Kingsoft Office(SH:688111)2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) [6] Core Views - Kingsoft Office's revenue for 2023 reached 4.556 billion yuan, a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 1.318 billion yuan, up 17.9% year-on-year [6] - The company's WPS AI is expected to catalyze a comprehensive acceleration in C-end subscriptions, with personal subscription revenue growing by 29.4% year-on-year to 2.65 billion yuan [6] - The report highlights the strong performance of the B-end subscription business, which saw a revenue increase of 38.4% year-on-year, reaching 960 million yuan [6] - The company is actively integrating mainstream large models into its WPS AI platform, which is anticipated to significantly enhance its capabilities [6] Financial Summary - Total revenue for 2022 was 3.885 billion yuan, with a projected increase to 5.723 billion yuan in 2024, reflecting a growth rate of 25.6% [7] - The net profit attributable to shareholders is expected to grow from 1.318 billion yuan in 2023 to 1.730 billion yuan in 2024, representing a year-on-year growth of 31.3% [7] - The gross margin for 2023 was reported at 85.3%, with a slight decrease projected to 84.0% in 2024 [7] - The company's return on equity (ROE) improved to 13.2% in 2023, with expectations of reaching 15.3% in 2024 [7]