| --- | --- | |-------------------------------------------------------|----------------| | 股票数据 | | | 04 [ Table_StockInfo 月 19 日收盘价（元） ] | 21.61 | | 52 周股价波动（元） | 20.17-46.10 | | 总股本 / 流通 A 股（百万股） | 407/90 | | 总市值 / 流通市值（百万元） | 8799/1956 | | 相关研究 | | | [Table_ReportInfo] 《国内领先的财税 SaaS 龙头， | B 端业务与数 | | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | -21.2 | -19.7 | -27.6 | | 相对涨幅（ % ） | -20.2 | -23.8 | -35.9 | | 资料来源：海通证券研究所 ...

Investment Rating - The report maintains a "Buy" rating for the company [26][27]. Core Insights - The company achieved a revenue of 1.829 billion yuan in 2023, representing a year-on-year growth of 7.71%. However, the net profit attributable to shareholders decreased by 42.05% to 83 million yuan [7][26]. - The B-end performance showed stable growth, with revenue reaching 1.085 billion yuan, up 13.84% year-on-year, and a net profit of 245 million yuan, up 37.37% year-on-year [4][7]. - The G-end performance was impacted negatively, with revenue of 738 million yuan, a slight decline of 0.07%, and a net loss of 162 million yuan due to a significant drop in gross margin [7][8]. - The company has effectively optimized operational efficiency, with cost control measures resulting in sales and management expenses growing at rates lower than revenue growth [8]. - The implementation of the "Golden Four" project is expected to enhance tax compliance needs among enterprises, driving the demand for standardized financial and tax SaaS services [8][25]. - The integration of AI capabilities is anticipated to open up long-term growth opportunities for the company, enhancing both G-end cost efficiency and B-end value [9][25]. Financial Summary - The company reported a net operating cash flow of 244 million yuan in 2023, a significant increase of 171.99% [7]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 252 million yuan, 434 million yuan, and 603 million yuan, respectively, with corresponding price-to-earnings ratios of 34.4X, 20.0X, and 14.4X [26][27].

证券研究报告 | 公司动态点评 2024 年 04 月 17 日 2023 年度业绩点评：B 端表现持续向好，G 端表现期待回暖 事件：4月 15 日，税友股份发布 2023 年报。2023 年全年，公司实现营业收 入 18.29 亿元，同比增长 7.71%；归母净利润 0.83 亿元，同比下降 42.05%； 扣非净利润 0.61 亿元，同比下降 40.17%。 B 端盈利能力增强，G端长期需求不改：利润端，公司 B 端业务 2023 年毛 利率为 73.86%，同比提高 0.89Pct，净利率为 22.62%，同比提高 3.87Pct。 G 端业务 2023 年毛利率为 28.86%，同比减少 11.30Pct。从盈利能力来看， 公司 B 端业务毛利率及净利率保持提升，但 G 端业务盈利能力有所降低。业 务参与方面，公司 2023 年扎实完成了 B 端业务年初制定的市占率提高、ARPU 及续约率等目标，带动公司 B 端盈利能力增强；在 G 端，公司围绕国家金税 工程建设，承担起攻坚金税四期和完善自然人税费（个税、社保等）数字化 治理体系建设的重任，行业地位得到进一步巩固和提升。我们认为，公司在 B 端业务 ...

根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等要求，税友软件集团股份有限公司（以下简称"公 司"）董事会，就公司在任独立董事葛晓萍、孙林、王泰元的独立性情况进行评 估并出具如下专项意见： 税友软件集团股份有限公司董事会 2024 年 4 月 16 日 经核查独立董事葛晓萍、孙林、王泰元及其直系亲属和主要社会关系人员 的任职经历以及独立董事签署的相关自查文件，独立董事葛晓萍、孙林、王泰 元不存在《上市公司独立董事管理办法》第六条不得担任独立董事的情形，在 担任公司独立董事期间，独立董事已严格遵守中国证监会和上海证券交易所的 相关规定，确保有足够的时间和精力勤勉尽责地履行职责，作出独立判断，不 受公司主要股东、实际控制人或其他与公司存在利害关系的单位或个人的影响。 公司独立董事葛晓萍、孙林、王泰元符合《上市公司独立董事管理办法》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》中对独立董事独立性 的相关要求。 税友软件集团股份有限公司董事会 关于独立董事独立性情况的专项意见 ...

