[Table_Title] 证券研究报告 双订阅收入高增，WPS AI 已迈入商业化进程 公司研究 [Table_ReportDate] 2024年3月23日 [Table_ReportType] 点评报告 [Table事_S件um：m金ar山y]办公发布2023年度报告，公司实现营收45.56亿元，同比 [T金ab山le办_S公toc(k6A8n8d1R1an1k.]SH) 增长17.27%；实现归母净利润13.18亿元，同比增长17.92%；实现 扣非净利润 12.62 亿元，同比增长 34.45%；实现经营性现金流净额 投资评级：买入 20.58亿元，同比增长28.36%；公司毛利率达85.3%，同比提高0.3 个百分点。2023 年，公司订阅业务总体收入达36.1亿元，同比增长 上次评级：买入 31.66%，订阅收入占比提升至79%，同比提升8个百分点。截至2023 年年末，公司合同负债18.92亿元，同比2022年年末增长9.28%，对 [T庞ab倩le倩_Au计th算or机]行业首席分析师 未来业绩稳健增长形成支撑。单 2023Q4 来看，公司实现营收12.86 执业编号：S1500522110 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111 SH) [5] Core Views - Kingsoft Office achieved rapid growth in subscription business with significant revenue contribution [2] - The company's WPS AI has entered public testing phase and shows promising commercialization potential [4] - Kingsoft Office maintains strong R&D investment, particularly in AI development [4] Financial Performance - 2023 revenue reached 4 556 billion yuan, up 17 27% YoY [2] - Net profit attributable to parent company reached 1 318 billion yuan, up 17 92% YoY [2] - Adjusted net profit grew 34 45% YoY to 1 262 billion yuan [2] Business Segments - Domestic personal office service subscription revenue grew 29 42% to 2 653 billion yuan [2] - Domestic institutional subscription and service revenue increased 38 36% to 957 million yuan [2] - Domestic institutional licensing revenue decreased 21 60% to 655 million yuan [2] - Internet advertising and other business revenue declined 6 05% to 288 million yuan [2][3] User Metrics - Monthly active devices reached 598 million, up 4 36% YoY [3] - WPS Office PC version MAU grew 9 50% to 265 million [3] - WPS Office mobile version MAU increased 0 61% to 330 million [3] - Annual paying individual users reached 35 49 million, up 18 43% YoY [3] R&D and AI Development - 2023 R&D investment reached 1 472 billion yuan, accounting for 32% of revenue [4] - WPS AI focuses on three strategic directions: AIGC, Copilot, and Insight [4] - The company has accumulated full-chain experience from data production to model application [4] Future Projections - 2024-2026 revenue forecast: 5 582 billion, 7 180 billion, and 9 077 billion yuan [5] - 2024-2026 net profit forecast: 1 666 billion, 2 193 billion, and 2 776 billion yuan [5] - 2024-2026 EPS forecast: 3 61, 4 75, and 6 01 yuan per share [5] Market Valuation - Current PE ratio: 92 14x (2024E), 69 97x (2025E), 55 29x (2026E) [5] - Target price: 332 32 yuan [5]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) [6] Core Views - Kingsoft Office's revenue for 2023 reached 4.556 billion yuan, a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 1.318 billion yuan, up 17.9% year-on-year [6] - The company's WPS AI is expected to catalyze a comprehensive acceleration in C-end subscriptions, with personal subscription revenue growing by 29.4% year-on-year to 2.65 billion yuan [6] - The report highlights the strong performance of the B-end subscription business, which saw a revenue increase of 38.4% year-on-year, reaching 960 million yuan [6] - The company is actively integrating mainstream large models into its WPS AI platform, which is anticipated to significantly enhance its capabilities [6] Financial Summary - Total revenue for 2022 was 3.885 billion yuan, with a projected increase to 5.723 billion yuan in 2024, reflecting a growth rate of 25.6% [7] - The net profit attributable to shareholders is expected to grow from 1.318 billion yuan in 2023 to 1.730 billion yuan in 2024, representing a year-on-year growth of 31.3% [7] - The gross margin for 2023 was reported at 85.3%, with a slight decrease projected to 84.0% in 2024 [7] - The company's return on equity (ROE) improved to 13.2% in 2023, with expectations of reaching 15.3% in 2024 [7]

