发 个人&机构订阅维持高增速，AI 商业化节点临近 2023 年年报点评 2024年 03月 21日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 38.85 45.56 57.16 74.10 95.92 归母净利润(亿元) 11.18 13.18 16.29 21.07 27.57 评级变动 维持 每股收益（元） 2.42 2.85 3.53 4.56 5.97 交易数据 每股净资产（元） 18.89 21.54 24.35 27.98 32.74 当前价格（元） 332.07 P/E 137.23 116.38 94.16 72.77 55.63 52周价格区间（元） 209.86-517.00 P/B 17.58 15.41 13.64 11.87 10.14 总市值（百万） 153355.66 资料来源：iFinD，财信证券 流通市值（百万） 153355.66 总股本（万股） 46181.80 投资要点： 流通股（万股） 46181.80  事件：3月 21日，公司发布 ...

Investment Rating - The investment rating for Kingsoft Office (688111.SH) is maintained at "Buy" [2][3] Core Views - The long-term growth path for the company is clear, with a downward adjustment in the net profit forecast for 2024-2025 to 1.654 billion and 2.076 billion yuan, respectively, while a new forecast for 2026 is set at 2.750 billion yuan, corresponding to EPS of 3.58, 4.50, and 5.95 yuan per share [3] - The continuous upgrade of the WPS AI product is expected to open up new growth opportunities, supporting the "Buy" rating [3] Financial Performance - The company reported a total revenue of 4.556 billion yuan for 2023, representing a year-on-year growth of 17.27% [4] - The revenue breakdown shows that C-end subscription revenue was 2.653 billion yuan (up 29.42%), B-end subscription revenue was 957 million yuan (up 38.36%), while B-end licensing revenue decreased by 21.60% to 655 million yuan [4] - The net profit attributable to the parent company for 2023 was 1.318 billion yuan, a year-on-year increase of 17.92% [4] - The company achieved an operating cash flow of 2.058 billion yuan, up 28.36% year-on-year, primarily due to an increase in advance payments from C-end subscriptions [4] User Metrics and Growth Potential - As of December 31, 2023, the company had 598 million monthly active devices, a year-on-year increase of 4.36%, and a total of 35.49 million paid individual users, up 18.43% [5] - The average revenue per user (ARPU) for C-end business is estimated at 74.76 yuan, reflecting an increase from the end of 2022 [5] - The WPS AI product completed its filing and officially began public testing in the fourth quarter, with expectations for further monetization of personal subscription services [5] Financial Projections - The projected revenue for 2024 is 5.688 billion yuan, with a year-on-year growth of 24.8%, and for 2025, it is expected to reach 7.478 billion yuan, growing by 31.5% [6] - The projected net profit for 2024 is 1.654 billion yuan, with a growth rate of 25.5% [6] - The company's gross margin is expected to remain stable around 85.3% for the next few years [6]

Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue in 2023 was 4.556 billion yuan, a year-on-year increase of 17.27%, with net profit attributable to the parent company reaching 1.318 billion yuan, up 17.92% year-on-year [2] - Subscription business grew rapidly, with personal subscription revenue at 2.653 billion yuan (+29.42% YoY) and institutional subscription revenue at 957 million yuan (+38.36% YoY) [2] - Non-GAAP net profit attributable to the parent company increased by 34.45% year-on-year, with gross margin at 85.3% (+0.3pct YoY) and net margin at 28.85% (-0.26pct YoY) [3] - WPS AI is expected to establish a paid model in Q1 2024 and achieve full commercialization in 2024, opening up long-term monetization potential [7] Business Performance - In 2023, the company's monthly active devices reached 598 million, a year-on-year increase of 4.36%, with WPS Office PC version at 265 million (+9.50% YoY) and mobile version at 330 million (+0.61% YoY) [4] - The number of annual paying individual users reached 35.49 million, a year-on-year increase of 18.43% [4] - In Q4 2023, revenue was 1.286 billion yuan (+17.99% YoY), with net profit attributable to the parent company at 424 million yuan (+39.44% YoY) [4] - The company's WPS 365 serves over 17,000 major government and enterprise clients, with public cloud service revenue growing rapidly and the number of paying enterprises increasing by 83% year-on-year [4] C-end and B-end Strategies - The company launched a new WPS Super Membership in April 2023, offering basic (148 yuan/year) and Pro (248 yuan/year) packages, aiming to enhance user conversion and average revenue per user (ARPU) [5] - In the B-end market, the company is actively promoting new licensing models in the financial and energy sectors, leveraging the demand for domestic substitution in the industry [4] Financial Forecasts - Revenue is expected to grow to 5.798 billion yuan in 2024 (+27% YoY), 7.529 billion yuan in 2025 (+30% YoY), and 9.908 billion yuan in 2026 (+32% YoY) [8] - Net profit attributable to the parent company is forecasted to reach 1.685 billion yuan in 2024 (+28% YoY), 2.270 billion yuan in 2025 (+35% YoY), and 3.090 billion yuan in 2026 (+36% YoY) [8] - EPS is projected to be 3.65 yuan in 2024, 4.92 yuan in 2025, and 6.69 yuan in 2026, with P/E ratios of 90.35X, 67.08X, and 49.28X respectively [7][8] Market Data - Current stock price: 329.74 yuan [3] - 52-week price range: 198.50-530.50 yuan [3] - Total market capitalization: 152.28 billion yuan [3] - Average daily trading volume: 1.5828 billion yuan [3]