[Table_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：24.02 元 税友股份（603171）计算机 目标价：29.26 元（6 个月） [Table_QuotePic] 相对指数表现 业绩稳健增长，B 端大有可为 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现收入 8.1亿元，同比+7.5%，实现 归母净利润 8823.6 万元，同比+0.9%，实现扣非归母净利润 8288.4 万元，同 比+17.8%。单 Q2 来看，公司实现收入 4.5 亿元，同比+5.7%，实现归母净利 润 5546.1万元，同比基本持平，实现扣非归母净利润 5585.6万元，同比+20.2%。 费用端管控良好，现金流大幅改善。从费用端来看，2024H1 公司销售费用率、 管理费用率、研发费用率分别为 14.8%、12.1%、25.5%，分别同比-0.85pp、 -0.72pp、-1.44pp。从成本端来看，2024H1，公司毛利率为 61.0%，同比-1.85pp， 净利率为 10.8%，同比-0.71pp。现金流方面，24Q ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 33.70, reflecting a 6-month outlook [5][10]. Core Insights - The company's B-end business is experiencing steady growth, with a notable increase in net profit margin (NPM) to 26.5% in 2024H1, up from 22.62% at the end of 2023 [5][9]. - The intelligent financial and tax service cloud business generated RMB 555 million in revenue, marking a 10.4% year-on-year increase, while net profit reached RMB 147 million, up 11.0% [5][9]. - The company is actively investing in AI and compliance technologies, enhancing its service offerings and aiming to lower the digitalization threshold for enterprises [2][5]. Summary by Sections Financial Performance - In 2024H1, total revenue was RMB 814 million, a 7.45% increase year-on-year, with a net profit attributable to shareholders of RMB 88.24 million, up 0.86% [5][9]. - The recurring net profit attributable to shareholders was RMB 82.88 million, reflecting a 17.81% increase [5][9]. - The company forecasts revenue growth to RMB 2.11 billion in 2024, with a projected net profit of RMB 172 million, and EPS expected to rise to RMB 0.42 [3][7]. Business Segments - The B-end business is highlighted for its robust growth, with the intelligent financial and tax service cloud platform serving 9 million active enterprise users, an increase of 9.8% [5][9]. - The G-end business, focusing on digital government services, achieved revenue of RMB 257 million in 2024H1, a 2.1% increase year-on-year [5][9]. Technological Advancements - The company has developed the "Xiyou" foundation model algorithm, which has passed regulatory approval, enhancing its capabilities in financial and tax services [5][10]. - Investments in vertical large language models are aimed at improving service efficiency and quality across various financial and tax business scenarios [2][5]. Market Position and Future Outlook - The company is positioned as a leader in the tax data application field in China, with a comprehensive product line and successful case studies across multiple industries [4][9]. - The ongoing financial and tax system reforms are expected to create new opportunities for the company, particularly in enhancing digital governance and tax management [4][10].

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 紧抓金税四期行业机遇，公司业绩稳步增 长 核心观点 ⚫ 事件：公司发布 2024 年中报，实现营业收入 8.14 亿元（同比+7.45%），归母净利 润 0.88 亿元（同比+0.86%），扣非净利润 0.83 亿元（同比+17.81%）。 ⚫ B 端：数智财税服务云业务三层服务价值体系有效降低企业财税数智化门槛，助力 公司 B 端业务稳步增长。在"以数治税"的行业大背景下，公司紧抓行业机遇，构 建从财税实务、合规税优到财经管理的三层服务价值体系，以"数字化工具+专业咨 询顾问服务"驱动财税服务产业升级。公司通过两种措施提升量价：一方面通过财 税实务 SaaS 产品提高市占率，另一方面不断完善合规税优 SaaS 产品，打造更专 业完备的服务价值体系，提高 ARPU 值。2024H1，公司数智财税服务云业务实现营 收 5.55 亿元（同比+10.4%），净利润 1.47 亿元（同比+11.0%），净利率 26.5%。 我们认为，公司企业财税实务数字化产品、财税风险及合规相 ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 税友股份（603171）公司半年报点评 2024 年 08 月 23 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------------------|-------------| | 股票数据 | | | 08 [ Table_StockInfo 月 22 日收盘价（元） ] | 23.29 | | 52 周股价波动（元） | 20.17-40.57 | | 总股本 / 流通 A 股（百万股） | 407/406 | | 总市值 / 流通市值（百万元） | 9483/9453 | | 相关研究 | | | [Table_ReportInfo] 《 B 端业务表现亮眼，财税大模型建设进展顺 | | 利》2024.04.22 《国内领先的财税 SaaS 龙头，B 端业务与数 据要素双轮驱动》2024.03.10 市场表现 [Table_QuoteInfo] ...

