公 司 报 告 计算机 2025年03月21日 金山办公(688111.SH) 单四季度利润端表现亮眼，WPS 365业务收入实现高增 推荐 ( 维持) 股价:323.6元 行情走势图 证券分析师 事项： 公司公告2024年年度报告。2024年，公司实现营业收入51.21亿元，同比增长 12.40%；实现归母净利润16.45亿元，同比增长24.84%；实现扣非归母净利 润15.56亿元，同比增长23.30%。公司公布利润分配预案：拟派发现金红利 415,991,268.90元（含税），即每10股派发现金红利9.00元（含税），股数以 462,212,521股计算。 平安观点： 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 公 司 年 报 点 评 HUANGWEIHAN235@pingan.com.cn 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- | --- | | | S1060123070023 | | | WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A ...

要点 事件： 3 月 20 日，公司发布 2024 年年度报告，2024 年公司实现营业收入 51.21 亿元，同比增长 12%；归母净利润 16.45 亿元，同比增长 25%；单 Q4 营业收 入 14.94 亿元，同比增长 16%；归母净利润 6.05 亿元，同比增长 43%。 公司研究 WPS 365 增长强劲，AI 产品持续迭代 ——金山办公（688111.SH）2024 年年报点评 2025 年 3 月 21 日 个人业务稳健增长，WPS 365 开启增长新引擎。分业务看，2024 年，WPS 个 人业务收入 32.83 亿元，同比增长 18%。截至 2024 年 12 月 31 日，WPS Office 全球月度活跃设备数为 6.32 亿，同比增长 6.22%；其中，WPS Office PC 版月 度活跃设备数 2.91 亿，同比增长 9.81%；WPS Office 移动版月度活跃设备数 3.41 亿，同比增长 3.33%。国内累计年度付费个人用户数 4,170 万，同比增长 17.49%，海外累计年度付费个人用户数 174 万。WPS 365 业务收入 4.37 亿元， 大幅增长 149%， ...

WPS AI 月活近 2000 万，WPS 365 开启新增长引擎 2025 年 03 月 20 日 投资评级：买入（维持） | 日期 | 2025/3/20 | | --- | --- | | 当前股价(元) | 323.60 | | 一年最高最低(元) | 408.68/167.18 | | 总市值(亿元) | 1,497.21 | | 流通市值(亿元) | 1,497.21 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 4.63 | | 近 3 个月换手率(%) | 74.32 | 股价走势图 -60% -40% -20% 0% 20% 40% 2024-03 2024-07 2024-11 2025-03 金山办公 沪深300 数据来源：聚源 计算机/软件开发 相关研究报告 《业绩超预期，携手 Deepseek 开启认 知智能新范式—公司信息更新报告》 -2025.3.2 《业绩符合预期，Q3 现金流高速增长 —公司信息更新报告》-2024.10.27 《WPS AI 年付费会员超百万，期待商 业化进程加速—公司信息更新报告》 -2024.8.21 ——公司信息更新报告 陈宝健（ ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 emerging as a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business saw significant revenue growth of 149.33% in 2024, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% year-on-year growth, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in the previous year [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit reaching 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts revenues of 5.962 billion CNY, 7.332 billion CNY, and 8.715 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 16.4%, 23.0%, and 18.9% [2][20]. - Net profit is expected to be 1.792 billion CNY, 2.128 billion CNY, and 2.546 billion CNY for the same years, with growth rates of 9.0%, 18.7%, and 19.6% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].

[Table_Page] 年报点评|计算机 AI 赋能下，个人业务稳健增长，WPS 365 开启增长新引擎 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） | 4556 | 5121 | 5962 | 7332 | 8715 | | 增长率（ % ） | 17.3% | 12.4% | 16.4% | 23.0% | 18.9% | | EBITDA（百万元） | 1216 | 1496 | 2065 | 2430 | 2816 | | 归母净利润（百万元） | 1318 | 1645 | 1792 | 2128 | 2546 | | 增长率（ % ） | 17.9% | 24.8% | 9.0% | 18.7% | 19.6% | | EPS（元/股） | 2.86 | 3.56 | 3.87 | 4.60 | 5.50 | | 市盈率（P/E） | 11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 5.121 billion yuan in 2024, a year-on-year increase of 12.4%, and a net profit of 1.645 billion yuan, up 24.8% year-on-year [4] - The company is focusing on enhancing its AI capabilities and has made significant investments in research and development, with R&D expenses reaching 1.696 billion yuan, a 15.16% increase year-on-year [4] - The company has successfully upgraded its WPS product line and expanded its user base, with 41.7 million paid personal users in China, a growth of 17.49% [4] - The company is expected to achieve revenues of 6.205 billion yuan, 7.543 billion yuan, and 9.221 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.915 billion yuan, 2.356 billion yuan, and 2.859 billion yuan [4] Financial Performance Summary - In 2024, the company reported a gross margin of 85.14% and a net profit margin of 32.13%, reflecting an improvement in operational efficiency [4] - The company's earnings per share (EPS) are projected to grow from 3.56 yuan in 2024 to 6.18 yuan in 2027 [2] - The price-to-earnings (PE) ratio is expected to decrease from 80.45 in 2024 to 54.86 in 2027, indicating potential value appreciation [2] Business Development Highlights - The company has integrated AI features into its WPS personal and enterprise products, enhancing productivity and collaboration [4] - The WPS 365 business segment has shown remarkable growth, with a revenue increase of 149.33% [4] - The company has a strong focus on expanding its overseas market, with 1.83 million yuan in revenue from international WPS personal business [4]

