Kingsoft Office (.SS)_ DeepSeek-R1 model available on WPS AI; 4Q24 NI beat at 43% YoY; Buy

28 February 2025 | 2:13AM HKT Kingsoft Office (688111.SS): DeepSeek-R1 model available on WPS AI; 4Q24 NI beat at 43% YoY; Buy Kingsoft Office (KO) reported 4Q24 preliminary results (link) with revenues growth at 16% YoY in 4Q24, improving from 3Q24 +11% YoY, while 6% lower than our estimates, due to muted enterprise spending and limited revenues contribution from WPS AI. 4Q24 net income was better than expected at Rmb605m, or 9%/ 53% beats vs. our/ Bloomberg consensus estimates, and we attribute this to im ...