[Table_Contacts] [Table_Title] 税友股份（603171.SH） B 端进展较好，G 端减亏预期不变 [Table_Summary] 核心观点： ⚫ 公司披露 2024H1 财报。24H1 公司实现营收 8.14 亿元，同比+7.5%， 归母净利润 8824 万元，同比+0.9%，扣非归母净利润 8288 万元，同 比+17.8%；其中 24Q2 营收 4.52 亿元，同比+5.7%，归母净利润 5546 万元，同比-0.04%，扣非归母净利润-5586 万元，同比+20.2%。 ⚫ B 端经营较好，付费客户数稳健增长，合同负债同比增长 9.8%。（1） 上半年 B 端实现营收 5.5 亿元，同比+10.4%，实现净利润 1.5 亿元， 同比+11.0%，整体净利率 26.5%，较 2023 年提升 3.9pct；（2）用户 数保持稳健增长，活跃用户数较 23 年底增长 9.8%至 900 万户，付费 用户数较 23 年底增长 8.3%至 615 万户；（3）合同负债层面，以数智 财税服务云业务为主，24H1 合同负债总额为 7.1 亿元，同比增长 9.8%。 ⚫ G 端维持 24 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported stable growth in its performance for the first half of 2024, with revenue reaching 814 million, a year-on-year increase of 7.5%. The net profit attributable to shareholders was 88 million, up 0.9% year-on-year, while the net profit after deducting non-recurring items was 83 million, reflecting a 17.8% increase year-on-year [2][3]. - The company has effectively controlled expenses, with sales, management, and R&D expenses growing at rates lower than the revenue growth [2]. - The B-end business continues to perform well, with a significant increase in active enterprise users and paid users, while the G-end is expected to reduce losses following the completion of key projects [2][3]. - The implementation of a vertical large language model in the financial and tax domain has been achieved, enhancing product value and customer experience [2][3]. - The ongoing tax system reform is anticipated to drive growth, particularly in the G-end, by accelerating the rollout of the Jin Si system and expanding the market for financial and tax SaaS products [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 814 million, a 7.5% increase year-on-year. The G-end revenue was 257 million, up 2.1%, while the B-end revenue was 555 million, reflecting a 10.4% increase. The net loss for the G-end was 59 million, compared to a loss of 45 million in the same period last year [2]. - The company reported a net cash flow from operating activities of -284 million, an improvement from -316 million in the previous year [2]. Business Segments - The B-end business is showing continuous growth, with active enterprise users reaching 9 million and paid users at 6.15 million, marking an 8.3% year-on-year increase [2]. - The G-end business is expected to see reduced losses as key projects are completed, which will alleviate R&D pressures [2][3]. Future Outlook - The company forecasts net profits attributable to shareholders of 205 million, 416 million, and 558 million for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 48.9X, 24.1X, and 18.0X [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has shown stable performance in Q1 2024, with a significant increase in B-end user numbers and a solid foundation for future growth [6]. - The rapid rollout of the Golden Tax Phase IV projects is expected to enhance compliance and tax optimization demand in the second half of the year [6]. - The company’s B-end business has experienced a notable increase in revenue, with a slight decline in average revenue per user due to a rapid increase in basic product users [6]. Financial Performance - For H1 2024, the company reported total revenue of 814 million yuan, a year-on-year increase of 7.45%, and a net profit of 88.24 million yuan, up 0.86% year-on-year [6][5]. - The B-end business generated revenue of 550 million yuan, reflecting a year-on-year growth of 10.4%, with SaaS revenue contributing 468 million yuan [6]. - The gross margin for the B-end business improved to 73.3%, with a net profit margin of 26.5%, compared to 22.6% for the entire year of 2023 [6]. Revenue and Profit Forecast - The company’s revenue is projected to reach 2.087 billion yuan in 2024, with a year-on-year growth rate of 14.1%, and net profit is expected to be 209 million yuan, reflecting a significant increase of 150.4% [5][7]. - The forecast for 2025 and 2026 indicates continued growth, with revenues of 2.429 billion yuan and 2.844 billion yuan, respectively [5][7]. Market Comparison - The company’s current market valuation corresponds to a PE ratio of 47x for 2024, 27x for 2025, and 17x for 2026, compared to an average PE of 56x for comparable companies [7][8].

