要点 事件： 3 月 20 日，公司发布 2024 年年度报告，2024 年公司实现营业收入 51.21 亿元，同比增长 12%；归母净利润 16.45 亿元，同比增长 25%；单 Q4 营业收 入 14.94 亿元，同比增长 16%；归母净利润 6.05 亿元，同比增长 43%。 公司研究 WPS 365 增长强劲，AI 产品持续迭代 ——金山办公（688111.SH）2024 年年报点评 2025 年 3 月 21 日 个人业务稳健增长，WPS 365 开启增长新引擎。分业务看，2024 年，WPS 个 人业务收入 32.83 亿元，同比增长 18%。截至 2024 年 12 月 31 日，WPS Office 全球月度活跃设备数为 6.32 亿，同比增长 6.22%；其中，WPS Office PC 版月 度活跃设备数 2.91 亿，同比增长 9.81%；WPS Office 移动版月度活跃设备数 3.41 亿，同比增长 3.33%。国内累计年度付费个人用户数 4,170 万，同比增长 17.49%，海外累计年度付费个人用户数 174 万。WPS 365 业务收入 4.37 亿元， 大幅增长 149%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15]. Core Insights - The company has a clear long-term growth path, supported by increased marketing and R&D investments. The net profit forecasts for 2025 and 2026 have been adjusted to 1.879 billion and 2.187 billion yuan, respectively, with a new forecast for 2027 at 2.540 billion yuan. The corresponding EPS for these years are projected to be 4.06, 4.73, and 5.49 yuan per share, with current PE ratios of 79.7, 68.5, and 59.0 times. The continuous upgrades of the WPS AI product are expected to open new growth opportunities, justifying the "Buy" rating [4][5][6]. Financial Performance Summary - In 2024, the company achieved operating revenue of 5.121 billion yuan, a year-on-year increase of 12.40%. The net profit attributable to the parent company was 1.645 billion yuan, up 24.84% year-on-year. The gross profit margin was 85.14%, with slight declines in sales and management expense ratios [5][7]. - The total amount of contract liabilities and other liabilities reached 3.186 billion yuan, reflecting a growth of 20.75% year-on-year, providing a solid foundation for sustainable growth. Investment income increased significantly by 68.79% to 370 million yuan, primarily due to increased financial management returns [5][6]. User Engagement and Product Development - The WPS AI product has seen continuous iteration, with domestic monthly active users reaching approximately 19.68 million. The personal business revenue for WPS in 2024 was 3.283 billion yuan, representing an 18.00% year-on-year growth. The number of annual paid personal users in the domestic market reached 41.7 million, a year-on-year increase of 17.49% [6][7]. - The company has successfully attracted users through differentiated value-added features, with overseas personal business revenue of 183 million yuan and a total of 1.74 million annual paid personal users, indicating potential for new growth in international markets [6][7].

