证券研究报告：计算机 | 公司点评报告 发布时间：2025-10-30 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 337.21 | | --- | --- | | 总股本/流通股本（亿股）4.63 | / 4.63 | | 总市值/流通市值（亿元）1,562 | / 1,562 | | 52 周内最高/最低价 | 398.08 / 248.16 | | 资产负债率(%) | 28.1% | | 市盈率 | 94.72 | | 第一大股东 | Kingsoft WPS | | Corporation | Limited | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 金山办公(688111) 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 买入 |首次覆盖 个股表现 2024-10 2025-01 2025-03 2025-06 2025-08 2025- ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational health and market demand [4]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.178 billion, a year-on-year increase of 15.21%, and a net profit attributable to shareholders of 1.178 billion, up 13.32% [4]. - In Q3 2025, the company recorded revenue of 1.521 billion, reflecting a year-on-year growth of 25.33%, and a net profit of 431 million, which is a 35.42% increase compared to the same period last year [4]. Group 2: Business Segments - The WPS personal business generated revenue of 899 million in Q3 2025, growing by 11.18%, driven by the launch of new AI products and refined operations in domestic and international markets. As of September, the global monthly active devices for WPS Office reached 669 million, an increase of 8.83% [5]. - The WPS 365 business saw revenue of 201 million in Q3 2025, marking a substantial year-on-year growth of 71.61%, attributed to the enhancement of collaborative and AI product lines, with significant progress in serving private enterprises and local state-owned enterprises [5]. - The WPS software business reported revenue of 391 million in Q3 2025, up 50.52%, driven by accelerated bidding and revenue recognition in government AI projects, supporting digital transformation for clients [5]. Group 3: AI Integration and Product Development - The company launched WPS AI 3.0, introducing a native Office intelligent assistant that integrates various AI functionalities, marking a shift from tool-based applications to collaborative intelligent agents [6]. Group 4: Cost Management and Subscription Growth - The company maintained effective cost control, with sales, management, and R&D expenses increasing by 18.8%, 28.5%, and 18.1% respectively, while overall expense growth was lower than revenue growth, facilitating accelerated profit release [7]. - As of Q3 2025, contract liabilities and other non-current liabilities totaled 3.39 billion, reflecting a year-on-year increase of 25.3%, indicating optimistic growth in the company's subscription business [7][8].

Core Insights - Kingsoft Office reported a revenue of 1.521 billion yuan for Q3 2025, marking a year-on-year growth of 25.33% [1] - The net profit attributable to shareholders reached 431 million yuan, up 35.42% year-on-year, while the net profit excluding non-recurring items was 421 million yuan, reflecting a 39.01% increase [1] - The company generated a net cash flow from operating activities of 538 million yuan, a 19.30% increase compared to the previous year [1] Revenue Breakdown - The three main business segments of Kingsoft Office all achieved double-digit growth in revenue [1] - WPS365 business revenue was 201 million yuan, growing by 71.61% [2] - WPS personal business revenue reached 899 million yuan, with an 11.18% increase [1] - WPS software business revenue was 391 million yuan, reflecting a growth of 50.52% [1] R&D Investment - Kingsoft Office invested 536 million yuan in R&D during Q3 2025, an increase of 18.08% year-on-year, representing 35.24% of total revenue [1] Product Development and AI Integration - The launch of WPSAI 3.0 and the native Office AI assistant, WPS Lingxi, signifies a shift in integrating AI with office software, moving beyond traditional functionalities [2] - As of September 30, 2025, WPS Office had 669 million monthly active devices globally, with a 14.05% increase in PC version and a 4.54% increase in mobile version [2] International Expansion - Kingsoft Office is actively exploring international markets, particularly in the ASEAN region, where WPS Office has surpassed 50 million active devices [2] - The company is involved in local government and enterprise digitalization efforts, enhancing its global presence [2] Industry Solutions and AI Capabilities - Starting in 2025, WPS365 will accelerate the implementation of industry solutions, particularly in the government and enterprise sectors [3] - The "Enterprise Brain" solution integrates AIHub, AIDocs, and CopilotPro, focusing on digital asset protection and compliance management [3] - WPS365's AI capabilities support various domestic operating systems and have achieved a document recognition accuracy rate of over 95% [3]

