证券研究报告 非金融公司|公司点评|金山办公（688111） 个人订阅业务稳定增长，研发持续投入 拓展 AI 能力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 金山办公发布 2024 年半年度报告，2024 年上半年公司实现营收 24.13 亿元，同比增长 11.09%； 归母净利润 7.21 亿元，同比增长 20.38%；扣非归母净利润 6.88 亿元，同比增长 19.35%；毛 利率为 84.92%，同比下降 1.15pct。2024 年第二季度公司实现营收 11.88 亿元，同比增长 5.98%；归母净利润 3.54 亿元，同比增长 6.74%；扣非归母净利润 3.36 亿元，同比增长 3.03%； 毛利率为 85.04%，同比下降 0.33pct。 |分析师及联系人 陈安宇 SAC：S0590523080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月23日 金山办公(688111) 个人订阅业务稳定增长，研发持续投入拓展 AI 能力 | --- | --- | --- ...

[Table_Main] 证券研究报告 | 公司点评 金山办公(688111.SH) 2024 年 08 月 23 日 买入（维持） 所属行业：计算机/软件开发 当前价格(元)：187.71 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 金山办公 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -7.75 | -23.97 | -35.28 | | 相对涨幅(%) | -1.37 | -18.75 | -25.41 | 资料来源：德邦研究所，聚源数据 相关研究 1.《金山办公发布业绩预告，AI 加持有 望维持高增速》，2024.1.15 2.《WPS AI 全面公测，加速国内大 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [2][3] Core Views - The company achieved a revenue of 241.299 million yuan, a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 72.144 million yuan, up 20.38% year-on-year, which is broadly in line with expectations [1] - The personal subscription growth is steady, with AI cumulative paid users exceeding one million. The domestic personal office service subscription revenue reached 1.530 billion yuan, growing 22.17% year-on-year, indicating robust growth in the personal subscription business [1] - The institutional subscription growth is impacted by the ongoing transformation, with institutional subscription and service revenue at 443 million yuan, a year-on-year increase of 5.95%. The company is transitioning institutional clients from annual venue to annual account models [1] Summary by Sections Financial Performance - For the first half of 2024, Kingsoft Office reported a revenue of 241.299 million yuan and a net profit of 72.144 million yuan, reflecting a year-on-year growth of 11.09% and 20.38% respectively [1] - The company expects to achieve revenues of 5.074 billion yuan, 6.411 billion yuan, and 8.306 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.523 billion yuan, 1.950 billion yuan, and 2.499 billion yuan for the same years [2] User Growth and Product Development - The company has over 38.15 million annual paid personal users, a year-on-year increase of 14.79%, and has launched a new membership system to enhance user engagement and conversion rates [1] - The WPS AI product has been upgraded to version 2.0, introducing features that significantly enhance user productivity across various tasks, indicating a strong potential for future growth [2] Market Position and Strategy - Kingsoft Office is leading in the commercialization of AI applications in the domestic market, with over one million cumulative paid users for AI membership and premium membership [1] - The company is focusing on expanding its public cloud market presence among private and state-owned enterprises, indicating a strategic shift towards a SaaS model [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 228.53 CNY per share [2][4][6]. Core Views - The company reported a revenue of 2.413 billion CNY for the first half of 2024, representing an 11.09% year-on-year growth, and a net profit of 721 million CNY, which is a 20.38% increase year-on-year [1]. - The C-end subscription business continues to grow well, with a revenue of 1.530 billion CNY, up 22.17% year-on-year, and a significant increase in paid user penetration for AI memberships [1]. - The B-end business is gradually transitioning to a subscription model, with institutional subscription revenue of 443 million CNY, a 5.95% increase year-on-year, although institutional licensing revenue faced a decline of 10.14% due to industry adjustments [1]. - The company is actively investing in R&D, with an R&D expenditure of 808 million CNY, a 12.61% increase year-on-year, and a focus on integrating generative AI with office software [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.413 billion CNY, a year-on-year increase of 11.09%, and a net profit of 721 million CNY, up 20.38% year-on-year [1]. - The company forecasts earnings per share for 2024-2026 to be 3.34 CNY, 4.30 CNY, and 5.23 CNY respectively [2][6]. Business Segments - C-end subscription revenue reached 1.530 billion CNY, with a 22.17% year-on-year growth, and the number of paid personal users increased by 14.79% to 38.15 million [1]. - B-end institutional subscription revenue was 443 million CNY, a 5.95% increase year-on-year, while institutional licensing revenue decreased by 10.14% to 325 million CNY [1]. R&D and Cost Management - The company invested 808 million CNY in R&D, representing a 12.61% increase year-on-year, with a focus on AI and office software integration [1]. - Sales expense ratio decreased by 3.6 percentage points to 18.3% due to effective control of promotional expenses [1].

