Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 313.42 and an industry rating of "Outperform" [1][4][6]. Core Insights - The company is expected to see steady growth in 2024, with significant revenue increases from WPS 365 and ongoing AI technology enhancements driving product upgrades [1][4]. - For 2024, the company reported revenue of RMB 5.121 billion, a year-on-year increase of 12.4%, and a net profit of RMB 1.645 billion, up 24.8% [4][8]. - The WPS 365 business achieved remarkable growth, with revenue reaching RMB 437 million, a year-on-year increase of 149.3% [9]. - The company is focusing on expanding its customer base, particularly in the government and enterprise sectors, while also enhancing its international business [9]. Financial Summary - Revenue projections for 2025-2027 are RMB 64.3 billion, RMB 77.2 billion, and RMB 91.1 billion, respectively, with net profits expected to be RMB 19.1 billion, RMB 24.1 billion, and RMB 27.9 billion [6][8]. - The earnings per share (EPS) are projected to be RMB 4.13, RMB 5.22, and RMB 6.02 for 2025, 2026, and 2027, respectively [6][8]. - The company’s R&D expenses for 2024 were RMB 1.696 billion, representing a 15.2% increase year-on-year, with a focus on AI technology as a key growth driver [9].

成本费用管控良好，投资收益同比增加。24 年公司毛利率为 85.1% ，基本同比持平，销售 / 管 理 / 研 发 费 用 率 分 别 为 19.4%/7.9%/33.1%，同比变动-1.9pct/-1.9pct/0.8pct，实现投资 收益 3.70 亿元，同比增长 68.8%，主要系理财收益增加所致。 盈利预测、估值与评级 根据公司年报情况，结合 AI 产品推广趋势，我们预测公司 2025~2027 年营业收入为 59.24/68.83/80.59 亿元，同比增长 15.68%/16.19%/17.10%；预测归母净利润为 19.25/22.55/26.50 亿元，同比增长 17.02%/17.15%/17.50%。 业绩简评 2025 年 3 月 19 日公司披露年报，全年实现营收 51.21 亿元，同 比增长 12.4%，实现归母净利润 16.45 亿元，同比增长 24.8%。 单 Q4 实现营收 14.94 亿元，同比增长 16.2%，实现归母净利润 6.05 亿元，同比增长 42.6%。 经营分析 WPS AI 持续迭代，活跃设备数同比增长。目前公司已推出面向个 人用户的 WPS AI 办公助手， ...