证券研究报告 | 公司动态点评 2024 年 03月 21日 金山办公（688111.SH） Q4 订阅占比新高，看好产品力升级带动付费率提升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 3,885 4,556 6,057 7,995 10,314 股票信息 增长率yoy（%） 18.4 17.3 33.0 32.0 29.0 归母净利润（百万元） 1,118 1,318 1,684 2,090 2,578 行业 计算机 增长率yoy（%） 7.3 17.9 27.8 24.1 23.4 2024年3月20日收盘价（元） 332.32 ROE（%） 12.9 13.1 14.5 15.5 16.3 总市值（百万元） 153,471.11 EPS最新摊薄（元） 2.42 2.85 3.65 4.53 5.58 流通市值（百万元） 153,471.11 P/E（倍） 125.9 106.7 83.5 67.3 54.6 总股本（百万股） 461.82 P/B（倍） 16.1 14.1 12.1 10.4 8.9 流通股本（百万股） 461.82 资料 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 22 日 金 山办公(688111.SH) 证券研究报告 双订阅高速增长，WPS AI 商业化增量可期 云软件服务 投资评级 买入-A 事件概述： 维持评级 3 月 21 日，金山办公发布了《2023 年年度报告》。2023 年，公司实 6个月目标价 374.25元 现营业收入 45.56 亿元，同比增长 17.27%；归母净利润为 13.18 亿 股价 (2024-03-21) 332.07元 元，同比增长 17.92%；扣非归母净利润为 12.62 亿元，同比增长 34.45%；经营净现金流为 20.58 亿元，同比增长 28.36%。订阅业务 交易数据 全年总体收入 36.11 亿元，收入占比进一步提升至 79%，同比提升 8 总市值(百万元) 153,355.65 个百分点。 流通市值(百万元) 153,355.65 总股本(百万股) 461.82 Q4业绩快速增长，双订阅收入保持高速增长 流通股本(百万股) 461.82 根据年报披露，单第四季度，公司实现营业收入 12.86 亿元（同比 12个月价格区间 209 ...

公 司 研 究 金山办公（688111.SH）：订阅业务 2024年3月22日 强烈推荐/维持 增速亮眼，AI 赋能有望提升产品力 东 金山办公 公司报告 兴 ——2023 年报点评 证 券 事件：3月20日，公司发布2023年度报告，报告期内公司实现营业收入 45.56 公司简介： 股 亿元，同比增长 17.27%；归属于母公司所有者净利润 13.18亿元，同比增长 公司是国内领先的办公软件和服务提供商， 份 17.92%；归属于母公司所有者扣除非经常性损益净利润 12.62 亿元，同比增 主要从事 WPS Office 办公软件相关产品及 有 服务的设计研发及销售推广。主要产品包括 长 34.45%。单四季度来看，公司实现营业收入12.86亿元，同比增长17.99%； 限 WPS Office办公软件、金山文档等办公能力 实现归母净利润4.24亿元，同比增长39.44%；实现扣非归母净利润4.02亿 产品矩阵以及金山数字办公平台解决方案。 公 元，同比增长45.65%。 资料来源：公司公告、恒生聚源 司 订阅业务增速亮眼，付费用户稳步提升。1）业绩稳步增长，订阅业务增速亮 未来3-6个月重大事项提示： 证 ...

Investment Rating - The report maintains a "Recommendation" rating for Kingsoft Office (688111.SH) [2][10]. Core Viewpoints - 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% year-on-year [6][7]. - The subscription business performed well, with individual office service subscription revenue reaching 2.653 billion yuan, a significant increase of 29.42% year-on-year [9]. - The launch of WPS AI is expected to drive future growth, focusing on AIGC, Copilot, and Insight applications [9][10]. Financial Performance Summary - **Revenue and Profit**: In 2023, the company reported a total revenue of 4.556 billion yuan, with a net profit of 1.318 billion yuan. The fourth quarter alone saw a revenue of 1.286 billion yuan, up 17.99% year-on-year, and a net profit of 424 million yuan, up 39.44% year-on-year [6][7][9]. - **Gross Margin and Expenses**: The gross margin for 2023 was 85.30%, remaining stable compared to the previous year. The operating expense ratio decreased by 3.86 percentage points to 61.22% [7][9]. - **R&D Investment**: R&D expenses amounted to 1.472 billion yuan, a 10.60% increase year-on-year, with an R&D expense ratio of 32.32% [7][9]. - **Cash Flow**: The net operating cash flow for 2023 was 2.058 billion yuan, reflecting a year-on-year growth of 28.36% [7][14]. Business Segment Performance - **Individual Subscription Services**: Revenue from individual office service subscriptions was 2.653 billion yuan, with a total of 35.49 million annual paying users, an increase of 18.43% year-on-year [9]. - **Institutional Subscription Services**: Revenue from institutional subscriptions and services reached 957 million yuan, growing by 38.36% year-on-year [9]. - **WPS AI Launch**: The introduction of WPS AI is anticipated to enhance user experience and drive future revenue growth, with public testing initiated in Q4 2023 [9][10]. Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 1.682 billion yuan, 2.270 billion yuan, and 3.071 billion yuan respectively, with corresponding EPS of 3.64 yuan, 4.91 yuan, and 6.65 yuan [10][12].

