金山办公：WPS AI商业化持续推进，机构订阅转型带来短期承压

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].