Bank of America Securities issued a research report stating thatbaccaratxmiffy, Kingsoft Software's operating income in the first quarter of fiscal year 2024 increased by 8% year-on-year, in line with market consensus and the bank's expectations. This was mainly due to solid growth in the company's office software business, but was partially offset by a 1% year-on-year decline in online games business.baccaratxmiffy; Net profit increased by 48% year-on-year and 39% quarter-on-quarter, mainly benefiting from the operating leverage and loss reduction factors of associates.
In addition, in response to the accelerated growth of its game business, Kingsoft Software management has increased its game business revenue growth target for fiscal year 2024 from a number of units to approximately 10%. Bank of America raised Kingsoft's net profit forecast for the fiscal year 2024 to 2026 by 10% to 12%. It also pointed out that the company is still the bank's first choice in the mainland software field, and raised its target price from HK$35 to HK$36, reiterating its "Buy" rating.
