研報掘金丨中信建投:維持金山辦公“買入”評級,機構訂閲和信創業務表現亮眼
中信建投證券研報指出,金山辦公(688111.SH)24年實現歸母淨利潤16.45億元,同比增長24.84%。C端業務受宏觀影響增速略有放緩,機構訂閲和信創業務表現亮眼。B+C+G全面推廣AI戰略,用户量提升戰略短期影響ARPU,看好25年AI付費滲透率提升推動業績增長。當前公司注重AI普惠化(加大推廣力度,培育用户習慣),24年ARPU持平略降;隨着DS、Manus等產品極大提高用户對AI落地的想象空間,預計25年公司能較快提高AI產品用户的付費率,實現規模化商業落地。考慮信創市場回暖,疊加公司全面擁抱AI變革,WPS AI月活用户數快速增長,認為公司有望將AI產品的月活用户轉換為付費用户,帶動業績提升,維持“買入”評級。
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