金山软件-“办公软件+游戏”双驱动-220922（英文版）（22页）.pdf

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1、 See the last page for disclaimer Page 1 of 22 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 计算机行业计算机行业 金山软件金山软件 Computer Sector Kingsoft(03888 HK)Company Report:Kingsoft(03888 HK)Daniel Tao 陶选(86755)2397 6885 公司报告：金山软件(03888 HK).hk 22 September 2022 Strong Gro

2、wth of Office Software and Gaming Business;Initiate With Accumulate“办公软件+游戏”双驱动，首予“收集”评级 We initiate Kingsoft(the Company)with a rating of Accumulate and a target price of HK$27.80.We forecast the Companys 2022-2024 basic EPS to be RMB0.105/RMB0.229/RMB0.432,respectively.Office software is leading t

3、he way and gaming innovation continues.The Company has strong competitive advantages in domestic productivity software and is the pioneer of productivity software localization for government and enterprises;Jianxia series(剑侠系列)are loved by many players,and the Company continues to explore new games

4、to drive growth.We believe that demand for digital office of government and enterprises and the revenue growth brought by mobile games will exceed expectations.With the trend of localization of office software for the government and huge market demand from enterprises,we think that revenue growth of

5、 office software business will exceed expectations;We believe that Jianxia series is still a rarity with its high quality in Wuxia(武侠)games,and it will be easier to attract more players with mobile games.Catalysts:Digital office budgets of government departments increase;the Company develops a popul

6、ar Jianxia series mobile game.Major Risks:1)The recovery of information technology application innovation sector does not meet expectations;2)the payment ratio of individual users drops;3)the market acceptance of new games does not meet expectations;4)risk of declining market acceptance of Jianxia s