Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][12] Core Views - The company has shown a recovery in revenue growth in Q3, with total revenue for the first three quarters reaching 3.627 billion yuan, an increase of 10.90% year-on-year. The net profit attributable to the parent company was 1.040 billion yuan, up 16.41% [2][8] - The company is increasing its R&D investment, with R&D expenses growing by 17.26% year-on-year, while sales and management expenses have decreased [2][8] - The personal subscription business is experiencing steady growth, driven by AI applications and the recovery of the domestic market [2][12] Summary by Relevant Sections Financial Performance - For Q3, the company reported revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit of 318 million yuan, up 8.33% [2][8] - The cash flow for Q3 was strong, with cash receipts of 1.409 billion yuan, an increase of 23.60% [2][8] Business Segments - Domestic personal subscription revenue reached 762 million yuan, growing by 17.24%, supported by new AI features in WPS AI 2.0 [2][12] - The company is expanding its presence in the government and institutional sectors, with institutional subscription revenue at 248 million yuan, a slight increase of 0.02% [2][12] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026 to 5.114 billion, 6.216 billion, and 7.606 billion yuan, respectively, with net profits projected at 1.506 billion, 1.871 billion, and 2.317 billion yuan [12][5] - The current price-to-earnings (PE) ratios are projected to be 90, 73, and 59 for the years 2024, 2025, and 2026, respectively [12][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][12] Core Views - The company has shown a recovery in revenue growth in Q3, with total revenue for the first three quarters reaching 3.627 billion yuan, an increase of 10.90% year-on-year. The net profit attributable to shareholders was 1.040 billion yuan, up 16.41% year-on-year [2][8] - The company is increasing its R&D investment, with R&D expenses growing by 17.26% year-on-year, while sales and management expenses have decreased [2][8] - The personal subscription business is experiencing robust growth, driven by AI applications and the recovery of the domestic market. The revenue from domestic personal subscriptions reached 762 million yuan, a year-on-year increase of 17.24% [2][8] - The company has launched WPS AI 2.0, which includes several new features that enhance user engagement and conversion rates [2][8] Financial Performance Summary - For Q3, the company reported revenue of 1.214 billion yuan, an increase of 10.53% year-on-year, and a net profit of 318 million yuan, up 8.33% year-on-year [2][8] - The cash flow performance in Q3 was strong, with cash receipts of 1.409 billion yuan, a 23.60% increase, and net cash flow from operating activities of 451 million yuan, up 31.10% [2][8] - The company expects revenue for 2024-2026 to be 5.114 billion, 6.216 billion, and 7.606 billion yuan, respectively, with net profits of 1.506 billion, 1.871 billion, and 2.317 billion yuan [12][5]

证券代码：688111 证券简称：金山办公 公告编号：2024-063 北京金山办公软件股份有限公司 一、 说明会类型 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 21 日（星期四）至 11 月 27 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 Ir@wps.cn进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 北京金山办公软件股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 28 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-064 北京金山办公软件股份有限公司 关于公司及子公司涉及诉讼的结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 案件所处的诉讼阶段：二审（终审）已判决 上市公司所处的当事人地位：被上诉人（一审被告） 判决结果：驳回上诉，维持原判 是否会对上市公司损益产生负面影响：终审法院判决结果为驳回原告冠 群公司的全部诉讼请求，案件受理费由原告冠群公司负担。本次诉讼对 公司本期利润和期后利润不存在影响。 一、本次诉讼的基本情况 北京冠群信息技术股份有限公司（以下简称"冠群公司"）因与北京金山办公 软件股份有限公司（以下简称"公司"）、北京数科网维技术有限责任公司（以 下简称"数科公司"）的侵害计算机软件著作权纠纷向北京知识产权法院提起诉 讼。2024 年 6 月，公司收到北京知识产权法院出具的《民事判决书》[（2023） 京 73 民初 755 号]，并披露了一审判决内容：驳回原告冠群公司的全部诉讼请求， 案件受理费由原告冠群公司负担。具体情况详见公司 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-062 北京金山办公软件股份有限公司 关于全资子公司签订关联交易合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 北京金山办公软件股份有限公司（简称"公司"）全资子公司 Kingsoft Office Software Corporation Limited（简称"金山办公香港"）拟与 Xiaomi Technologies Singapore Pte. Ltd.（简称"小米新加坡"）签署《Advertisement Service Agreement》（简称"广告服务协议"），通过在 WPS Office 海外安卓版 App 为 小米新加坡提供在线广告服务，双方就小米新加坡通过该广告获得的收入进行分 成，预计交易金额约为 697 万美元。 本次关联交易已经第三届董事会第二十一次会议及第三届独立董事专门 会议 2024 年第六次会议审议通过，无须提交股东大会审议。 一、关联交易概述 公司全资子公司金山办公香港与小米新加坡签署广告服务协议， ...

