Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a revenue of 1.28 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 7.4%. The net profit attributable to shareholders was 120 million yuan, up 12.1% year-over-year, while the net profit excluding non-recurring items reached 110 million yuan, reflecting a 24.8% increase year-over-year [3][4]. - In Q3 2024, the company achieved a revenue of 470 million yuan, a year-over-year growth of 7.3%, and a net profit of 27.7 million yuan, which is a significant increase of 73.4% year-over-year. This performance aligns with expectations [3][4]. - The growth in revenue is attributed to stable G-end income and increased B-end income, primarily driven by the growth in the digital tax SaaS business [3][4]. - The gross margin for Q3 2024 was 59.5%, remaining stable compared to 59.9% in Q3 2023. The company anticipates potential improvements in gross margin as the macroeconomic environment recovers and B-end SaaS products gain traction [3][4]. - As of September 30, 2024, the company's contract liabilities amounted to 750 million yuan, a year-over-year increase of 12%, indicating a growing demand for B-end SaaS compliance tax reporting [3][4]. - The company reported accounts receivable of 170 million yuan, down 13.6% year-over-year, suggesting an improvement in receivables management as the promotion of the Golden Tax Phase IV accelerates [3][4]. - The operating cash flow for the first three quarters of 2024 showed a net outflow of 100 million yuan, which is an improvement of 120 million yuan compared to the same period last year. In Q3 2024, the company recorded a net inflow of 180 million yuan, an increase of 90 million yuan year-over-year [4]. - The report highlights the accelerated penetration of B-end compliance tax SaaS due to the rollout of the Golden Tax Phase IV, which is expected to enhance the company's market position [4]. - The revenue forecast for the company is projected to be 2.09 billion yuan, 2.43 billion yuan, and 2.84 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 209 million yuan, 354 million yuan, and 556 million yuan for the same years [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved a revenue of 1.284 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 7.38%. The net profit attributable to shareholders reached 116 million yuan, up 12.06% year-on-year, while the net profit excluding non-recurring items was 106 million yuan, reflecting a significant growth of 24.82% [2]. - In Q3 2024, the company reported a single-quarter revenue of 469 million yuan, a year-on-year increase of 7.26%. The net profit attributable to shareholders for the quarter was 28 million yuan, showing a remarkable growth of 73.40% year-on-year, and the net profit excluding non-recurring items was 23 million yuan, up 58.24% year-on-year [2]. - The company has successfully registered its "Xiyou" large model algorithm, marking a significant advancement in the application of AI in the financial and tax sectors. This model aims to enhance efficiency and service quality in tax management for small and micro enterprises [2]. - The ongoing fiscal and tax reforms in China are expected to create incremental demand for information technology in the sector. The company is positioned as a core vendor in tax IT system construction, with potential new growth opportunities arising from the new round of fiscal and tax reforms [2]. - The forecasted net profits for the company from 2024 to 2026 are expected to be 203 million yuan, 294 million yuan, and 366 million yuan, respectively, with year-on-year growth rates of 143%, 45%, and 25%. The current market capitalization corresponds to PE ratios of 57, 39, and 31 times for the years 2024 to 2026 [2]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 1.284 billion yuan, with a net profit of 116 million yuan and a net profit excluding non-recurring items of 106 million yuan [2]. - The projected revenue growth rates for the years 2024, 2025, and 2026 are 15.1%, 17.6%, and 15.0%, respectively [3]. - The company's net profit is expected to grow from 202 million yuan in 2024 to 366 million yuan in 2026, with corresponding growth rates of 143.2% and 24.5% [6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's B-end business is developing rapidly, with a significant year-on-year profit increase in Q3 2024 [3] - The company reported a revenue of 1.284 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 116 million yuan, up 12.06% year-on-year [3] - The company is expected to benefit from upcoming fiscal reforms and the development of its AI-driven tax management product, "Xiyou," aimed at small and micro enterprises [3] Financial Performance - In Q3 2024, the company achieved a revenue of 469 million