金山办公：机构订阅转型稳健推进，AIGC商业化效果初步落地

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]