AIGC + Copilot + Insight make up the company's AI product line. AIGC is mainly used for content generation, and can generate a complete PPT with a topic description. Copilot is to simplify the complex, in the form of intelligent assistant, greatly reduce the use of office software threshold, so as to improve work efficiency.

Insight is used to tap the potential of data, which is based on the understanding of AI documents, can process unstructured data, improve the efficiency of knowledge reuse.

the company adopted a multi-tool comprehensive response to the engineering challenges of AI. In order to solve the problem of access and call of different large models in engineering, the company introduced AI gateway for unified management. In order to allow non-technical personnel to perform low-cost prompt word tuning, the company introduced a prompt word platform. In order to solve the problem of the ability, speed and cost of large model reasoning, on the one hand, the company conducts model self-research, greatly reduces the amount of parameters, on the other hand, tries to use consumer-grade graphics cards for reasoning. In order to make full use of computing power, the company has developed a complete internal server management model, balancing the relationship between training and reasoning.

Beyond Office, the sword refers to enterprise digital assets. With the blessing of AI, we believe that the company already has the ability to surpass the traditional Office. Its AI-based document library intelligent question and answer can effectively break through the boundary of the traditional knowledge base. With the blessing of various recall strategies, the company is expected to greatly improve the illusion problem of large models and enter the pan-OA field such as knowledge management.

Jinshan office is a company that really makes AI products, and AI is expected to greatly improve the company's performance. It is not difficult to find that the company has made overall and detailed considerations from the bottom-level architecture, middle-level interfaces and upper-level applications. We believe that the company's AI products can significantly boost the ARPU and paid penetration of the company's existing products, as well as expand the boundaries of the company's products, the company's TAM is expected to increase by billions, and with lower reasoning costs, the company's profit margin is expected to exceed expectations.

investment advice: maintain a "buy" rating. The company is expected to achieve operating income of 48.31/61.90/7.72 billion yuan from 2023 to 2025, up 24.35/28.13/24.72 YoY, and net profit of 14.46/18.60/2.283 billion yuan, up 29.43/28.59/22.73 YoY.