Kingsoft Office(SH:688111) EBSCN·2025-03-21 14:05Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a year-on-year growth of 12%, and a net profit of 1.645 billion yuan, up 25% year-on-year [1] - The personal business segment showed robust growth, with WPS personal business revenue reaching 3.283 billion yuan, a year-on-year increase of 18% [2] - The WPS 365 business saw significant growth, with revenue of 437 million yuan, a substantial increase of 149% [2] - The monthly active users of WPS AI reached nearly 20 million, indicating strong user engagement and product adoption [3] - The company invested 1.696 billion yuan in R&D in 2024, a 15.16% increase year-on-year, with R&D expenses accounting for approximately 33% of total revenue [3] Revenue and Profit Forecast - The revenue forecast for 2025 and 2026 has been slightly adjusted to 6.274 billion yuan and 7.670 billion yuan respectively, reflecting a decrease of 10.05% and 11.55% [4] - The net profit forecast for 2025 and 2026 has been revised to 1.998 billion yuan and 2.413 billion yuan, with adjustments of 7.46% and 9.93% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 79x, 65x, and 55x respectively [4] Financial Performance Summary - In 2024, the company reported a gross margin of 85.1% and an EBITDA margin of 28.9% [12] - The net profit margin for 2024 was 32.1%, indicating strong profitability [12] - The company’s total assets are projected to grow from 15.913 billion yuan in 2024 to 24.382 billion yuan by 2027 [11] User Engagement and Product Development - As of December 31, 2024, the global monthly active devices for WPS Office reached 632 million, a growth of 6.22% year-on-year [2] - The company launched various AI tools, enhancing its product offerings and user experience [3]