Kingsoft Office(SH:688111) GOLDEN SUN SECURITIES·2025-03-26 02:00Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, a year-on-year increase of 12.40%, and a net profit attributable to shareholders of 1.645 billion yuan, up 24.84%, aligning with market expectations [1]. - The company has adopted a new business segmentation for its 2024 annual report, categorizing revenues into WPS personal business, WPS 365 business, WPS software business, and other businesses [2]. - WPS 365 business revenue reached 437 million yuan, reflecting a remarkable year-on-year growth of 149.33%, driven by the integration of document, collaboration, and AI capabilities [3]. - The WPS personal business generated 3.283 billion yuan in revenue, with a 18.00% year-on-year growth, supported by an increase in active users [2]. Revenue Breakdown - WPS personal business revenue was 3.1 billion yuan domestically, with a total of 41.7 million annual paying users, a growth of 17.49% year-on-year [2]. - The WPS software business reported a revenue of 1.268 billion yuan, a decline of 8.56% year-on-year, as the company focuses on enterprise customer needs [4]. Financial Projections - The company expects to achieve revenues of 6.189 billion yuan, 7.532 billion yuan, and 9.214 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 1.953 billion yuan, 2.369 billion yuan, and 2.901 billion yuan [5][7].