Investment Rating - The report maintains a "No Rating" status for the company [6] Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 4.31 billion yuan, a year-on-year increase of 35.42% [1] - The overall revenue for the first three quarters of 2025 was 41.78 billion yuan, reflecting a growth of 15.21% compared to the previous year [1] - The growth in the company's revenue is driven by the robust performance of its信创 (Xinchuang) business and the successful launch of AI-driven products [2][3] Revenue Breakdown - WPS Personal Business generated 899 million yuan in Q3 2025, up 11.18% year-on-year, primarily due to the promotion of new AI products and refined operations in domestic and international markets [2] - WPS 365 Business saw a remarkable revenue increase of 71.61% year-on-year, reaching 201 million yuan in Q3 2025, supported by enhanced collaboration and AI product offerings [2] - WPS Software Business achieved a revenue of 391 million yuan in Q3 2025, marking a 50.52% year-on-year growth, driven by accelerated bidding and revenue recognition in government projects [2] AI Integration and Product Development - The launch of WPS AI 3.0 signifies a deep integration of AI with office software, introducing new features such as AI document editing and a voice assistant [3] - The native Office AI assistant "WPS Lingxi" combines multiple AI functionalities to efficiently complete complex tasks, indicating a shift from tool-based applications to collaborative intelligent agents [3] Cost Management and Subscription Growth - The company effectively controlled costs, with sales, management, and R&D expenses increasing by 18.8%, 28.5%, and 18.1% respectively, which is lower than the revenue growth rate [3] - Contract liabilities and other non-current liabilities reached 3.39 billion yuan, a year-on-year increase of 25.3%, indicating optimistic growth in the subscription business [3] Profit Forecast - The revenue forecasts for 2025-2027 are maintained at 59.18 billion yuan, 70.82 billion yuan, and 83.19 billion yuan respectively [4] - The projected net profit for the same period is 18.68 billion yuan, 22.19 billion yuan, and 26.13 billion yuan, with EPS estimates of 4.03 yuan, 4.79 yuan, and 5.64 yuan [4]

Investment Rating - The report maintains a "No Rating" status for the company [6] Core Views - The company reported strong performance in Q3 2025, with revenue of 4.31 billion yuan, a year-on-year increase of 35.42% [1] - The overall revenue for the first three quarters reached 41.78 billion yuan, reflecting a growth of 15.21% year-on-year [1] - The growth in the company's revenue is driven by the robust performance of its信创 (Xinchuang) business and the introduction of AI-driven products [2] Revenue Breakdown - WPS Personal Business generated 8.99 billion yuan in Q3 2025, up 11.18% year-on-year, primarily due to AI product launches and refined market operations [2] - WPS 365 Business saw a significant revenue increase of 71.61% year-on-year, reaching 2.01 billion yuan in Q3 2025, supported by enhanced collaboration and AI product offerings [2] - WPS Software Business achieved a revenue of 3.91 billion yuan in Q3 2025, marking a 50.52% increase year-on-year, driven by accelerated bidding and project acceptance in the government sector [2] AI Integration - The launch of WPS AI 3.0 marks a significant advancement in integrating AI with office software, introducing features like AI document editing and a voice assistant [3] - The new AI capabilities signify a shift from tool-based applications to collaborative intelligent agents, enhancing operational efficiency [3] Cost Management and Subscription Growth - The company effectively controlled costs, with sales, management, and R&D expenses increasing by 18.8%, 28.5%, and 18.1% respectively, which is lower than the revenue growth rate [3] - Contract liabilities and other non-current liabilities reached 3.39 billion yuan, a year-on-year increase of 25.3%, indicating optimistic growth in subscription services [3] Profit Forecast - The revenue forecasts for 2025-2027 are set at 59.18 billion yuan, 70.82 billion yuan, and 83.19 billion yuan respectively [4] - The projected net profit for the same period is 18.68 billion yuan, 22.19 billion yuan, and 26.13 billion yuan, with EPS estimates of 4.03 yuan, 4.79 yuan, and 5.64 yuan [4] Valuation Metrics - The current stock price corresponds to a P/E ratio of 79x for 2025, 66x for 2026, and 56x for 2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong revenue and profit growth, exceeding market expectations, with a long-term positive outlook on its AI and overseas expansion strategies [6][9] - The forecast for net profit for 2025-2027 has been raised to 1.915 billion, 2.288 billion, and 2.770 billion yuan respectively, reflecting an optimistic growth trajectory [6] - The current price-to-earnings (PE) ratios are projected to be 73.5, 61.5, and 50.8 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 4.178 billion yuan, a year-on-year increase of 15.21%, and a net profit of 1.178 billion yuan, up 13.32% [7] - In Q3 2025 alone, the company reported a revenue of 1.521 billion yuan, representing a 25.33% year-on-year growth, and a net profit of 431 million yuan, which is a 35.42% increase [7] - The gross margin for Q3 was 86.46%, an increase of 0.99 percentage points year-on-year, with effective cost control reflected in reduced sales and R&D expense ratios [8] Strategic Initiatives - The company is advancing its AI strategy with the launch of WPS AI 3.0 and new features aimed at enhancing user experience, which is expected to drive rapid growth in AI monthly active users [9] - The overseas market is being targeted as a new growth engine, with ongoing improvements in product functionality and operational strategies, leading to a reduction in customer acquisition costs and an increase in overseas user numbers [9]