目 录 | | | | 二、财务报表……………………………………………………… 第 7—14 | | | 页 | | | --- | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | 第 | 7 | | 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 | | 页 | | （三）合并利润表………………………………………………… | 第 | 9 | | 页 | | （四）母公司利润表………………………………………………第 | 10 | | | 页 | | （五）合并现金流量表……………………………………………第 | 11 | | | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | | | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | | 页 | | | （八）母公司所有者权益变动表…………………………………第 | 14 | | 页 | | | | | 审 计 报 告 天健审〔2024〕1651 号 税友软件集团股份有限公司全体股东： 一、审计意 ...

Financial Performance - The company's operating revenue for 2023 was RMB 1,828,708,112.74, representing a 7.71% increase compared to RMB 1,697,762,178.12 in 2022[23]. - The net profit attributable to shareholders of the listed company decreased by 42.05% to RMB 83,385,472.17 from RMB 143,900,227.74 in the previous year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 60,576,016.72, down 40.17% from RMB 101,249,301.16 in 2022[23]. - The net cash flow from operating activities increased significantly by 171.99% to RMB 244,175,990.09 from RMB 89,773,422.73 in the previous year[23]. - The total assets of the company at the end of 2023 were RMB 3,851,262,984.17, a 4.48% increase from RMB 3,686,250,016.85 at the end of 2022[23]. - The net assets attributable to shareholders of the listed company slightly decreased by 0.61% to RMB 2,436,764,275.28 from RMB 2,451,840,782.30 in 2022[23]. - The basic earnings per share for 2023 was CNY 0.21, down 40.00% year-over-year, while diluted earnings per share was CNY 0.20, down 42.86%[25]. - The weighted average return on equity decreased to 3.42% in 2023, down 2.48 percentage points from 2022[25]. - The total profit amounted to 76 million RMB, a decline of 44.17% compared to the previous year[77]. - The company achieved total revenue of 1,828.71 million yuan, a year-on-year increase of 7.71%[37]. Research and Development - The company invested significantly in research and development for artificial intelligence and large language models, contributing to increased R&D expenses[25]. - R&D expenses amounted to 484.53 million yuan, reflecting a year-on-year growth of 12.42%[37]. - Total R&D expenses amounted to ¥541,746,658.02, representing 29.62% of the company's operating revenue[1]. - The number of R&D personnel is 1,426, accounting for 27.12% of the total workforce[3]. - The company has a research team of over 300 people focusing on business innovation and tax system reform[73]. User Growth and Market Expansion - The number of active users on the company's SaaS platform reached 8.2 million, a growth of 16.3% from the beginning of the year, while paid users increased by 29.1% to 5.68 million[42]. - Active users increased from 5.9 million to 7.1 million, a growth rate of 20.3% year-over-year[48]. - Paid users rose from 3.8 million to 5.1 million, representing a growth of 34.2%[48]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% increase in market share by the end of the next fiscal year[130]. - The company is exploring new market opportunities in sectors like logistics and enterprise services to expand its data value services and increase market share in finance[117]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 61,078,125.00, subject to approval at the annual general meeting[6]. - The company has established a cash dividend policy, proposing a minimum distribution of 20% of the profit available for distribution if conditions are met[151]. - The cash dividend policy complies with the company's three-year shareholder return plan post-listing[153]. - The company has set a performance guidance for the next fiscal year, aiming for a revenue growth of approximately 5%[130]. - The board emphasized a commitment to shareholder returns, planning to initiate a dividend payout of $0.50 per share starting Q2 2024[181]. Corporate Governance and Compliance - The company is focused on ensuring compliance with legal and regulatory requirements to enhance corporate governance and protect shareholder interests[125]. - The independent directors have fulfilled their responsibilities and played their due role in the decision-making process regarding the cash dividend[155]. - The company has established a mechanism for the evaluation and incentive of senior management, with bonuses based on the completion of annual performance indicators[160]. - The company has implemented a stock incentive plan, with the first grant of 1,379,500 restricted shares at a price of 23.21 RMB per share to 77 incentive objects[159]. - The company has maintained a good integrity status for itself and its controlling shareholders during the reporting period[189]. Environmental and Social Responsibility - The company invested CNY 375,600 in environmental protection during the reporting period[164]. - The company donated a total of CNY 1,102,900 to various charitable projects, benefiting 2,200 people[167]. - The company supported rural revitalization projects with a total investment of CNY 981,300, benefiting 12,170 people[169]. - The company actively participated in environmental initiatives, including a project that recycled 9,750 PET bottles to create eco-friendly school uniforms[165]. - The company prioritized green office practices, achieving a paperless environment through integrated internal systems[164]. Strategic Initiatives and Future Outlook - The company plans to enhance its SaaS cloud services for small and micro enterprises, focusing on market share expansion, investment in tax model development, and transitioning to a platform-based business model[111]. - The company aims to build a comprehensive service system for tax agents, enhancing client engagement and service quality through AI-driven solutions[113]. - The company is committed to continuous innovation in digital governance, focusing on research and development in personal income tax and social security governance models[109]. - The company will enhance its research on artificial intelligence technology to improve digitalization and intelligence in tax collection, focusing on the application of large models in tax governance[119]. - The company is committed to optimizing its profit distribution policy to enhance investor returns[177].