第三届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688111 证券简称：金山办公 公告编号：2024-061 北京金山办公软件股份有限公司 一、 监事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第三届监事会第十九次 会议通知于 2024 年 11 月 14 日以邮件方式发出送达全体监事，会议于 2024 年 11 月 19 日以现场会议结合通讯表决方式召开。本次会议应参加表决监事 3 人， 实际参加表决监事 3 人。本次会议的召集、召开和表决情况符合法律、行政法规、 部门规章、规范性文件以及《北京金山办公软件股份有限公司章程》《北京金山 办公软件股份有限公司监事会议事规则》的相关规定。 二、 监事会会议审议情况 （一）审议通过《关于公司全资子公司签订关联交易合同的议案》 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）和指定媒 体的《金山办公关于全资子公司签订关联交易合同的公告》（公告编号： 2024-062）。 表决情况：3 票同意；0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company has shown a recovery in revenue growth in Q3, with a year-on-year increase of 10.53%, and a net profit growth of 8.33% [2]. - The introduction of new AI features in WPS AI has enhanced user engagement and conversion rates, contributing to a 17.24% increase in revenue from personal office services [3]. - The B-end subscription business has performed well, driven by SaaS and domestic institutional subscriptions, indicating a positive turning point for the company's performance [4]. Financial Data Summary - Revenue (in million CNY): - 2022: 3,884.96 - 2023: 4,555.97 - 2024E: 5,220.20 - 2025E: 6,475.42 - 2026E: 8,095.29 - Revenue Growth Rate (%): - 2022: 18.44 - 2023: 17.27 - 2024E: 14.58 - 2025E: 24.05 - 2026E: 25.02 [7][9] - Net Profit (in million CNY): - 2022: 1,117.53 - 2023: 1,317.74 - 2024E: 1,515.58 - 2025E: 1,968.55 - 2026E: 2,573.80 - Net Profit Growth Rate (%): - 2022: 7.33 - 2023: 17.92 - 2024E: 15.01 - 2025E: 29.89 - 2026E: 30.75 [7][9] - Earnings Per Share (CNY): - 2022: 2.42 - 2023: 2.85 - 2024E: 3.28 - 2025E: 4.26 - 2026E: 5.56 [7][9] - Price-to-Earnings Ratio (P/E): - 2022: 116.92 - 2023: 99.16 - 2024E: 86.21 - 2025E: 66.38 - 2026E: 50.77 [7][9] - Price-to-Book Ratio (P/B): - 2022: 14.98 - 2023: 13.13 - 2024E: 11.66 - 2025E: 10.39 - 2026E: 9.10 [7][9] - EV/EBITDA: - 2022: 45.57 - 2023: 50.04 - 2024E: 75.37 - 2025E: 58.42 - 2026E: 44.29 [7][9]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 3.627 billion yuan (+10.90%) and a net profit of 1.04 billion yuan (+16.41%) for the first three quarters of 2024, with a significant increase in operating cash flow [1]. - The personal subscription business continues to grow steadily, while the "Xin Chuang" (信创) business shows signs of recovery, particularly in the domestic personal office service subscription segment [1][2]. - The company is increasing its R&D investment to enhance product competitiveness, with a gross margin of 85.47% in Q3 2024 [2]. - Active user metrics are accelerating, with a total of 618 million monthly active devices as of September 30, 2024, reflecting a year-on-year growth of 4.92% [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.214 billion yuan (+10.53%) and a net profit of 318 million yuan (+8.33%) [1]. - The projected revenues for 2024-2026 are 5.177 billion yuan, 6.204 billion yuan, and 7.741 billion yuan, representing year-on-year growth rates of 13.63%, 19.85%, and 24.77% respectively [2]. - The expected net profits for the same period are 1.518 billion yuan, 1.825 billion yuan, and 2.247 billion yuan, with growth rates of 15.18%, 20.22%, and 23.16% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Views - The company continues to show steady growth in Q3, with a focus on AI integration and subscription model development [1][4][6] - The personal subscription business is experiencing robust growth, supported by new AI features that enhance user engagement and conversion [4][5] - The institutional subscription business has seen a slowdown in growth, but the company is actively expanding into the public cloud market to improve revenue streams [5][6] Financial Performance - For the first three quarters, the company achieved revenue of 36.27 billion yuan, a year-over-year increase of 10.90%, and a net profit of 10.40 billion yuan, up 16.41% year-over-year [1][4] - In Q3 alone, the company reported revenue of 12.14 billion yuan, a year-over-year increase of 10.53%, and a net profit of 3.18 billion yuan, up 8.33% year-over-year [4][5] - Research and development expenses reached 12.62 billion yuan, accounting for 34.78% of revenue, reflecting a year-over-year increase of 17.26% [1][4] Subscription Business Insights - The domestic personal office service subscription revenue for Q3 was 7.62 billion yuan, representing a year-over-year growth of 17.24% [4][5] - Monthly active users increased, with the main product's active device count reaching 618 million, a year-over-year growth of 4.92% [4][5] - The institutional subscription revenue for Q3 was 2.48 billion yuan, showing minimal growth of 0.02% year-over-year, indicating a need for strategic adjustments [5][6] Future Projections - The company forecasts revenues of 53.05 billion yuan, 65.72 billion yuan, and 82.72 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 16.44%, 23.89%, and 25.86% [5][7] - Net profit is projected to reach 15.00 billion yuan, 18.54 billion yuan, and 23.51 billion yuan for the same years, with corresponding growth rates of 13.86%, 23.59%, and 26.78% [5][7]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -40% -28% -16% -4% 9% 21% 2023-11 2024-03 2024-07 2024-11 -金山办公 2024 年三季报点评 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 金山办公 上证指数 [Table_Report] 相关报告 业绩稳健增长，AI 化及信创有望加速 金山办公(688111) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | |--------------------------------|-------|--------| | | | | | | | | | [Table_Invest] 评级： | | 增持 | | | : | 增持 | | [Table_Target] 目标价格： | | 351.46 | | | : | 350.64 | | [ 当前价格 ...