公司研 究 证 券研究 报 告 云软件服务 2024年03月22日 金 山办公（688111）2023 年报点评 强 推 （维持） 目标价：400.7元 订阅业务表现亮眼，WPS AI 商业化可期 当前价：332.07元 事项： 华创证券研究所  2024年3月21日，公司发布2023年年度报告。公司2023年全年营收为45.56 证券分析师：吴鸣远 亿元，同比增长17.27%；归母净利润为13.18亿元，同比增长17.92%；公司 全年扣非归母净利润12.62亿元，同比增长34.45%。 邮箱：wumingyuan@hcyjs.com 执业编 号：S0360523040001 评论：  营收业绩稳健增长，盈利能力维持较高水平。2023 年，公司继续保持稳健的 公司基本数据 经营态势，机构和个人订阅业务收入双双上涨，抵消了机构授权业务和互联网 总股本(万股) 46,181.72 广告业务调整带来的影响，推动公司整体业绩持续增长。公司2023年全年营 已上市流通股(万股) 46,181.72 收为45.56亿元，同比增长17.27%；归母净利润为13.18亿元，同比增长17.92%； 总市值(亿元) 1,5 ...

[Table_Page] 年报点评|软件开发 证券研究报告 [金Table_山Title] 办公（688111.SH） [公Tab司le_I评nves级t] 增持 当前价格 332.07元 会员升级初见成效，AI 有望助力再次腾飞 合理价值 388.66元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-21  公司披露2023年年报。23年营收45.56亿元，同比+17.3%；归母利 相[Ta对ble市_Pi场cQu表ote现] 润13.18亿元，同比+17.9%；扣非归母利润12.62亿元，同比+34.4%。  C端会员体系升级初见成效，WPS 365全新升级有望助力机构订阅快 52% 速增长。1. C 端收入同比+29.4%。估算 23 年 ARPU 为 74.76 元。 34% ARPU 的提升结合其他非流动负债中合同负债的高增长（同比+95%） 16% 实际应反映的是长期付费用户的增加，而增幅扩大（22年同比+85%） -2% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 更反映出公司自23年上半年以来推动C端会 ...

Investment Rating - The report maintains a "Strong Buy" rating for Kingsoft Office (688111) with a target price of 400.7 CNY, compared to the current price of 332.07 CNY [2]. Core Insights - Kingsoft Office reported a robust revenue growth of 17.27% year-on-year, reaching 4.556 billion CNY in 2023, with a net profit of 1.318 billion CNY, reflecting a 17.92% increase [2]. - The subscription business showed significant performance, with individual paid users increasing by 18.43% to 35.49 million, and revenue from personal office service subscriptions growing by 29.42% to 2.653 billion CNY [2]. - The company is investing heavily in AI product development, with R&D expenses of 1.472 billion CNY in 2023, a 10.60% increase, and plans to commercialize WPS AI, which is expected to drive future growth [2]. Financial Summary - Total revenue for 2023 was 4,556 million CNY, with a year-on-year growth rate of 17.3% projected for 2024 [8]. - The net profit for 2023 was 1,318 million CNY, with a forecasted growth of 26.9% for 2024 [8]. - The gross margin for 2023 was 85.3%, with a slight increase of 0.3 percentage points year-on-year, while the net margin was 28.9% [8]. - The company expects EPS (Earnings Per Share) to grow from 2.85 CNY in 2023 to 3.62 CNY in 2024, reflecting a strong growth trajectory [8].