智通财经网·2026-03-30 02:12Group 1 - The core viewpoint of the report is that CICC maintains an "outperform" rating for Kingsoft Corporation (03888), while lowering the target price by 18% to HKD 32, corresponding to a 28x P/E ratio for 2026 [1] - The company is currently trading at a 21x P/E ratio for 2026, indicating a potential upside of 35% [1] - Revenue for 2026 is revised down by 7.1% to RMB 10.14 billion, reflecting a more cautious outlook on short-term growth in the gaming business [1] - The net profit attributable to shareholders for 2026 is raised by 26.8% to RMB 1.42 billion, considering potential investment income recognition [1] - Revenue forecasts for 2027 are introduced at RMB 11.34 billion, with net profit attributable to shareholders projected at RMB 1.01 billion [1] Group 2 - Kingsoft Corporation reported Q4 2025 earnings with revenue of RMB 2.62 billion, a year-on-year decline of 6.2%, which met market expectations [2] - Operating profit for the quarter was RMB 514 million, down 53.5% year-on-year, but exceeded market expectations due to better-than-expected contributions from the office business [2] - The office business saw revenue growth of 16.6% year-on-year and 15.1% quarter-on-quarter, with all three core business segments showing growth [2] - The gaming business experienced a revenue decline of 32.8% year-on-year and 3.3% quarter-on-quarter, attributed to a high base from the previous year and a decrease in existing game revenue [2] - The quarterly operating profit margin reached 19.6%, down 20.0 percentage points year-on-year but up 8.2 percentage points quarter-on-quarter, primarily due to increased AI investments and marketing expenses [2] - The net profit margin attributable to shareholders was 37.2%, up 20.8 percentage points year-on-year and 28.4 percentage points quarter-on-quarter, mainly due to a one-time gain from the disposal of Kingsoft Cloud shares [2] - The game "Goose Goose Duck" launched in January 2026, attracting over 30 million new users and topping the iOS free chart for two consecutive months [2] - Management anticipates continued double-digit growth in office business revenue, while short-term pressures on the gaming business may persist [2]