证券研究报告 | 公司动态点评 2024 年 09 月 02 日 金山办公（688111.SH） SaaS 转型顺利，WPSAI 持续升级 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 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 | 5,468 | 6,535 | 8,332 | | | | 增长率 yoy （ % ） | 18.4 | 17.3 | 20.0 | 19.5 | 27.5 | 股票信息 | | | 归母净利润（百万元） | 1,118 | 1,318 | 1,519 | 1,785 | 2,116 | 行业 | 计算机 | | 增 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [1][10] Core Views - Kingsoft Office's transition to SaaS is progressing smoothly, with continuous upgrades to WPS AI, which has achieved a leading position in the domestic AI application industry [2] - The company has introduced a new membership system, resulting in improved conversion rates and average revenue per user, driving steady growth in personal subscription services [2] - Despite challenges in the institutional authorization business due to policy impacts, the subscription business for both B2B and B2C segments continues to grow rapidly, supported by advancements in AI and SaaS [2] Financial Summary - Revenue for 2022 was 3,885 million CNY, with projections of 4,556 million CNY for 2023 and 5,468 million CNY for 2024, reflecting a year-on-year growth rate of 18.4% in 2022 and an expected 20.0% in 2024 [1][6] - Net profit attributable to shareholders was 1,118 million CNY in 2022, projected to reach 1,318 million CNY in 2023 and 1,519 million CNY in 2024, with growth rates of 7.3% in 2022 and 15.3% in 2024 [1][6] - The company achieved a net profit of 721 million CNY in H1 2024, representing a year-on-year increase of 20.38% [1] Business Developments - The launch of WPS AI 2.0 in July 2024 has introduced significant innovations across various AI functionalities, contributing to the growth of paid users exceeding one million [2] - The domestic personal office service subscription revenue reached 1,530 million CNY in the first half of 2024, up 22.17% year-on-year [2] - The institutional subscription and service revenue was 442 million CNY, marking a 5.95% increase year-on-year, while the institutional authorization business saw a decline of 10.14% to 324.57 million CNY due to policy impacts [2]

2024年08月23日 证券研究报告|公司研究|公司点评 | --- | --- | |--------------------------------------------------------------------|-------| | 金山办公 (688111) | | | 2024 半年报点评:To C 拉动订阅业务成长,AI+办 | | | | | | 公赋能在路上 | | | 事件:公司 2024年上半年实现营业收入 24.13 亿元(+11.09%),归母净 | | | 利润 7.21 亿元（+20.38%）, 扣非净利润6.88 亿元（+19.35%）。 | | | | | | To C 收入拉动订阅业务成长,"服务 SaaS 化+产品 AI 化"战略稳健。� | | | 报告期内,公司营业收入保持稳健增长。其中,订阅业务作为公司的核心增 | | | 长引擎收入 19.73 亿元，总收入占比约 82%，同比提升近 5 个百分点。从 | | | 收入结构来看,(1) 国内个人办公服务订阅业务收入 15.30 亿元 | | | (+22.17%)。期末，主要产品月度活跃设备数为 6.02亿（ ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6-12 months [2][5]. Core Insights - The company's personal subscription business is experiencing rapid growth, while the institutional business faces short-term pressure due to the transition to a SaaS model. The introduction of WPS AI 2.0 and a new membership system is expected to enhance user engagement and revenue [1][4]. - The company reported a revenue of 24.13 billion yuan for the first half of 2024, a year-on-year increase of 11.09%, with a net profit of 7.21 billion yuan, up 20.38% year-on-year [3][4]. - The report highlights the strong performance of the personal office service subscription business, which generated 1.53 billion yuan in revenue, a 22.17% increase year-on-year, driven by continuous upgrades in AI and collaboration product features [1][3]. Financial Performance - For the first half of 2024, the company achieved a net profit margin of 29.92%, an increase of 2.50 percentage points year-on-year, attributed to reduced promotional expenses and a decrease in the sales expense ratio to 18.32% [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 3.22 yuan, with expected growth rates of 13.9%, 25.8%, and 26.7% for the years 2024, 2025, and 2026 respectively [5][6]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with projected revenues of 51.88 billion yuan in 2024 and 65.25 billion yuan in 2025 [6][7]. Business Developments - The launch of WPS AI 2.0 includes various versions tailored for personal, enterprise, and government use, indicating a strategic push towards AI commercialization [1][4]. - The company has initiated collaborative projects with leading enterprises across various sectors, including finance and high-end manufacturing, to explore the implementation of WPS AI in office scenarios [1][4].