Summary of Kingsoft Office (688111 CH) Equity Research Report Company Overview - **Company**: Kingsoft Office - **Ticker**: 688111 CH - **Sector**: Software - **Market Cap**: CNY 141,524 million (USD 19,866 million) [8][17] Key Industry Insights - **Software Localisation**: The US software export ban on China is expected to accelerate the localisation of office software, benefiting Kingsoft Office from 2H25 onwards. The Chinese government is promoting Kingsoft's ".wps" format to replace Microsoft's ".doc" format [4][13]. - **AI Engagement**: Kingsoft Office's AI narrative remains strong, with positive user feedback on WPS AI 3.0 and plans for an AI PC version of WPS Office [5][13]. Financial Performance and Projections - **Earnings Growth**: Kingsoft Office's earnings growth is anticipated to improve due to accelerated localisation revenue growth and enhanced AI user engagement. The company expects to reverse the decline in WPS software revenue from 1H25 and achieve robust growth from 2H25 to 2027 [3][4]. - **Revenue Estimates**: The revenue estimates for Kingsoft Office are as follows: - 2024: CNY 5,121 million - 2025: CNY 5,972 million - 2026: CNY 6,809 million - 2027: CNY 7,708 million [14]. - **Earnings Per Share (EPS)**: Projected EPS for the upcoming years: - 2024: CNY 3.56 - 2025: CNY 4.26 - 2026: CNY 5.03 - 2027: CNY 5.95 [9][15]. Investment Thesis - **Rating**: Maintain Buy with a target price of CNY 353.00, implying a 16% upside from the current share price of CNY 305.55 [6][22]. - **Valuation Method**: The target price is based on a 24x price-to-sales (PS) multiple using a 2026 revenue estimate of CNY 6.8 billion [6][21]. Risks and Catalysts - **Potential Catalysts**: - Improved subscription revenue contribution could enhance earnings visibility [29]. - Growth in AI user numbers may boost market sentiment and valuation [29]. - Strong government support for software localisation could drive growth [29]. - **Key Risks**: - Budget constraints from government entities may weaken localisation demand [29]. - Increased competition in the collaborative office software market could pressure pricing and sales [29]. - Slower conversion rates of paid users could hinder subscription revenue growth [29]. Conclusion Kingsoft Office is positioned to benefit from the ongoing trends in software localisation and AI engagement, with a strong outlook for revenue and earnings growth. The investment thesis remains positive, supported by robust financial projections and strategic government backing.

