【券商聚焦】第一上海予金山软件(03888)持有评级 指当前估值尚未充分反映AI办公生态的货币化延展性

金吾财讯
03 Apr

金吾财讯 | 第一上海发研报指,金山软件(03888)2024Q4公司实现营业收入27.93亿元,同比增长20.88%;其中来自办公软件及服务的收入达15.01亿元,同比增长16.76%,增长主要来自于WPS个人用户增值服务与WPS365云协作业务,部分被WPS软件业务收入减少所抵销。游戏业务收入12.91亿元,同比增长26%,环比下降24%,主因季节性调整及商业化内容减少。归母净利润达4.60亿元,同比增长124%,环比增长11.3%;经营利润率提升至39.6%,主要受益于游戏业务超预期表现及费用优化。该行表示,办公业务收入 15.01亿元,同比增长16.8%,环比增长24.4%,全年收入51.21亿元。截至2024年底,WPS全球月活设备数达6.32亿,同比增长6%,其中国内PC端日活突破1亿;WPSAI月活用户近2000万,全年流水过亿元;WPS365全年收入4.37亿元,同比增长149%,新增华润集团、中粮集团等标杆客户。公司营收同比高增长主要受益于WPS365企业端的AI协同生态构建及C端订阅价值升级,环比增长动能来自传统软件授权业务的G端季节性集采兑现与订阅业务持续高留存,该行认为,当前估值尚未充分反映AI办公生态的货币化延展性。该行认为金山通过以用户为中心,坚定AI协作多屏云内容的战略,不断创新积极提升产品品质,为用户创造长久价值。考虑到游戏业务稳健发展,以及AI办公产品的加速落地,商业化进展还有待观察,给予目标价44港元,对应25年利润的20倍PE估值,较现价18%的涨幅,给予持有评级。

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