证券代码：688111 证券简称：金山办公 公告编号：2024-054 本公司董事会、全体董事及相关股东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： 高级管理人员持股的基本情况 截至本公告披露日，北京金山办公软件股份有限公司（以下简称"公司"）高 级管理人员、财务负责人崔研（CUI YAN）女士直接持有公司股份 30,000 股，占 公司总股本的 0.0064%。上述股份为通过公司限制性股票激励计划取得的股份。 集中竞价减持计划的主要内容 因自身资金需求，崔研（CUI YAN）女士拟通过集中竞价方式减持其持有的 本公司股份，合计减持数量不超过 7,500 股，占公司总股本的比例不超过 0.0016%； 自本次减持股份计划公告披露之日起 15 个交易日后的 3 个月内实施（窗口期不 减持，中国证监会、上海证券交易所相关法律法规、规范性文件规定不得进行减 持的其他时间不减持）。 上述股份的减持价格按市场价格确定，若公司在上述减持计划实施期间发生 派发红利、送红股、转增股本、增发新股或配股等除权除息事项的，则上述减持 计划将作相应 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 金山办公（688111）公司半年报点评 2024 年 08 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |--------------------------------------------|---------------| | 08[Table_StockInfo 月 23日收盘价（元）] | 189.80 | | 52 周股价波动（元） | 185.17-407.00 | | 总股本/流通 A 股（百万股） | 463/463 | | 总市值/流通市值（百万元） | 87787/87787 | | 相关研究 | | | [Table_ReportInfo] 《 24Q1 净利润高增， AI | 商业化落地》 | | 2024.04.28 | | | 《双订阅快速增长，WPS AI | 加速商业化》 | | 2024.03.25 | | | 市场表现 | | [Table_QuoteInfo] 金山办公 海通综指 -49.33% -38.33% -27.33% ...

公司报告 | 半年报点评 WPS AI 持续迭代，B 端订阅加速公有云转型 金山办公发布 2024 年半年报，总体经营业绩稳健，机构授权业务节奏短 期有所波动 公司上半年实现营业收入 241,299 万元，同比增长 11.09%，其中个人办公 服务订阅业务收入 152,982 万元，同比增长 22.17%；国内机构订阅及服务 业务收入 44,270 万元，同比增长 5.95%；国内机构授权业务收入 32,457 万 元，同比减少 10.14%；国际及其他业务收入 11,505 万元，同比减少 18.12%。 利润端实现归属于母公司所有者净利润 72,144 万元，同比增长 20.38%。截 至 2024 年上半年，公司合同负债总额达 268,547 万元，国内机构订阅业务 向 SaaS 模式转型亦进展顺利，为公司长期健康发展奠定坚实基础。 C 端订阅付费率持续提升，WPS AI 商业化初见成效，B 端业务加速公有云 截止半年末，公司主要产品月度活跃设备 6.02 亿，同比增长 3.08%，其中 PC 端月活跃设备 2.71 亿，同比+7.11%，个人年度累计付费用户 3815 万， 同比+14.79%，我们预 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][11]. Core Insights - The company achieved a total revenue of 241,299 million yuan in the first half of 2024, representing a year-on-year growth of 11.09%. The net profit attributable to the parent company was 72,144 million yuan, up 20.38% year-on-year [1][3]. - The transition to a SaaS model for domestic institutional subscription services is progressing smoothly, laying a solid foundation for the company's long-term healthy development [1]. - The company launched WPS 365, a new productivity platform for organizations and enterprises, which has already served over 18,000 major government and enterprise clients [2][3]. Financial Performance - Revenue from personal office service subscriptions reached 152,982 million yuan, growing by 22.17% year-on-year. Domestic institutional subscription and service revenue was 44,270 million yuan, up 5.95% year-on-year [1]. - The total contract liabilities amounted to 268,547 million yuan by the end of the first half of 2024, indicating healthy growth in related contracts [1]. - The company adjusted its revenue forecasts for 2024-2026 from 56.53/74.21/96.63 billion yuan to 51.37/60.75/73.16 billion yuan, and net profit forecasts from 16.25/21.63/28.79 billion yuan to 15.52/19.54/24.05 billion yuan [3]. Product Development - The company continues to iterate on its key strategic product, WPS AI, with the release of WPS AI 2.0 in July 2024, enhancing features across various dimensions [3]. - The introduction of WPS AI for government clients includes capabilities tailored for administrative tasks, supporting private deployment and various environments [3]. Market Position - The company is positioned as a leading domestic office software provider, with a focus on rapid iteration of AI products and expansion into the public cloud market [3][4].