Group 1: AI Innovations and Applications - The event showcased various AI innovations, including a coffee machine that creates personalized latte art in under 30 seconds using AI-generated designs based on user input [2] - Robots demonstrated advanced capabilities, such as transforming from quadrupedal to bipedal forms to navigate obstacles, indicating significant advancements in robotics [2] - AI tools are enhancing business operations, as seen with Uniqlo's AI-powered group purchasing assistant that streamlines the customization process, effectively doubling efficiency [3] Group 2: AI in Office Productivity - Kingsoft Office introduced WPS AI 3.0, which allows users to generate content quickly with minimal input, significantly lowering the barrier to using AI in office tasks [3][4] - The WPS AI writing assistant can incorporate various reference materials and provide citations, improving the accuracy and efficiency of document creation [3] Group 3: Event Structure and Focus - The conference featured three main forums discussing the latest trends in AI, cloud computing, and industrial applications, along with over 110 sessions on various topics [4] - The exhibition area was divided into sections focusing on AI development tools, computing capabilities, and practical applications from over a hundred companies [5]

Core Viewpoint - The article emphasizes that China possesses the best environment for AI development, leveraging vast amounts of internet, industrial, and scenario data to foster growth in the AI sector [2]. Group 1: AI Development Landscape - The global AI industry is shifting focus from hardware competition to ecosystem building, with China's unique approach reshaping the global AI competitive landscape [2]. - The 2025 AI Partner Conference, co-hosted by 36Kr and CEIBS, aims to showcase AI applications across various industries and explore innovative models of the "Chinese solution" [2]. - 36Kr CEO Feng Dagang states that the current period can be described as the "summer of AI," highlighting China's potential to produce top-tier AI software and hardware [2]. Group 2: AI Integration in Business Education - CEIBS is exploring the integration of AI into business education, proposing a "AI+BI+HI" model to enhance commercial education [4]. - The focus is on practical applications of AI in business contexts, aiming to create a "Chinese solution" for educational practices [4]. Group 3: Hardware and Software Collaboration - The AI industry is entering a critical phase of deep collaboration between hardware and software, addressing technical challenges such as endurance and precision [7]. - The need for comprehensive innovation rather than simple replacement is emphasized for successful AI integration in businesses [7]. Group 4: AI Applications in Various Sectors - AI is being positioned as a transformative force across multiple sectors, with specific applications in human resources, healthcare, and entertainment [30]. - Companies are leveraging AI to enhance operational efficiency, such as in recruitment processes and content production, significantly reducing costs and improving quality [30][36]. Group 5: Future Directions and Challenges - The article discusses the challenges of AI transitioning from models to practical applications, emphasizing the importance of matching technology with real-world needs [30]. - The AI Agent 2025 competition aims to foster global innovation and ecosystem development, with over 500 projects submitted [40]. - The article concludes that the "Chinese solution" offers a unique perspective on addressing common challenges in global AI development, focusing on a collaborative approach across hardware, software, and ecosystem [48].

Summary of Conference Call Records Industry Overview - The computer industry has shown a strong performance in 2025, with a growth rate of 37.42%, outperforming most sectors despite varying market perceptions [1][2] - The total revenue of 399 companies in the computer sector reached 1.04 trillion yuan, a year-on-year increase of 18.32%, while net profit attributable to shareholders grew by 28.13% to 28.413 billion yuan [1][5] Key Companies and Performance - Major companies like Haiguang and Inspur have significantly outperformed the index, contributing to the sector's overall success [3] - The DFC market trend in the first half of the year has propelled the sector index to new highs [3] AI Integration and Trends - AI technology is increasingly integrated, with 87.69% of computer companies mentioning AI in their half-year reports [1][10] - Companies such as Kingsoft Office, Hikvision, and Yonyou have reported AI-related revenues and orders, indicating a trend of investment in AI in the first half of the year, with expected implementation in the second half and significant growth in 2026 [1][6] Government Policy Impact - The State Council's recent opinions on AI development set clear targets for AI application rates by 2027 and 2030, which will accelerate technological innovation and market application among enterprises [9][13] Notable Financial Metrics - Among the 399 companies, 216 reported positive net profit growth, with an overall growth average of 16.51% [5] - The average revenue for these companies was 6.3 billion yuan, with a median of 3.7 billion yuan [5] Future Outlook - The current state is viewed as a bottom phase for AI applications, with strong potential for growth in the application sector, particularly among leading companies [7] - Investors are advised to focus on leading companies in niche markets, such as Kingsoft Office in office software and Hikvision in video surveillance [12][13] Key Takeaways for Investors - Emphasis on the importance of the State Council's AI action plan and its implications for the industry through 2035 [9][13] - Attention should be given to leading companies in their respective segments, as they possess strong competitive advantages [12][13]