收入保持稳健，利润高增彰显规模效应

Investment Rating - The report maintains an "Accumulate" rating for Kingsoft Office (688111) [3] Core Views - The company achieved revenue of 1.225 billion yuan in Q1 2024, representing a year-on-year growth of 16.54%, and a net profit attributable to shareholders of 367 million yuan, up 37.31% year-on-year [1][3] - The revenue from personal office subscription services reached 734 million yuan, a year-on-year increase of 24.80%, while institutional subscription services generated 242 million yuan, growing 13.57% year-on-year [1] - The gross profit margin for Q1 was 84.80%, showing a slight decline of 2.02 percentage points year-on-year, but the net profit margin improved significantly to 29.82%, an increase of 4.57 percentage points year-on-year [3] Financial Summary - The company’s projected revenues for 2024-2026 are 5.587 billion yuan, 6.945 billion yuan, and 8.483 billion yuan, respectively, with year-on-year growth rates of 23%, 24%, and 22% [4] - The forecasted net profit attributable to shareholders for the same period is 1.663 billion yuan, 2.084 billion yuan, and 2.607 billion yuan, with growth rates of 26%, 25%, and 25% respectively [4] - The report indicates a significant scale effect, with a decrease in sales, management, and R&D expense ratios compared to the previous year [3]