证券代码：603171 证券简称：税友股份 公告编号：2024-018 税友软件集团股份有限公司 关于召开 2023 年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 04 月 29 日（星期一）下午 13:00-14:30 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：上证路演中心视频直播和网络互动 投资者可于 2024 年 04 月 22 日（星期一） 至 04 月 26 日（星期五）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 4 月 16 日发 布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年年度 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-015 税友软件集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 现金管理产品：安全性高、流动性好、满足保本要求的理财产品。 现金管理额度及期限：不超过人民币 1.7 亿元（含本数），自董事会审议 通过之日起 12 个月之内有效。在前述额度及期限范围内，资金可以循环滚动使 用。 募集资金到账后，公司已对募集资金进行了专户存储，公司、保荐机构与募 集资金专户开户行签署了《募集资金专户存储三方监管协议》。具体情况详见 2021 年 6 月 29 日披露于上海证券交易所网站（www.sse.com.cn）的《税友软件 集团股份有限公司首次公开发行 A 股股票上市公告书》。 二、募集资金使用情况 1 《税友软件集团股份有限公司首次公开发行 A 股股票招股说明书》披露的 募集资金投资项目及募集资金使用计划如下： 单位：万元 | 序号 | 项目名称 | 总投资额 | 拟投入募集资金金额 | | - ...

证券代码：603171 证券简称：税友股份 公告编号：2024-010 税友软件集团股份有限公司 关于 2023 年年度募集资金存放与使用情况的专项报告 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、准确性和完整性依法承担法律责任。 税友软件集团股份有限公司（以下简称"公司"）根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等法律法 规及规范性文件的要求，编制了 2023 年年度募集资金存放与使用情况的专项报 告，具体内容如下： 一、募集资金基本情况 | 项 目 | | 序号 | 金 | 额 | | --- | --- | --- | --- | --- | | 截至期末累计发生额 | 项目投入 | D1=B1+C1 | | 30,020.97 | | | 利息收入净额 | D2=B2+C2 | | 2,324.03 | | 应结余募集资金 | | E=A-D1+D2 | | 21,718.03 | | 实际结余募集资金 | | F | ...

税友软件集团股份有限公司 2023 年年度会计师事务所的履职情况评估报告 税友软件集团股份有限公司（以下简称"公司"）聘请了天健会计师事务 所（特殊普通合伙）（以下简称"天健"）作为公司 2023 年度财务及内部控制 审计机构。根据《中华人民共和国公司法》《中华人民共和国证券法》《国有 企业、上市公司选聘会计师事务所管理办法》和《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等法律法规的规定，以及公司《审计委员会 工作细则》的有关规定，公司对天健 2023 年年度履职情况进行了评估，认为天 健在执业过程中坚持独立审计原则，客观、公正、公允地反映公司财务状况、 经营成果，切实履行了审计机构应尽的职责。具体情况如下： 3、独立性 天健会计师事务所（特殊普通合伙）及项目合伙人、签字注册会计师、项 目质量复核人员不存在可能影响独立性的情形。 三、质量管理水平 一、资质条件 1、基本信息 | 事务所名称 | | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...