Kingsoft Office(688111) 天风证券·2024-11-07 12:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company has shown a recovery in revenue growth in Q3, with a year-on-year increase of 10.53%, and a net profit growth of 8.33% [2]. - The introduction of new AI features in WPS AI has enhanced user engagement and conversion rates, contributing to a 17.24% increase in revenue from personal office services [3]. - The B-end subscription business has performed well, driven by SaaS and domestic institutional subscriptions, indicating a positive turning point for the company's performance [4]. Financial Data Summary - Revenue (in million CNY): - 2022: 3,884.96 - 2023: 4,555.97 - 2024E: 5,220.20 - 2025E: 6,475.42 - 2026E: 8,095.29 - Revenue Growth Rate (%): - 2022: 18.44 - 2023: 17.27 - 2024E: 14.58 - 2025E: 24.05 - 2026E: 25.02 [7][9] - Net Profit (in million CNY): - 2022: 1,117.53 - 2023: 1,317.74 - 2024E: 1,515.58 - 2025E: 1,968.55 - 2026E: 2,573.80 - Net Profit Growth Rate (%): - 2022: 7.33 - 2023: 17.92 - 2024E: 15.01 - 2025E: 29.89 - 2026E: 30.75 [7][9] - Earnings Per Share (CNY): - 2022: 2.42 - 2023: 2.85 - 2024E: 3.28 - 2025E: 4.26 - 2026E: 5.56 [7][9] - Price-to-Earnings Ratio (P/E): - 2022: 116.92 - 2023: 99.16 - 2024E: 86.21 - 2025E: 66.38 - 2026E: 50.77 [7][9] - Price-to-Book Ratio (P/B): - 2022: 14.98 - 2023: 13.13 - 2024E: 11.66 - 2025E: 10.39 - 2026E: 9.10 [7][9] - EV/EBITDA: - 2022: 45.57 - 2023: 50.04 - 2024E: 75.37 - 2025E: 58.42 - 2026E: 44.29 [7][9]