证券研究报告 | 公司动态点评 2024 年 08 月 19 日 税友股份（603171.SH） 2024 H1 业绩点评：报告期内业绩稳定提升，BG 双端持续发力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,698 | 1,829 | 2,105 | 2,469 | 2,970 | 股票信息 | | | 增长率 yoy （ % ） | 5.8 | 7.7 | 15.1 | 17.3 | 20.3 | | | | 归母净利润（百万元） | 144 | 83 | 245 | 335 | 454 | 行业 | 计算机 | | ...

证 2024 年 08 月 20 日 报 告 基本数据 2024-08-20 当前股价（元） 23.85 总市值（亿元） 97 总股本（百万股） 407 流通股本（百万股） 406 52 周价格范围（元） 20.41-40.45 日均成交额（百万元） 109.85 公 司 研 究 金税四期带动税务合规需求，B 端利润持续增长 —税友股份（603171.SH）公司事件点评报告 买入(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 市场表现 -50 -40 -30 -20 -10 0 10 (%) 税友股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《税友股份（603171）：持续受 益于金税四期全面推行，AI 合规税 务前景广阔》2024-06-28 税友股份发布半年报：2024Q2 营业收入 4.52 亿元，同比 +5.74%；归母净利润/扣非净利润为 0.55/0.56 亿元，同比0.04%/+20.21%。2024H1 营业收入 8.14 亿元，同比+7.45%； 归母净利润 / 扣 非 净 利 润 为 0.88/0.83 亿元，同比 +0 ...

证 券 研 究 报 告 税友股份（603171）2024 年半年报点评 推荐（维持） 扣非净利稳健增长，2B 活跃及付费用户逐步 攀升 事项： 8 月 19 日，公司发布 2024 年半年度报告。2024 年上半年，公司实现营业收入 8.14 亿元，同比增长 7.45%；归母净利润 0.88 亿元，同比增长 0.86%；扣非净 利润 0.83 亿元，同比增长 17.81%。 评论： 营收保持相对稳定，扣非净利润实现稳健增长。2024Q2 单季，公司实现营业 收入 4.52 亿元，同比增长 5.74%；归母净利润 0.55 亿元，同比降低 0.04%； 扣非净利润 0.56 亿元，同比增长 20.21%。2024 年上半年，公司实现销售毛利 率 61.11%，同比降低 1.85pct；销售净利率 10.84%，同比降低 0.63pct；扣非后 销售净利率 10.18%，同比增长 0.9pct。公司 2024H1 营收及归母净利润保持相 对稳定，扣非净利润实现稳健增长。 数智财税服务云平台活跃及付费用户数量逐步攀升，亿企薪福平台续费率持 续增长。2024H1，公司数智财税服务云业务（2B 业务）实现营业收入 5. ...