yuan, a year-on-year increase of 7.26%, and a net profit of 28 million yuan, up 73.4% year-on-year [3] - The net profit margin for Q3 2024 was significantly improved due to effective cost control, with sales, management, R&D, and financial expense ratios at 19.91%, 10.76%, 25.27%, and -1.33% respectively [3] - The gross profit margin remained stable at 59.49%, slightly down from 59.92% in the same period last year [3] Future Projections - The company is projected to achieve revenues of 1.976 billion yuan, 2.170 billion yuan, and 2.409 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 148 million yuan, 243 million yuan, and 345 million yuan [3] - The expected price-to-earnings (PE) ratios for these years are 77.78, 47.43, and 33.34 respectively [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥469,148,250.28, representing a year-on-year increase of 7.26%[2] - Net profit attributable to shareholders for Q3 2024 reached ¥27,697,997.85, a significant increase of 73.40% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥23,370,203.90, up by 58.24% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.07, reflecting a 75.00% increase compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 1,283,632,049.70, an increase of 7.36% compared to CNY 1,195,407,388.33 in the same period of 2023[15] - Net profit for the third quarter of 2024 was CNY 116,145,053.26, compared to CNY 102,836,953.19 in the previous year, marking an increase of 12.73%[17] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 115,934,479.97, an increase from CNY 103,461,481.33 in Q3 2023, representing a growth of approximately 12.5%[18] - Basic earnings per share for Q3 2024 increased to CNY 0.29 from CNY 0.25 in Q3 2023, reflecting a growth of 16%[18] Assets and Liabilities - Total assets as of the end of the reporting period were ¥3,763,402,334.59, a decrease of 2.28% from the end of the previous year[3] - As of September 30, 2024, the total assets of the company amounted to RMB 3,763,402,334.59, a decrease from RMB 3,851,262,984.17 at the end of 2023[10] - The company's total liabilities decreased to CNY 1,265,222,112.11 from CNY 1,417,219,996.28, a reduction of approximately 10.70%[14] - The total amount of contract liabilities decreased to CNY 748,910,069.12 from CNY 825,564,440.13, a decline of 9.30%[14] - The company reported a decrease in employee compensation payable to CNY 164,670,927.86 from CNY 309,445,915.98, a reduction of 46.80%[14] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥104,377,740.40[2] - Net cash flow from operating activities for the first nine months of 2024 was negative CNY 104,377,740.40, an improvement compared to negative CNY 222,990,880.05 in the same period of 2023[19] - Cash inflow from operating activities totaled CNY 1,521,795,637.97 for the first nine months of 2024, up from CNY 1,221,450,667.08 in 2023, marking an increase of approximately 24.6%[19] - The company reported cash outflow from operating activities of CNY 1,626,173,378.37 for the first nine months of 2024, compared to CNY 1,444,441,547.13 in 2023, indicating a rise of about 12.6%[19] - Cash flow from investing activities for Q3 2024 was negative CNY 103,391,972.13, compared to negative CNY 87,039,863.39 in Q3 2023[19] - Total cash inflow from financing activities for Q3 2024 was CNY 1,073,051,288.12, down from CNY 1,395,773,182.50 in Q3 2023, a decrease of approximately 23.1%[19] - The company’s cash and cash equivalents at the end of Q3 2024 stood at CNY 1,389,990,810.02, down from CNY 1,457,789,493.39 at the end of Q3 2023[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,543[7] - There are no significant changes in the shareholding structure among the top shareholders, with no new financing or margin trading activities reported[9] Research and Development - Research and development expenses for the first three quarters were CNY 326,008,690.85, slightly up from CNY 320,643,567.29, indicating a focus on innovation[15] Future Outlook - The company plans to continue focusing on improving operational efficiency and exploring new market opportunities in the upcoming quarters[19] - The company has not provided specific guidance for future performance or market expansion strategies in this report[9] - The company has not disclosed any new product launches or technological advancements during this reporting period[9]

证券代码：603171 证券简称：税友股份 公告编号：2024-044 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 13 日（星期三）下午 13:00-14:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 6 日（星期三）至 11 月 12 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ServyouStock@servyou.com.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 税友软件集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 202 ...

