5 March 2025 Equity Research Report Kingsoft Office (688111 CH) Buy: AI monetisation to accelerate 4Q24 preliminary results beat our estimates; solid earnings growth to continue: Kingsoft Office's 4Q24 revenue and net profit growth of 16% and 43% y-o-y beat our expectations due to better business-side revenue growth and cost controls. Previously, we expected lower compute costs and more upgraded AI functions to drive accelerated AI monetisation for Kingsoft (China Software, 9 January 2025). With enhanced AI ...

计算机/软件开发 金山办公（688111.SH） 业绩超预期，携手 Deepseek 开启认知智能新范式 2025 年 03 月 02 日 投资评级：买入（维持） | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 346.19 | | 一年最高最低(元) | 408.68/167.18 | | 总市值(亿元) | 1,601.22 | | 流通市值(亿元) | 1,601.22 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 4.63 | | 近 3 个月换手率(%) | 75.81 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 金山办公 沪深300 数据来源：聚源 考虑公司业绩超预期，我们略上调公司 2024-2026 年归母净利润预测为 16.45、 20.64、25.42 亿元（原预测为 15.41、19.25、24.16 亿元），对应 EPS 分别为 3.56、 4.46、5.50 元/股，当前股价对应 PE 为 97.3、77.6、63.0 倍。考虑公司 WPS ...

计算机/软件开发 金山办公（688111.SH） 业绩超预期，携手 Deepseek 开启认知智能新范式 2025 年 03 月 02 日 投资评级：买入（维持） | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 346.19 | | 一年最高最低(元) | 408.68/167.18 | | 总市值(亿元) | 1,601.22 | | 流通市值(亿元) | 1,601.22 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 4.63 | | 近 3 个月换手率(%) | 75.81 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 金山办公 沪深300 数据来源：聚源 相关研究报告 公司发布业绩快报，2024 年全年预计实现营业收入 51.21 亿元，同比增长 12.40%； 预计实现归母净利润 16.45 亿元，同比增长 24.84%；预计实现扣非归母净利润 15.56 亿元，同比增长 23.30%。其中，Q4 单季度预计实现营业收入 14.94 亿元， 同比增长 16.2 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-003 北京金山办公软件股份有限公司 2024 年度业绩快报公告 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个别及连带责任。 本公告所载 2024 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以北京金山办公软件股份有限公司（以下简称"公司"）2024 年年 度报告中披露的数据为准，提请投资者注意投资风险。 一、2024 年度主要财务数据和指标 单位：人民币元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 5,120,838,798.82 | 4,555,968,287.39 | 12.40 | | 营业利润 | 1,741,049,069.31 | 1,400,580,189.84 | 24.31 | | 利润总额 | 1,750,422,726.33 | 1,389,839,471.97 | 25.94 | | 归属于母公司所有者的净利 润 | 1,645, ...

证券代码：688111 证券简称：金山办公 公告编号：2025-002 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 148,361 股。 本次股票上市流通总数为 148,361 股。其中，2021 年限制性股票激励计划预 留授予激励对象第三个归属期归属 32,300 股，2022 年限制性股票激励计划首 次授予第二类激励对象第二个归属期归属 2,145 股，2022 年限制性股票激励 计划预留授予激励对象第二个归属期归属 62,568 股，2023 年限制性股票激励 计划预留授予激励对象第一个归属期第一批次归属 51,348 股。 本次股票上市流通日期为 2025 年 3 月 5 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，北京金山办公软件股份有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司已完成 2021 年限制性股票激励 ...

花年费来采购服务所以机构订阅在去年的话是有更多的中小企业的这个年费的需求然后部分的这个收入是转到了可通负债端那在今年的话转回来机构订阅的这个增速有望向上那因为公司整个是一个FAS的一个一个这个商业模式所以他的这个现金流是非常的好的 那从2023年至今呢公司呢就是抓住了这一波大模型带来的一个AI的浪潮那在海外呢其实微软也是他们很好的一个学习榜样所以呢微软这边的一个走势呢其实也是可以用来这个印证公司的一个产品情况的公司的这个股权结构上呢其实他的实控人是雷军啊那所以金山 在未来还有一个看点就是整个北京市对于对于一个AI投入的增加我们预期未来他对AI投入的增加其实会会更就是会会对这个金山办公这一端是有一个显著贡献的因为金山办公呢他在应用这应用这一层应该是整个金山金山系做的最好的然后他也有6亿的这种月活 也是这里面的一个这个流量的应该说是为核心是徒步的在拓展这个云协作和AI的功能整个的这个发展趋势的发展脉络呢其实和微软的office是非常相近的那它的商业模式呢主要是分为两种一种订阅一种授权它的广告业务呢其实在2023年12月份就已经关停了 那国际这边呢目前还有一些互联网广告然后正在积极的拓展国际这边的一个订阅业务那现在 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - Kingsoft Office is a leading domestic office software provider, leveraging WPS to capture the office scenario entry point. With the integration of DeepSeek R1 large model, the commercialization of AI applications is expected to exceed expectations. As of June 30, 2024, the monthly active devices for Kingsoft Office's main products reached 602 million, with a cumulative annual paid user count of 38.15 million. The enhanced WPS product experience after integrating DeepSeek is anticipated to further boost both monthly active and paid user numbers [1][2][3]. Summary by Sections Exceeding Expectations Logic - Market expectations suggest that Kingsoft Office primarily benefits from the trend of domestic office software localization, with current penetration rates for products like WPS being relatively high, limiting exponential growth potential. However, the DeepSeek model, as a leading open-source AI large model, is expected to significantly drive the penetration and application of AI in China, marking a "GPT moment" for the country. Kingsoft Office, as one of the four major AI application sectors (office, finance, healthcare, education), is well-positioned to utilize DeepSeek's text capabilities, enhancing the WPS AI experience [2][3]. Verification Metrics and Catalysts - Key metrics for verification include the company's monthly active users (MAU), AI product user count, overseas user count, payment rate, and average revenue per user (ARPU). Financial performance indicators such as revenue growth rate, gross margin, and net margin will also be monitored. Potential catalysts include advancements in domestic foundational large models, the launch of new features in WPS based on the DeepSeek model, and a decrease in AI inference costs [4]. Research Value - A unique perspective is presented, countering the market view that Kingsoft Office lacks leading AI large model technology and cannot establish technological barriers based on AI. The company's products primarily target individual users, where user perception and reputation form a core moat, while AI can enhance market capacity. Progress in foundational large models is expected to increase user willingness to pay and enrich application scenarios. As a leading domestic office software provider, Kingsoft Office is poised to benefit from the widespread adoption of DeepSeek's advanced large model capabilities [5][11].

