Kingsoft Office(SH:688111) GOLDEN SUN SECURITIES·2026-02-13 12:37Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [3] Core Viewpoints - Kingsoft Office is positioned to be a core beneficiary of the new AI office trend, particularly with the launch of Claude for Excel and Claude for PowerPoint, which introduce AI functionalities to enhance user experience in office software [1][2][3] - The company is recognized as a leading provider of office software and services in China, with a strong technical foundation and market positioning, which is expected to drive growth in the AI office sector [3] Financial Projections - Revenue projections for Kingsoft Office are estimated to be CNY 6.01 billion, CNY 7.12 billion, and CNY 8.42 billion for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 17.4%, 18.5%, and 18.3% [3][5] - Net profit attributable to the parent company is projected to reach CNY 1.86 billion, CNY 2.22 billion, and CNY 2.71 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 13.1%, 19.3%, and 22.3% [3][5] - The report highlights an expected EPS of CNY 4.01, CNY 4.79, and CNY 5.85 for the years 2025, 2026, and 2027 [5] Market Position - Kingsoft Office serves users in over 220 countries and regions, with products compatible across major operating systems including Windows, Linux, MacOS, Android, and iOS [3] - The company is recognized for its strong market position and technological capabilities, which are expected to enhance its competitive edge in the AI office software market [3]