金山办公（688111）：业绩稳健，股权激励彰显增长信心

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated steady revenue growth with a 6.22% year-on-year increase in Q1 2025, achieving revenue of 1.301 billion yuan and a net profit of 403 million yuan, reflecting a 9.75% increase [1] - The company's gross profit margin improved to 85.96%, the highest level in the past four quarters, contributing to an increase in net profit margin to 30.95% [1] - The company is focusing on enhancing its R&D investments while optimizing sales and management expense ratios [1] - The personal business and WPS 365 are key drivers of revenue growth, with WPS 365 revenue increasing by 62.59% year-on-year [2] - The company launched a stock incentive plan, indicating confidence in revenue growth, with specific targets set for WPS 365 [3] - Revenue forecasts for 2025-2027 are projected at 6.095 billion, 7.297 billion, and 8.742 billion yuan, with expected growth rates of 19.02%, 19.72%, and 19.80% respectively [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.301 billion yuan, a 6.22% increase year-on-year, and a net profit of 403 million yuan, up 9.75% [1] - The gross profit margin reached 85.96%, an increase of 1.16 percentage points year-on-year, while the net profit margin improved to 30.95% [1] - The company’s sales, R&D, and management expense ratios were 16.7%, 36.1%, and 8.0% respectively, with a decrease in sales expense ratio by 0.92 percentage points [1] Business Segments - WPS personal business revenue was 857 million yuan, growing by 10.86% year-on-year, while WPS 365 revenue surged by 62.59% to 151 million yuan [2] - The total monthly active devices reached 647 million, a 7.92% increase year-on-year, with the PC version growing by 11.30% [2] Incentive Plans and Growth Targets - The company announced a stock incentive plan for 198 individuals, granting up to 3.46 million restricted shares, with revenue growth targets set at 10% annually for 2025-2029 [3] - Specific revenue growth targets for WPS 365 are set at 30% annually, reflecting the company's strategic focus on this segment [3] Revenue and Profit Forecasts - Projected revenues for 2025, 2026, and 2027 are 6.095 billion, 7.297 billion, and 8.742 billion yuan, with net profits expected to be 1.965 billion, 2.386 billion, and 2.884 billion yuan respectively [4]