金山办公：WPS AI持续迭代，B端订阅加速公有云转型

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company has shown steady operational performance in its 2024 semi-annual report, with a revenue of 2,412.99 million yuan, representing a year-on-year growth of 11.09%. The net profit attributable to the parent company reached 721.44 million yuan, up 20.38% year-on-year [1][3]. - The transition to a SaaS model for domestic institutional subscription services is progressing well, laying a solid foundation for the company's long-term healthy development [1]. - The company has launched WPS 365, a new productivity platform aimed at organizational and enterprise clients, which integrates upgraded versions of WPS Office, WPS Collaboration, and WPS AI Enterprise Edition [2][3]. Financial Performance - The company achieved a revenue of 2,412.99 million yuan in the first half of 2024, with personal office service subscription revenue at 1,529.82 million yuan, up 22.17% year-on-year. Domestic institutional subscription and service revenue was 442.70 million yuan, up 5.95%, while domestic institutional licensing revenue decreased by 10.14% to 324.57 million yuan [1]. - The total contract liabilities reached 2,685.47 million yuan by the end of the first half of 2024, indicating healthy growth in related contracts [1]. - The monthly active devices for the company's main products reached 602 million, a year-on-year increase of 3.08%, with personal annual paid users at 38.15 million, up 14.79% [2]. Future Projections - The revenue forecast for 2024-2026 has been adjusted to 5,137.09 million yuan, 6,075.05 million yuan, and 7,316.25 million yuan, respectively. The net profit attributable to the parent company is projected to be 1,552.39 million yuan, 1,954.31 million yuan, and 2,404.93 million yuan for the same period [3][7]. - The company is expected to maintain its position as a leading domestic office software provider while rapidly iterating its AI products [3].