金山办公：个人订阅业务稳定增长，研发持续投入拓展AI能力

Investment Rating - The investment rating for Kingsoft Office (688111) is "Buy" [8]. Core Insights - Kingsoft Office reported a revenue of 2.413 billion yuan for the first half of 2024, representing a year-on-year growth of 11.09%. The net profit attributable to shareholders was 721 million yuan, up 20.38% year-on-year, while the non-deducted net profit was 688 million yuan, increasing by 19.35% year-on-year. The gross margin was 84.92%, a decrease of 1.15 percentage points year-on-year [4][12]. - The personal subscription business showed stable growth, with revenue from domestic personal subscriptions reaching 1.530 billion yuan, a year-on-year increase of 22.17%. The number of annual paying personal users reached 38.15 million, up 14.79% year-on-year [12]. - The company is continuously investing in R&D, with R&D expenses amounting to 808 million yuan in the first half of 2024, a year-on-year increase of 12.61%. The R&D expense ratio is approximately 33% [12]. Financial Performance - For the second quarter of 2024, Kingsoft Office achieved a revenue of 1.188 billion yuan, a year-on-year growth of 5.98%, and a net profit of 354 million yuan, up 6.74% year-on-year [4][12]. - The company anticipates revenue for 2024 to be 5.261 billion yuan, with a year-on-year growth rate of 15.48%. The net profit is projected to be 1.517 billion yuan, reflecting a growth rate of 15.11% [12][13]. - The gross margin for the first half of 2024 was 84.92%, with operating costs increasing faster than revenue due to growth-related expenses such as server leasing and bandwidth costs [12]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2025 and 2026 at 6.175 billion yuan and 8.119 billion yuan, respectively, indicating growth rates of 17.38% and 31.47% [12][13]. - The earnings per share (EPS) are forecasted to be 3.28 yuan for 2024, 3.84 yuan for 2025, and 5.01 yuan for 2026, with a three-year compound annual growth rate (CAGR) of 20.72% [12][13].