北京金杜（杭州）律师事务所 关于税友软件集团股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票的 法律意见书 致：税友软件集团股份有限公司 北京金杜（杭州）律师事务所（以下简称本所）受税友软件集团股份有限公 司（以下简称公司或税友股份）委托，作为公司 2023 年限制性股票激励计划（以 下简称本激励计划）的专项法律顾问，根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股权激励管理办法》（以下简称《管理办法》）等法律、法规、部门规章、 规范性文件以及《税友软件集团股份有限公司章程》（以下简称《公司章程》）、 公司《2023 年限制性股票激励计划（草案）》（以下简称《激励计划》）的有关 规定，就公司本次回购注销部分限制性股票（以下简称本次回购注销）所涉及的 相关事项，出具本法律意见书。 为出具本法律意见书，本所依据《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等有关规定，收集了相关证据 材料，查阅了按规定需要查阅的文件以及本所认为必须查阅的其他文件。在公司 保证提供了本所为出具本法律意见书所要 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-043 二、截至本公告披露日，公司（含控股子公司）最近十二个月使用募集资 金进行现金管理的情况 1 说明：按照期间单日最高余额计算表中的最高投入金额；最近一年净资产、净利润分别为归 属于上市公司股东的净资产、归属于上市公司股东的净利润，按照税友股份 2023 年度合并 报表提供数据；现金管理授权总额度为 2024 年授权额度。 特此公告。 税友软件集团股份有限公司 关于使用闲置募集资金进行现金管理提前赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 税友软件集团股份有限公司（以下简称"公司"）于 2023 年 4 月 15 日分别 召开第五届董事会第十三次会议和第五届监事会第十二次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高不超过人民 币 2.7 亿元（含本数）的暂时闲置募集资金购买安全性高、流动性好、满足保本 要求的理财产品，自公司董事会审议通过之日起 12 个月内有效，在上述额度范 围内，资金可以滚动使用。公司于 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-042 税友软件集团股份有限公司 关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 回购注销原因：根据税友软件集团股份有限公司（以下简称"公司"）2023 年限制性股票激励计划（以下简称"《激励计划》"）的规定，2 名激励对象因 离职不再具备激励对象资格，71 名激励对象因限制性股票第一个解除限售期公 司层面业绩考核指标未达标，不满足解除限售条件，公司董事会决定对其已获授 但尚未解除限售的 424,250 股限制性股票进行回购注销。 ● 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 424,250 | 424,250 | 2024 年 | 10 | 月 | 16 | 日 | 一、本次限制性股票回购注销的决策与信息披露 1、根据《激励计划》相关规定，2024年7月1日，公 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-041 税友软件集团股份有限公司 关于使用闲置募集资金进行现金管理提前赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 税友软件集团股份有限公司（以下简称"公司"）于 2023 年 4 月 15 日分别 召开第五届董事会第十三次会议和第五届监事会第十二次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高不超过人民 币 2.7 亿元（含本数）的暂时闲置募集资金购买安全性高、流动性好、满足保本 要求的理财产品，自公司董事会审议通过之日起 12 个月内有效，在上述额度范 围内，资金可以滚动使用。公司于 2024 年 4 月 12 日分别召开第六届董事会第三 次会议和第六届监事会第三次会议，审议通过了《关于使用部分闲置募集资金进 行现金管理的议案》，同意公司使用最高不超过人民币 1.7 亿元（含本数）的暂 时闲置募集资金购买安全性高、流动性好、满足保本要求的理财产品，自公司董 事会审议通过之日起 12 个月内有效，在上述额度范围内 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.26 CNY over the next six months, based on a current price of 24.02 CNY [1][7]. Core Insights - The company reported a steady revenue growth of 7.5% year-on-year, achieving 810 million CNY in revenue for the first half of 2024. The net profit attributable to shareholders was 88.24 million CNY, reflecting a 0.9% increase, while the non-recurring net profit rose by 17.8% to 82.88 million CNY [2]. - The company has effectively controlled expenses, leading to significant improvements in cash flow, with a net operating cash flow of 76.09 million CNY in Q2 2024, reversing previous losses [2]. - The government sector (G-end) revenue grew by 2.1% to 260 million CNY, while the business sector (B-end) saw a 10.4% increase in revenue to 550 million CNY, indicating strong growth potential in both segments [2][5]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 810 million CNY, with a net profit of 88.24 million CNY and a non-recurring net profit of 82.88 million CNY. The Q2 revenue was 450 million CNY, with a net profit of 55.46 million CNY [2][10]. - The company’s gross margin was 61.0%, with a net margin of 10.8% [2]. Business Segments - G-end business revenue reached 260 million CNY, driven by projects like the national rollout of the electronic tax bureau and enhancements in social security management systems [2][5]. - B-end business revenue was 550 million CNY, with a significant increase in active enterprise users on the digital tax service platform, reaching 9 million [2][5]. Earnings Forecast - The company is projected to achieve revenues of 2.04 billion CNY, 2.28 billion CNY, and 2.59 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 153.73 million CNY, 253.63 million CNY, and 390.55 million CNY [3][6]. - The expected EPS for 2024, 2025, and 2026 are 0.38 CNY, 0.62 CNY, and 0.96 CNY, with dynamic PE ratios of 64, 39, and 25 respectively [3][6]. Valuation - The company’s current PE ratio is 64, significantly lower than the industry average of 258, indicating potential undervaluation [7][8]. - The report suggests a target PE of 77 for 2024, leading to a target price of 29.26 CNY, reflecting confidence in the company's growth prospects [7].