Q4业绩表现亮眼，订阅业务增长强劲

Investment Rating - The investment rating for the company is "Accumulate-A" [2] Core Views - The company reported strong performance in Q4 2023, with total revenue reaching 4.556 billion yuan, a year-on-year increase of 17.27%, and a net profit attributable to shareholders of 1.319 billion yuan, up 18.03% year-on-year [1] - The growth in subscription services for both individual and institutional clients is a key driver of revenue growth, with individual office service subscriptions growing approximately 29.42% year-on-year [1] - The launch of WPS AI is expected to reshape the domestic office software ecosystem, with commercial rollout anticipated in 2024 [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 1.286 billion yuan, a 17.99% increase year-on-year, and a net profit of 426 million yuan, up 39.86% year-on-year [1] - The annual revenue from individual office service subscriptions was approximately 2.653 billion yuan, with a growth of about 29.42% [1] - The annual revenue from institutional subscription and service business was approximately 957 million yuan, growing by about 38.36% [1] Business Segments - The individual office service subscription business showed robust growth due to enhanced content recommendation and value-added services [1] - The institutional subscription and service business growth was driven by the launch of the WPS 365 platform, addressing the needs of government and enterprise clients [1] - The institutional authorization business saw a decline in revenue due to the impact of the domestic innovation and transformation pace [1] Future Outlook - The company plans to accelerate the commercialization of WPS AI, which has already shown promising user engagement metrics [2] - Revenue projections for 2023-2025 are adjusted to 4.556 billion, 5.881 billion, and 7.843 billion yuan respectively [2] - The expected net profit for the same period is projected to be 1.319 billion, 1.745 billion, and 2.285 billion yuan respectively [2]