证券代码：688111 证券简称：金山办公 公告编号：2025-001 北京金山办公软件股份有限公司 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 办公关于公司及子公司涉及诉讼的进展公告》（公告编号：2024-044）、《金山 办公关于公司及子公司涉及诉讼的结果公告》（公告编号：2024-064）。 关于公司及子公司涉及诉讼的结果进展公告 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: 北京金山办公软件股份有限公司（以下简称"公司"）与子公司北京数科网 维技术有限责任公司（以下简称"数科网维"）于近日收到最高人民法院（2025） 最高法民申 166 号《应诉通知书》。现将具体情况公告如下： 一、本次诉讼的基本情况 北京冠群信息技术股份有限公司（以下简称"冠群公司"）因与北京金山办 公软件股份有限公司、北京数科网维技术有限责任公司的侵害计算机软件著作权 纠纷向北京知识产权法院提起诉讼。北京知识产权法院于 2024 年 6 月作出一审 判决，驳回原告冠群公司的全部诉讼请求，案件受 ...

证券时报网讯，Wind统计显示，2月5日有2490只个股获融资净买入，净买入金额在1亿元以上的有42 股。 其中，7股获融资净买入额超2亿元。 中际旭创获融资净买入额居首，净买入4.05亿元；融资净买入金额居前的还有金山办公、中国平安、宁 德时代、润和软件、浪潮信息、贵州茅台等，净买入额分别为3.21亿元、3.04亿元、2.38亿元、2.32亿 元、2.12亿元、2.01亿元。 校对：吕久彪 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The report highlights that Kingsoft Office is a core player in the domestic software market, benefiting from the trends of domestic innovation (信创) and AI applications. The company is expected to see accelerated procurement of domestic office software by government sectors by 2025, driven by improved fiscal policies [1][27] - The AI application field is anticipated to experience explosive growth by 2025, with advancements in large model technology and successful commercialization of products like Notion AI and Microsoft 365 Copilot serving as benchmarks for domestic AI office products [1][28] - Kingsoft Office has a solid competitive advantage, being the only domestic office software provider that can compete with Microsoft in terms of functionality and user base. The company's SaaS business model ensures stable cash flow, and the promotion of the HarmonyOS system is expected to open new business opportunities [2][42] Summary by Sections Company Overview - Kingsoft Office is the leading domestic office software provider, having transitioned into the AI application phase. The company has a large user base and a strong network effect, which creates a solid barrier to competition [14][45] - The main products include WPS Office, WPS AI, and cloud collaboration services, which cater to various customer needs through a tiered approach [18][21] Industry Insights - The report indicates that the domestic innovation (信创) sector is entering a deep implementation phase, with government procurement of domestic office software expected to accelerate by 2025. This is supported by favorable fiscal policies aimed at alleviating funding challenges for local governments [27][31] - The AI application landscape is rapidly evolving, with significant advancements in large model technologies leading to accelerated industry applications. The report notes that domestic AI applications are expected to catch up with international counterparts in terms of commercialization [36][41] Financial Forecast and Valuation - The company is projected to achieve revenues of 52.44 billion, 64.51 billion, and 79.25 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.11%, 23.01%, and 22.84% [4][11] - The net profit attributable to shareholders is expected to be 15.49 billion, 18.55 billion, and 23.69 billion yuan for the same years, with growth rates of 17.58%, 19.74%, and 27.71% [4][11] - The report maintains a price-to-earnings (PE) ratio of 70 for 2025, compared to a peer average of 103, reinforcing the "Buy" rating [4][5]