公 司 报 告 2024年08月22日 计算机 金山办公(688111.SH) 上半年业绩稳健增长，WPS AI全面赋能公司成长 推荐 ( 维持) 事项： 股价:188.7元 主要数据 | --- | --- | |-------------------|--------------------------| | 行业 | 计算机 | | 公司网址 | www.wps.cn | | 大股东/持股 | Kingsoft WPS Corporation | | | Limited/51.59% | | 实际控制人 | 雷军 | | 总股本(百万股) | 463 | | 流通A股(百万股) | 463 | | 流通B/H股(百万股) | | | 总市值(亿元) | 873 | | 流通A股市值(亿元) | 873 | | 每股净资产(元) | 22.40 | | 资产负债率(%) | 26.9 | 行情走势图 证券分析师 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@ping ...

金山办公（688111.SH）：业绩符合 预期，AI 产品拓展顺利 2024 年 8 月 22 日 强烈推荐/维持 金山办公 公司报告 ——2024 半年报点评 事件：8 月 20 日，公司发布 2024 半年度报告。报告期内公司实现营业收入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同比 增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同比 增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%； 实现归母净利润 3.54 亿元，同比增长 6.74%。 点评： 业绩符合预期，订阅业务双轮驱动。1）整体来看，报告期内公司实现营业收 入 24.13 亿元，同比增长 11.09%；归属于母公司所有者净利润 7.21 亿元，同 比增长 20.38%；归属于母公司所有者扣除非经常性损益净利润 6.88 亿元，同 比增长 19.35%。单二季度来看，公司实现营业收入 11.88 亿元，同比增长 5.98%；实现归母净利润 3.54 亿元，同比增长 6.74%。公司业绩在外部压力 下仍保持稳健增长，彰显经营实力；2 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a revenue of 2.413 billion yuan for H1 2024, representing a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, up 20.38% year-on-year, which aligns with expectations [8] - The personal subscription business continues to grow steadily, with revenue reaching 1.530 billion yuan, a 22% increase year-on-year, and a total of 38.15 million annual paid users, reflecting a 15% year-on-year growth [8] - Institutional business is under short-term pressure, with subscription revenue at 443 million yuan, a 6% increase year-on-year, while authorization revenue decreased by 10% to 325 million yuan [8] - The total contract liabilities increased by approximately 22% year-on-year to 2.69 billion yuan, indicating optimistic growth in subscription business, especially long-cycle subscriptions [8] - The company continues to leverage AI in its office software, with the launch of WPS 365, which integrates documents, AI, and collaboration tools, positioning itself as a leading player in the digital office space [8] Financial Summary - For H1 2024, the company achieved total revenue of 2.413 billion yuan, with a net profit of 721 million yuan, and is projected to reach revenues of 5.250 billion yuan, 6.484 billion yuan, and 8.204 billion yuan in 2024, 2025, and 2026 respectively [10][11] - The expected net profit for 2024, 2025, and 2026 is projected to be 1.507 billion yuan, 1.915 billion yuan, and 2.457 billion yuan respectively [10][11] - The company's price-to-earnings ratio is expected to be 59x, 46x, and 36x for 2024, 2025, and 2026 respectively [9][10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [8]. Core Views - The company has demonstrated steady growth in operational performance, with a 11.09% year-on-year increase in revenue to 2.413 billion yuan and a 20.38% increase in net profit to 721 million yuan for the first half of 2024 [2][3]. - The transition to a SaaS model for institutional subscriptions is progressing well, supported by a robust product ecosystem [2][3]. - Continued investment in AI and collaboration technologies is driving the commercialization of AI applications, with significant user adoption in both personal and institutional segments [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.413 billion yuan, up 11.09% year-on-year, and a net profit of 721 million yuan, reflecting a 20.38% increase [2]. - The personal office service subscription revenue reached 1.530 billion yuan, growing 22.17% year-on-year, while institutional subscription revenue was 443 million yuan, up 5.95% [2]. - The total subscription revenue amounted to 1.973 billion yuan, a year-on-year increase of 18.11%, accounting for 82% of total revenue [2]. Business Segments - The company reported 6.02 billion monthly active devices as of June 30, 2024, with a 3.08% year-on-year increase [2]. - The WPS AI 2.0 was launched, enhancing the AI capabilities across various applications, contributing to strong growth in personal subscription services [3]. - The institutional subscription business is transitioning to a SaaS model, with healthy growth in contract liabilities [2][3]. Research and Development - R&D investment reached 808 million yuan in H1 2024, a 12.61% increase year-on-year, with R&D expenses accounting for approximately 33% of total revenue [3]. - The workforce includes 2,991 R&D personnel, representing about 65% of total employees [3]. Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 5.200 billion yuan and 6.975 billion yuan, respectively, reflecting a decrease of 25.57% and 28.00% [3]. - Net profit forecasts for the same periods have also been revised down to 1.588 billion yuan and 2.159 billion yuan, with corresponding adjustments of 22.12% and 24.43% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated resilient growth in revenue and profits, with significant contributions from the "WPS AI + Premium Membership" model, surpassing one million paid users [1] - The transition to a subscription model is progressing smoothly, with a focus on expanding into the public cloud market for medium to large enterprises [3][4] Financial Performance - In H1 2024, the company reported revenue of 2.413 billion yuan, a year-on-year increase of 11.09%, and a net profit attributable to shareholders of 721 million yuan, up 20.38% [3] - The revenue breakdown shows that personal subscriptions contributed 1.53 billion yuan (up 22% YoY), while institutional subscriptions brought in 443 million yuan (up 6% YoY) [1][3] Business Segments - The company is maintaining growth across various business lines, with a notable increase in R&D investment, which reached 808 million yuan, a 13% increase YoY [4] - The C-end commercialization is progressing well, with the launch of WPS AI 2.0 leading to stable growth in monthly active users [5] Market Position and Future Outlook - The company is positioned as a leading domestic office software provider, with expectations for revenue growth to reach 5.177 billion yuan in 2024, and net profit to reach 1.609 billion yuan [7][9] - The projected EPS for 2024 is 3.48 yuan per share, with a corresponding P/E ratio of 54.96 [9][10]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 247.83 CNY for the next six months [4]. Core Insights - The company reported a revenue of 2.413 billion CNY for the first half of 2024, representing a year-on-year growth of 11.09%. The net profit attributable to shareholders was 721 million CNY, up 20.38% year-on-year [2][9]. - The company is experiencing steady growth in its C-end subscription services and is making significant progress in its B-end SaaS transformation [2][3]. - The upgraded WPS AI 2.0 was launched, enhancing various functionalities such as writing, reading, data analysis, and design assistance, which is expected to drive growth in personal subscription services [3][9]. Financial Performance - For the first half of 2024, the company achieved a revenue of 2.413 billion CNY, with a net profit of 721 million CNY. In Q2 alone, the revenue was 1.188 billion CNY, showing a year-on-year increase of 5.98% [2]. - The domestic personal office service subscription revenue reached 1.530 billion CNY, growing by 22.17% year-on-year, while the institutional subscription and service revenue was 443 million CNY, up 5.95% year-on-year [2]. - The total contract liabilities amounted to 2.685 billion CNY, indicating a solid foundation for the company's long-term development [2]. Business Segments - The personal and institutional subscription revenues accounted for 82% of total revenue, an increase of 5 percentage points year-on-year [2]. - The company is transitioning its domestic institutional subscription business to a SaaS model, which is progressing smoothly [2][9]. - The international and other business revenues decreased to 115 million CNY, down 18.12% year-on-year [2]. Future Projections - The company is expected to achieve revenues of 5.211 billion CNY, 6.136 billion CNY, and 7.295 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits projected at 1.556 billion CNY, 1.922 billion CNY, and 2.371 billion CNY for the same years [9][10].