Jinshan Office (688111): Office Stars, Jinshan Wuyuan

Jinshan Office (688111): Office Stars, Jinshan Wuyuan
Kingsoft Office landed in Science and Technology and carried the banner of domestic SaaS.Jinshan Office was founded more than 30 years ago. It was born in the DOS era and experienced no one in the Windows era. It has re-emerged in the era of the mobile Internet and is now landing in the capital market.In addition to paying tribute to the homegrown independent software entrepreneur Kushiro Blue, we should also see the benefits that cloud computing brings to the software industry, the unstoppable SaaS trend, and the collaborative B-side industry, the first Internet-based industry.Overseas, Microsoft surpassed the cloud and office ecosystem to regain its growth vitality and return to the top of the global market value. After Jinshan, which dared to stand by the giant, seized the mobile exchange, personal subscriptions skyrocketed. Cloud observation indicators and financial characteristics can be called A-share SaaS models.In the field of mobile, collaborative, and intelligent office, it continues its journey to the stars.  The C terminal has a network effect at the beginning, and the B terminal autonomously and controllably opens the territory.Lightweight WPS, cross-platform terminal collaboration, and the richness 重庆耍耍网 of localized value-added services have become important factors favored by users, and C-side subscriptions have entered an excellent situation of both return and ARPU.At present, the company’s subscription services are mainly direct sales, and the proportion of mobile payment from WeChat is much higher than that of Alipay. We believe this is evidence that WPS Office has a certain network effect.The potential potential population of domestic office software is over 100 million, and we predict that the C-side subscription business space will exceed $ 2 billion / year.The B-side authorized business is committed to advancing independently and under control, achieving about 20 billion yuan in civil servants, institutional staff, and state-owned enterprises.  Office software boundary expansion, Jinshan more than 100 billion?Cloud collaboration is the development trend of office software reset. The startup dark horse has slackened rapidly, and many Internet companies have entered the game. Microsoft’s SharePoint, OneDrive, and team from the beginning of the Internet development have once again made its ecology invincible.From personal cross-platform collaboration to team cloud collaboration, to cross-application collaboration, Microsoft continues to extend the ecosystem and space of office software based on Office.WPS has taken the pace of integration and cross-application collaboration. Under the more favorable domestic market environment, the C-side ARPU value still has room for improvement.  Profit forecast and estimation.EPS is expected to be zero in 19-21.73/1.41/2.02 yuan, the leader of domestic software SaaS, independent controllable core target, C-side collaborative office has a bright future, and the number of subscriptions and ARPU value is expected to continue to rise.The first coverage, with reference to overseas high-growth SaaS company assessments, gives a 25-30 times PS estimate.  Risk warning: Subscriber growth is less than expected; B-end development is not up to expectations; market competition is exacerbated.