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 emerging as a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business saw significant revenue growth of 149.33% in 2024, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% year-on-year growth, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in the previous year [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit reaching 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts revenues of 5.962 billion CNY, 7.332 billion CNY, and 8.715 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 16.4%, 23.0%, and 18.9% [2][20]. - Net profit is expected to be 1.792 billion CNY, 2.128 billion CNY, and 2.546 billion CNY for the same years, with growth rates of 9.0%, 18.7%, and 19.6% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 opening a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business achieved revenue of 437 million CNY in 2024, a significant year-on-year growth of 149.33%, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% increase, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in 2023 [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit of 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts the following for Kingsoft Office: - 2025 Revenue: 5.962 billion CNY, growth of 16.4% - 2025 Net Profit: 1.792 billion CNY, growth of 9.0% - 2026 Revenue: 7.332 billion CNY, growth of 23.0% - 2026 Net Profit: 2.128 billion CNY, growth of 18.7% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 5.121 billion yuan in 2024, a year-on-year increase of 12.4%, and a net profit of 1.645 billion yuan, up 24.8% year-on-year [4] - The company is focusing on enhancing its AI capabilities and has made significant investments in research and development, with R&D expenses reaching 1.696 billion yuan, a 15.16% increase year-on-year [4] - The company has successfully upgraded its WPS product line and expanded its user base, with 41.7 million paid personal users in China, a growth of 17.49% [4] - The company is expected to achieve revenues of 6.205 billion yuan, 7.543 billion yuan, and 9.221 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.915 billion yuan, 2.356 billion yuan, and 2.859 billion yuan [4] Financial Performance Summary - In 2024, the company reported a gross margin of 85.14% and a net profit margin of 32.13%, reflecting an improvement in operational efficiency [4] - The company's earnings per share (EPS) are projected to grow from 3.56 yuan in 2024 to 6.18 yuan in 2027 [2] - The price-to-earnings (PE) ratio is expected to decrease from 80.45 in 2024 to 54.86 in 2027, indicating potential value appreciation [2] Business Development Highlights - The company has integrated AI features into its WPS personal and enterprise products, enhancing productivity and collaboration [4] - The WPS 365 business segment has shown remarkable growth, with a revenue increase of 149.33% [4] - The company has a strong focus on expanding its overseas market, with 1.83 million yuan in revenue from international WPS personal business [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 404.54 [8][9]. Core Insights - The company achieved a revenue of RMB 5.121 billion in 2024, representing a year-over-year increase of 12.40%, and a net profit attributable to shareholders of RMB 1.645 billion, up 24.84% year-over-year. The Q4 revenue was RMB 1.494 billion, with a year-over-year growth of 16.21% and a net profit of RMB 605 million, reflecting a 42.58% increase year-over-year. The performance exceeded expectations due to strong growth in WPS personal and WPS 365 businesses [1][2]. - The strong growth in WPS personal and WPS 365 businesses is attributed to the effective implementation of the AI strategy, with significant product launches aimed at different customer segments [2][3]. - The company has a solid customer base, with over 632 million monthly active devices globally, including 291 million for the PC version and 341 million for the mobile version. The number of annual paid personal users in China reached 41.7 million, a 17.49% increase year-over-year [3]. - The company is increasing its R&D investment, particularly in AI product development, which is expected to accelerate product upgrades and commercialization in 2025 [4]. - Revenue projections for 2025-2027 are RMB 62.39 billion, RMB 77.05 billion, and RMB 96.78 billion, respectively, with a target price based on a 30x PS ratio for 2025 [5][7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 5.121 billion and a net profit of RMB 1.645 billion, with significant growth in Q4 [1][2]. - The revenue breakdown for 2024 includes RMB 3.283 billion from WPS personal business, RMB 437 million from WPS 365 business, RMB 1.268 billion from WPS software business, and RMB 132 million from other businesses [2]. User Engagement - The company has over 632 million monthly active devices, with a notable increase in both PC and mobile users. The monthly active users of WPS AI reached 19.68 million [3]. R&D and AI Strategy - The company is focusing on enhancing its AI capabilities, with increased R&D spending expected to drive product innovation and market penetration [4]. Valuation and Projections - The target price of RMB 404.54 reflects a 30x PS ratio for 2025, indicating confidence in the company's growth trajectory and market position [5][9].