证券研究报告 公司点评 金山办公(688111.SH) 计算机｜ 软件开发 个人订阅延续增长势头，AI 商业化稳步推进 2024 年半年报点评 2024 年 08 月 21 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 191.15 | | 52 周价格区间（元） | 187.33-394.60 | | 总市值（百万） | 88411.78 | | 流通市值（百万） | 88411.78 | | 总股本（万股） | 46252.60 | | 流通股（万股） | 46252.60 | 涨跌幅比较 金山办公 软件开发 -49% -29% -9% 11% 2023/08 2023/11 2024/02 2024/05 2024/08 % 1M 3M 12M 金山办公 -6.06 -31.78 -47.99 软件开发 -5.03 -19.44 -43.65 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 hu ...

Group 1: AI Development and Commercialization - The company plans to increase investment in AI, focusing on self-developed small models and partnerships with large model vendors. The AI capabilities in office scenarios have significantly improved, evolving from content generation to AI-assisted writing, with future developments aimed at more complex and valuable functions [2]. - The company aims to enhance user penetration and cultivate user habits to expand the potential paid user base, which will lay the foundation for long-term commercialization [2]. - As of March 2024, the payment situation for both new and old users has been optimistic, with a notable increase in new user payments [3]. Group 2: User Engagement and Retention - The company is focusing on improving user retention by optimizing the display of AI features and enhancing user convenience, while also monitoring active AI user metrics [3]. - The company plans to strengthen AI functionality in vertical fields, particularly targeting education and government sectors, which currently represent a significant portion of paid users [3]. Group 3: B-end Business Strategy - The B-end AI projects are primarily co-created with large clients, with several ongoing projects. The company is gradually launching complete WPS AI enterprise features on public cloud platforms [3]. - The company has adjusted its membership structure to enhance ARPPU (Average Revenue Per Paying User) but has faced challenges due to external market conditions. Future strategies will focus on improving user payment penetration and retention [4]. - As of mid-2024, the company's contract liabilities have increased by 24% year-on-year, indicating growth in the B-end subscription model [4]. Group 4: Market Outlook and Challenges - The company maintains confidence in the growth of its信创 (Xinchuang) business, particularly in the government and state-owned enterprise sectors, despite some slowdowns due to macroeconomic factors [4]. - The company does not anticipate significant pricing pressure in the信创 market, as software spending constitutes a small portion of overall IT budgets [4]. - The company views overseas business development as a core strategy, with rapid growth in C-end business driven by AI, while B-end business is still in its early stages [4]. Group 5: Financial Performance and R&D Investment - The company's gross margin has faced pressure due to increased costs associated with privatized services for large clients, but the decline in token prices is expected to promote AI product adoption [4]. - Future R&D investments will be increased, focusing on domestic collaboration and AI markets, as well as enhancing overseas market capabilities [4].