Beijing Kingsoft Office Software Inc(688111) (688111)
event:
On December 22, Beijing Kingsoft Office Software Inc(688111) held a press conference on Jinshan digital office platform in Beijing, launched a platform product for digital transformation of large organizations – Jinshan digital office platform, and released three new products: Jinshan collaboration, light dimension table and Jinshan knowledge base.
comment:
Release of Jinshan digital office platform: Recently, the company officially released Jinshan digital office platform, a platform product based on Beijing Kingsoft Office Software Inc(688111) product matrix and bottom opening ability to meet the needs of large and super large organization users including government, state-owned enterprises, central enterprises and other leading enterprises to realize office digital transformation and upgrading. Jinshan digital office platform focuses on the comprehensive cloud of Beijing Kingsoft Office Software Inc(688111) product matrix and provides customized secondary development interface services. Through modular document capability and instant messaging capability, it takes the user’s own platform as the core to help customers build an independent digital office platform and enable the digital transformation and upgrading of office of large organizations.
Formation of comprehensive office capability matrix: in addition, the company has released three new products: 1) Jinshan collaboration – a new generation of collaborative office platform based on document conversation and integrating Beijing Kingsoft Office Software Inc(688111) various collaborative services; 2) Light dimension table – enhanced table software specially designed for multi person collaboration scenarios; 3) Jinshan knowledge base — a new generation of knowledge management tool supporting the construction of multi-functional structure and database. At present Beijing Kingsoft Office Software Inc(688111) has formed a comprehensive organization and office capability matrix, covering the whole life cycle of digital office, helping large organizations quickly complete the digitization of people, tools and processes in the organization, and realize unified security control.
Enterprise digital transformation is an inevitable choice for future development: in February this year, the SASAC of the State Council issued the notice on accelerating the digital transformation of state-owned enterprises, clarifying the basis, direction, focus and measures of the digital transformation of state-owned enterprises. Jinshan digital office platform launched “one office capability matrix, two middle platforms (document middle platform, collaboration middle platform), three enabling scenarios (full platform, module combination, capability embedding), and four delivery modes (public cloud, private cloud, hybrid cloud, and full information creation environment)” At the same time, it can solve the digital transformation problems of large-scale organizations such as easy information disclosure, high self construction cost and weak openness of existing products. At present Beijing Kingsoft Office Software Inc(688111) has established five major technology centers in China and service centers in 344 cities to promote the construction of digital office ecology by establishing an open service ecology and enabling partners from multiple dimensions such as technology, training and channels. With the development of Chinese enterprises’ online office trend and the continuous maturity of cloud technology, the demand for digital office transformation is becoming stronger and stronger. The company timely launched new products and improved the construction of enterprise cooperation platform, which will help open the growth space of b-end market and help the rapid development of performance.
Profit forecast: we expect the net profit of the company in 2021, 22 and 23 to be RMB 1.160/15.11/1.936 billion respectively, yoy + 32.14% / + 30.20% / + 28.14%, equivalent to EPS of RMB 2.52/3.28/4.20. At present, the corresponding PE of A-share price is 103 / 79 / 62 times, giving a “buy” rating.
Risk tips: 1. The R & D and promotion of new products are not as expected; 2. The digital transformation and demand of enterprises are less than expected; 3. The risk of intensified market competition.