Core Insights - Kingsoft Office (688111.SH) reported a revenue of 5,120.84 million yuan for the fiscal year 2024, representing a year-on-year growth of 12.40% [1] - The net profit attributable to the parent company was 1,645.08 million yuan, an increase of 24.84% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 1,556.34 million yuan, up by 23.30% year-on-year [1] - The net cash flow from operating activities reached 2,195.57 million yuan, reflecting a growth of 6.71% [1] Business Segments - Revenue from the WPS personal business amounted to 3,283.29 million yuan, showing an 18.00% increase [1] - WPS 365 business revenue surged to 436.50 million yuan, marking a significant growth of 149.33% [1] - Revenue from WPS software business declined to 1,267.95 million yuan, down by 8.56% [1] - Other business revenue fell to 131.72 million yuan, a decrease of 37.17% [1] Financial Position - At the beginning of the reporting period, total assets were 13.974 billion yuan, with total liabilities of 3.954 billion yuan, resulting in a debt-to-asset ratio of 28.30% [2] - By the end of the reporting period, total assets increased to 15.913 billion yuan, while total liabilities rose to 4.476 billion yuan, leading to a slightly improved debt-to-asset ratio of 28.13% [3] Dividend Distribution - The proposed profit distribution plan for 2024 suggests a cash dividend of 9.00 yuan per 10 shares (including tax), amounting to a total of approximately 415.99 million yuan [3][4] - This proposal is subject to approval at the shareholders' meeting, with the actual distribution amount to be confirmed in the subsequent announcement [5] Initial Public Offering (IPO) Details - Kingsoft Office was listed on the Sci-Tech Innovation Board on November 18, 2019, with an issue price of 45.86 yuan per share and a total of 101 million shares issued, accounting for 21.91% of the total share capital post-issue [5] - The total funds raised from the IPO amounted to 4,631.86 million yuan, with a net amount of 4,459.40 million yuan after deducting issuance costs [6]

Investment Rating - The report indicates a positive investment rating with a majority of recommendations being "Buy" and "Accumulate" over various time frames [11][12]. Core Insights - The company reported a revenue of 5.121 billion RMB for the year, reflecting a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.645 billion RMB, which is a 24.8% increase [1]. - The WPS AI product line has shown continuous iteration and growth, with personal user revenue reaching 3.283 billion RMB in 2024, up 18.0% year-on-year, and a total of 41.7 million paid personal users, an increase of 17.5% [2]. - The introduction of WPS 365 has successfully integrated document, collaboration, and AI capabilities, leading to significant revenue growth in this segment, with a 149.3% increase in revenue for WPS 365 [3]. - The company maintains a strong gross margin of 85.1% and has effectively controlled costs, resulting in a 68.8% increase in investment income [3]. Summary by Sections Performance Review - In Q4, the company achieved a revenue of 1.494 billion RMB, a 16.2% increase year-on-year, and a net profit of 605 million RMB, up 42.6% [1]. Operational Analysis - The active device count for WPS Office globally reached 632 million, a 6.2% increase year-on-year, with PC and mobile versions growing by 9.8% and 3.3% respectively [2]. Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 5.924 billion RMB, 6.883 billion RMB, and 8.059 billion RMB, with corresponding growth rates of 15.68%, 16.19%, and 17.10% [4]. - Net profit forecasts for the same period are 1.925 billion RMB, 2.255 billion RMB, and 2.650 billion RMB, with growth rates of 17.02%, 17.15%, and 17.50% respectively [4].

成本费用管控良好，投资收益同比增加。24 年公司毛利率为 85.1% ，基本同比持平，销售 / 管 理 / 研 发 费 用 率 分 别 为 19.4%/7.9%/33.1%，同比变动-1.9pct/-1.9pct/0.8pct，实现投资 收益 3.70 亿元，同比增长 68.8%，主要系理财收益增加所致。 盈利预测、估值与评级 根据公司年报情况，结合 AI 产品推广趋势，我们预测公司 2025~2027 年营业收入为 59.24/68.83/80.59 亿元，同比增长 15.68%/16.19%/17.10%；预测归母净利润为 19.25/22.55/26.50 亿元，同比增长 17.02%/17.15%/17.50%。 业绩简评 2025 年 3 月 19 日公司披露年报，全年实现营收 51.21 亿元，同 比增长 12.4%，实现归母净利润 16.45 亿元，同比增长 24.8%。 单 Q4 实现营收 14.94 亿元，同比增长 16.2%，实现归母净利润 6.05 亿元，同比增长 42.6%。 经营分析 WPS AI 持续迭代，活跃设备数同比增长。目前公司已推出面向个 人用户的 WPS AI 办公助手， ...

公司代码：688111 公司简称：金山办公 北京金山办公软件股份有限公司 2024 年度内部控制评价报告 北京金山办公软件股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的 ...