Kingsoft Office opens up new AI technologies, where is the growth point of the second largest market capitalization company on the Sci-tech Innovation Board?

On the second anniversary of the Science and Technology Innovation Board, Kingsoft Office “shows its muscles.”

Since its listing on the Sci-tech Innovation Board in November 2019, Jinshan Office’s share price has risen all the way, and its market value ranks second among all Sci-Tech Innovation Board companies. It is also the largest software service company in A shares. As of today’s close, compared with the issue price, Jinshan Office’s share price has risen by more than 600%, with a total market value of over 150 billion yuan.

On the Science and Technology Innovation Board, which has always paid attention to the fineness of science and technology, the high market value of Kingsoft Office proves that investors recognize its technology research and development. From the perspective of R&D investment, Jinshan’s office R&D expenses accounted for more than 30% of total revenue in the past three years.

On July 22, this “technology-based” company also held its first technology open day on the second anniversary of the opening of the Sci-tech Innovation Board to “show its muscles” to the outside world. During the period, Kingsoft Office demonstrated WPS’s AI mid-office capabilities, released a deep learning open source framework, and opened up advanced AI technologies in the office field to the industry.

Release deep learning open source framework

On the day of the Open Day, Kingsoft Office released the artificial intelligence deep learning inference framework KSAI-lite, the industry’s first deep learning framework for the office field.

According to Kingsoft Office, KSAI-lite has free, open source, and cross-terminal features; it adapts to mainstream domestic and foreign software and hardware platforms, including domestic credit creation environments; it is significant in landing scenarios such as OCR (optical character recognition), machine translation, and smart proofreading. Advantage.

KSAI-lite established four goals when establishing the project: general purpose, high performance, light weight and professionalism. In the follow-up technical practice, the KSAI-lite team carried out the design and research and development of technical solutions around these four goals, and specifically optimized them in terms of multi-frame support, adaptation, performance, power consumption, and memory.

In addition, Kingsoft Office also simultaneously released the KSAI OCR open source model. According to reports, the OCR model and library file size does not exceed 9MB, which can be deployed lightly. The model has shown good performance in text detection, text classification and text recognition. The essence of OCR is to convert photos into machine encoding. text. At present, OCR technology has gradually become popular in the market and has become an important supplement to document information entry methods.

Yao Dong, vice president of Kingsoft office and head of AI middle station, revealed that the KSAI-lite framework is currently available on the mainstream open source community GitHub. In the future, KSAI-lite will continue to make efforts in richer platform adaptation capabilities, more personalized development methods, and more stable business support capabilities to provide solid AI support for mainstream products under Kingsoft Office and the industry.

Behind the open AI technology, Kingsoft Office’s AI business layout has begun to show results.

Kingsoft Office established AI Zhongtai in 2017. AI has become an important part of Kingsoft Office’s five major strategies of “multi-screen, content, cloud, AI, and collaboration”.

According to reports, Kingsoft Office AI Center focuses on computer vision and natural language processing related algorithm research, and has developed nearly 100 AI capabilities around the office field, covering full-text translation, document proofreading, intelligent writing, PPT beautification, data analysis, etc.

Kingsoft Office stated that its self-developed OCR and machine translation technologies have now reached the level of the first echelon in China, with smart proofreading over 7 billion words per month; intelligently generated content occupies 33.6% of the overall content resources, and smart beautification functions are active monthly The number of users exceeds one million; AI Zhongtai has also built an AI training platform based on distributed training, which includes a one-stop platform for training data processing, training scheduling, service monitoring and alerting, and link tracking.

Future growth points

Looking forward to the future, both AI technology and enterprise service products may become important growth points for Jinshan Office.

From a business perspective, Kingsoft Office is mainly engaged in the design, development and sales promotion of WPS Office office software products and services. Its main profit models include three types of office software product licenses, office service subscriptions and Internet advertising.

In 2020, Kingsoft Office achieved business revenue of 2.261 billion yuan, of which office software licensing business was 803 million yuan, a year-on-year increase of 61.90%; office service subscription business was 1.109 billion yuan, a year-on-year increase of 63.18%; Internet advertising promotion business was 349 million yuan, a year-on-year decrease of 13.61 %. With the substantial growth of multiple businesses, Jinshan Office’s net profit attributable to its parent in 2020 increased by 119.22% year-on-year to 878 million yuan.

However, in addition to the steady growth in performance, there have been constant doubts about the high valuation of Jinshan Office. According to Wind data, Jinshan office price-earnings ratio (TTM) is 145 times, and the industry average is 91.78 times.

The market view points out that Jinshan Office may be at risk of overvalued valuation. If Kingsoft Office fails to meet the market’s expectations of its performance growth, the high valuation may be eased by the downward adjustment of the stock price. Therefore, while maintaining the current good fundamentals, it is very important for Kingsoft to find new growth points.

Regarding the issue of future performance growth points, Yao Dong, vice president of Kingsoft Office and head of AI Zhongtai, said in an interview with 36 krypton that Kingsoft Office has certain room for improvement in technology, including functional and performance improvements, as well as There is room for growth in adaptation to various scenarios and AI auxiliary functions. In addition, Kingsoft Office still has a great opportunity to make enterprise service products, which has room for growth.

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