Kingsoft Office(SH:688111) Tai Ping Yang Zheng Quan·2026-03-31 05:45Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) [1][4] Core Insights - The company achieved a revenue of 5.928 billion yuan in 2025, representing a year-on-year growth of 15.78%. The net profit attributable to shareholders reached 1.836 billion yuan, up 11.63% year-on-year [1] - The personal business segment showed steady growth, with WPS personal business revenue reaching 3.626 billion yuan, a 10.42% increase year-on-year. The number of global monthly active devices for WPS Office reached 678 million, growing by 7.29% [2] - WPS 365 business experienced significant growth, with revenue of 720 million yuan, up 64.93% year-on-year. The company is actively participating in domestic software tenders and has maintained a leading market share in document processing [3] - The AI monthly active user base grew significantly, exceeding 80.13 million, a 307% increase year-on-year. The company launched the "WPS Lingxi" intelligent assistant and completed the AI upgrade of its core components [4] Financial Performance - The projected revenues for 2026, 2027, and 2028 are 7.070 billion yuan, 8.340 billion yuan, and 9.771 billion yuan, respectively. The net profits for the same years are expected to be 2.201 billion yuan, 2.585 billion yuan, and 3.128 billion yuan [4][8] - The diluted earnings per share (EPS) are projected to be 4.75 yuan in 2026, 5.58 yuan in 2027, and 6.75 yuan in 2028 [8] - The company maintains a high gross margin, projected at 85.87% in 2026, and a net profit margin of 31.12% [12]