WPS 365全新升级，助力企业新质生产力提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 321.20 CNY based on DCF valuation [2][4][6]. Core Views - The launch of WPS 365 provides a comprehensive AI office platform aimed at enhancing productivity for enterprises. It includes WPS Office suite, WPS AI Enterprise Edition, and WPS Collaboration, all upgraded for enterprise use [1]. - The AI capabilities of WPS 365 are expected to significantly improve new quality productivity in enterprises, leveraging generative AI to transform work methods and enhance efficiency across various industries [1]. - The company's performance in 2023 shows steady growth, with revenue reaching 4.556 billion CNY (+17.27%) and net profit of 1.318 billion CNY (+17.92%). The B-end subscription service revenue grew by 38.36% to 957 million CNY [1]. Financial Summary - Revenue (in million CNY): 2022A: 3,885, 2023A: 4,556, 2024E: 5,534, 2025E: 6,698, 2026E: 8,011 [3][12]. - Net profit (in million CNY): 2022A: 1,118, 2023A: 1,318, 2024E: 1,626, 2025E: 2,089, 2026E: 2,639 [3][12]. - Earnings per share (in CNY): 2022A: 2.42, 2023A: 2.85, 2024E: 3.52, 2025E: 4.52, 2026E: 5.71 [3][12]. - Gross margin: 2022A: 85.0%, 2023A: 85.3%, 2024E: 85.6%, 2025E: 85.7%, 2026E: 85.9% [3][12]. - Net margin: 2022A: 28.8%, 2023A: 28.9%, 2024E: 29.4%, 2025E: 31.2%, 2026E: 32.9% [3][12].