KINGSOFT(HK:03888) KAIYUAN SECURITIES·2024-05-24 07:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][10] Core Views - The gaming business is expected to see a rebound in growth in Q2 2024, and the progress of WPS AI commercialization is favorable for platform valuation enhancement [5][6] - The net profit forecasts for 2024-2026 have been raised to 923 million, 1.166 billion, and 1.583 billion respectively, with year-on-year growth rates of 91.0%, 26.3%, and 35.8% [5][7] - The current stock price corresponds to a P/E ratio of 34.3, 27.2, and 20.0 for 2024-2026 [5][7] Financial Summary - Revenue for 2024 is projected to be 9.652 billion, with a year-on-year growth of 13.1% [7] - The gaming business revenue is expected to grow approximately 10% year-on-year in 2024, driven by new game launches and updates [6][7] - WPS Office business achieved a year-on-year growth of 16.5% in Q1 2024, with personal customer subscription revenue increasing by 24.0% [6][7]