The company built a product line of AIGC + Copilot + Insight. The company has been investing in AI technology for a long time. As early as 2017, the company set up AI Zhongtai to raise artificial intelligence to a strategic position within the company. In 2018, the company formally established four strategies of "multi-screen, cloud, AI and content. Under the wave of big model technology, the company has built an AI product line with "AIGC + Copilot + Insight" as the core, of which

AIGC: intelligent content creation. By leveraging the power of large models, AIGC helps each user optimize the creative process and improve the efficiency and quality of presentation. As digitization continues to penetrate all walks of life, the need for more efficient creation and management is becoming more apparent. In WPS, users can directly use AIGC related functions to carry out tasks such as article continuation and PPT generation. Avoid creating from 0 to 1, saving a lot of time to search for information. AIGC can provide a more convenient generation tool, no longer limited by the template, closer to the needs of users;

Copilot: interactive way of change. 1) In the text field, Copilot supports voice wake-up and time recording: users can directly wake up Copilot by voice, write down inspiration anytime and anywhere, and create with Copilot in real time; 2) In the form, the user's instructions are Copilot understood and converted into formulas: in Excel, only the requirements need to be input, and the Copilot is intelligently converted into formulas on the basis of understanding the user's instructions.

Insight: refining unstructured data, improve the efficiency of knowledge reuse. Insight can analyze the text in seconds and summarize the meaning of the article. In PDF, Insight can quickly refine the key points and answer questions according to the content. With the help of Insight, enterprises can understand, refine, and apply unstructured data more efficiently, quickly find the information they need, and use it in decision management to achieve efficiency upgrades.

in the access to the general model based on the company's own research professional model, is committed to the WPS AI capabilities to enhance and improve. The company has carried out self-research on small models based on the industry's open source base model, such as 7B and 13B. Its advantages are fast training and reasoning, less consumption of reasoning resources, easier realization of hundreds of milliseconds of search, and good reading comprehension effect. It solves the disadvantages of the lack of ability of general large models in specific scenarios, high cost of deployment, reasoning, operation and maintenance, and low cost performance. The total corpus of the company's 7B model is TB level, with Chinese accounting for about 65%, and the training efficiency can reach 1600 token/sec/gpu. Judging from the training effect, its performance in natural language understanding tasks is better than that of the other three open source 6B/7B models in the industry. The total corpus of the 13B model of the company is about trillion token, with Chinese accounting for about 10%. The distributed strategy under its optimal training efficiency is determined. The training utilization rate on several A800 is higher than 65%, and the effect is remarkable.

Investment advice: Office software is expected to be the first area for AI to deliver performance, the company is accelerating its full integration into AI, and the valuation system is expected to usher in a systematic restructuring. The company is expected to achieve 23-25 years of net profit of 15.24, 22.30, 2.951 billion yuan, corresponding to PE were 105X, 71X, 54X, optimistic about the company's business prospects, maintain a "recommend" rating.

Risk Warning: The pace of technology landing is not as fast as expected, and competition in the industry is intensifying.