证券研究报告 金山办公 (688111 CH) 强化研发加速 AI 布局，看好 25 年商业化提速 2024 年公司销售/管理/研发费用率分别为 19.36%/7.86%/33.11%，同比 -1.87pct/-1.89pct/+0.79pct。研发费率增长主要由于 AI 产品研发的投入持续 加大，24 年公司在湖北武汉光谷发布政务大模型，并与东湖高新区签署战 略合作协议，并于 2025 年正式入驻武汉研发基地。我们认为，强劲的研发 投入与明确的 AI 战略下，25 年公司产品 AI 升级与商业化有望同步提速。 盈利预测与估值 我们预计公司 25-27 年收入分别为 62.39、77.05、96.78 亿元（前值 25-26 年 62.45、78.14 元）。可比公司 25 年 Wind 一致预期 PS 均值为 18.3 倍， 考虑公司卡位优势与产品优势，给予公司 25 年 30 倍 PS，对应目标价 404.54 元（前值 351.05 元，对应 25E 26xPS，可比均值 16.1xPS），维持"买入"。 金山办公 2024 年实现营收 51.21 亿元（yoy+12.40%），归母净利 16.45 亿 ...

主营业务中，WPS个人业务收入328,329万元，同比增长18.00%；WPS 365业务收入43,650万元，同比增 长149.33%；WPS软件业务收入126,795万元，同比下降8.56%；其他业务收入13,172万元，同比下降 37.17%。 中国经济网北京3月20日讯 金山办公(688111.SH)昨晚披露的2024年年度报告显示，报告期内，公司实现 营业收入512,084万元，同比增长12.40%；归属于母公司所有者净利润164,508万元，同比增长24.84%； 归属于母公司所有者扣除非经常性损益净利润155,634万元，同比增长23.30%；经营活动产生的现金流 量净额219,557.40万元，同比增长6.71%。 金山办公2019年11月13日披露的招股书显示，公司原拟募资205,012.53万元，用于WPSOffice办公软件 研发升级方向、办公领域人工智能基础研发中心建设方向、办公产品互联网云服务方向、办公软件国际 化方向。 本次发行费用（不含税）总额为17,245.73万元，其中保荐和承销费15,031.86万元。 报告期初资产总额为139.74亿元，负债总额为39.54亿元，资产负债 ...

Investment Rating - The report indicates a positive investment rating with a majority of recommendations being "Buy" and "Accumulate" over various time frames [11][12]. Core Insights - The company reported a revenue of 5.121 billion RMB for the year, reflecting a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.645 billion RMB, which is a 24.8% increase [1]. - The WPS AI product line has shown continuous iteration and growth, with personal user revenue reaching 3.283 billion RMB in 2024, up 18.0% year-on-year, and a total of 41.7 million paid personal users, an increase of 17.5% [2]. - The introduction of WPS 365 has successfully integrated document, collaboration, and AI capabilities, leading to significant revenue growth in this segment, with a 149.3% increase in revenue for WPS 365 [3]. - The company maintains a strong gross margin of 85.1% and has effectively controlled costs, resulting in a 68.8% increase in investment income [3]. Summary by Sections Performance Review - In Q4, the company achieved a revenue of 1.494 billion RMB, a 16.2% increase year-on-year, and a net profit of 605 million RMB, up 42.6% [1]. Operational Analysis - The active device count for WPS Office globally reached 632 million, a 6.2% increase year-on-year, with PC and mobile versions growing by 9.8% and 3.3% respectively [2]. Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 5.924 billion RMB, 6.883 billion RMB, and 8.059 billion RMB, with corresponding growth rates of 15.68%, 16.19%, and 17.10% [4]. - Net profit forecasts for the same period are 1.925 billion RMB, 2.255 billion RMB, and 2.650 billion RMB, with growth rates of 17.02%, 17.15%, and 17.50% respectively [4].

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， ...