Kingsoft Office(688111) 国元证券·2025-03-27 12:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][11]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 1.65 billion yuan, up 24.84% year-on-year [1]. - The company is focusing on its core strategic areas of "multi-screen, cloud, content, collaboration, and AI," with a significant increase in R&D investment, which reached 1.696 billion yuan in 2024, accounting for approximately 33% of revenue [1]. - The personal business segment showed steady growth, with revenue of 3.283 billion yuan, an 18.00% increase year-on-year, and a global monthly active device count of 632 million [2]. - The WPS 365 business targeting organizational clients saw a remarkable revenue increase of 149.33%, reaching 436.5 million yuan [3]. - The company is actively responding to national policies by focusing on government and enterprise client needs, promoting software legalization and domestic software substitution [3]. Financial Summary - The company forecasts revenues of 6.094 billion yuan, 7.146 billion yuan, and 8.369 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 1.899 billion yuan, 2.287 billion yuan, and 2.753 billion yuan for the same years [4][8]. - The earnings per share (EPS) are expected to be 4.10 yuan, 4.94 yuan, and 5.95 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 75.87, 62.92, and 52.28 [4][8].