Workflow
金山办公:公司信息更新报告:WPS AI年付费会员超百万,期待商业化进程加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4] Core Views - The long-term growth path of the company is clear, and despite external environmental changes and the impact of institutional subscription transformation, the company has adjusted its net profit forecasts for 2024-2026 to 1.541 billion, 1.925 billion, and 2.416 billion yuan respectively, with corresponding EPS of 3.33, 4.16, and 5.22 yuan per share [4] - The current stock price corresponds to PE ratios of 57.4, 45.9, and 36.6 times for the respective years [4] - The continuous upgrade of the WPS AI product is expected to open up growth opportunities, justifying the "Buy" rating [4] Financial Performance Summary - In the first half of 2024, the company achieved operating 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, a year-on-year increase of 20.38% [5] - In Q2 alone, the company reported operating revenue of 1.188 billion yuan, a year-on-year increase of 5.98%, and a net profit of 354 million yuan, a year-on-year increase of 6.74% [5] - The personal subscription business revenue grew by 19.8% year-on-year to 795 million yuan, while institutional subscription revenue declined by 2% to 201 million yuan due to the transition to a SaaS model [5] Product and Market Development - The WPS AI membership and premium membership have exceeded one million annual paid users, with expectations for accelerated commercialization in the second half of the year [6] - The launch of WPS AI 2.0 has brought significant upgrades across four dimensions: AI writing assistant, AI reading assistant, AI data assistant, and AI design assistant [6] - The company is focusing on optimizing its revenue structure through WPS 365, which has served over 18,000 major government and enterprise clients, and is guiding institutional clients to transition from annual venue-based subscriptions to annual account-based models [7]