| --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 25.06 | | 一年内最高 / 最低（元） | 45/20.17 | | 市净率 | 4.1 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 2268 | | 上证指数 / 深证成指 | 3113.04/9673.76 | | --- | --- | |----------------------------------|-------------------------------| | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 6.07 | | 资产负债率 % | 34.96 | | 总股本 / 流通 A 股（百万） | 407/90 | | 流通 B 股 /H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-0406-0407-0408-0409-0410-0411-0412-040 ...

丨证券研究报告丨 分析师及联系人 税友股份（603171.SH） cjzqdt11111 事件评论 ⚫ 投资建议：预计 2024-2026 年归母净利润分别为 2.52、4.34、6.03 亿，对应 PE 分别为 39.3X、22.8X、16.4X，维持买入评级。 | --- | --- | |-------------------------------------------------|-------------| | 公司基础数据 | | | [Table_BaseData] 当前股价 ( 元 ) | 24.27 | | 总股本 ( 万股 ) | 40,719 | | 流通 A 股 /B 股 ( 万股 ) | 9,049/0 | | 每股净资产 ( 元 ) | 6.07 | | 近 12 月最高 / 最低价 ( 元 ) | 45.68/20.17 | | 注：股价为 2024 年 4 月 26 日收盘价 | | 风险提示 风险提示 我们无法给出明确的投资评级。 公司研究 | 点评报告 本报告由长江证券股份有限公司及/或其附属机构（以下简称「长江证券」或「本公司」）制作，由长江证券股份有限公司在中 华人 ...

证券研究报告 | 2024年04月28日 请务必阅读正文之后的免责声明及其项下所有内容 | --- | --- | |----------------------------------------|-----------------------------| | | | | 基础数据 | | | 投资评级 | 买入(维持) | | 合理估值 | | | 收盘价 总市值/流通市值 | 24.27 元 9882/2196 百万元 | | 52 周最高价/最低价 近 3 个月日均成交额 | 45.68/20.17 元 56.56 百万元 | | 市场走势 | | 税友股份（603171.SH） 买入 B 端业务稳健增长，税务合规打开新空间 核心观点 公司研究·财报点评 计算机·软件开发 资料来源:公司公告、Wind、国信证券经济研究所整理 23 年公司整体业绩承压，一季度逐步复苏。公司发布 2023 年报和 2024 一季 报，全年实现营收 18.29 亿元（+7.71%），归母净利润 0.83 亿元（-42.05%）， 扣非归母净利润 0.61 亿元（-40.17%）。单 Q4 来看，公司收入 6.33 亿元 ...

国金证券股份有限公司 首次公开发行股票并上市之持续督导保荐总结报告书 税友软件集团股份有限公司（以下简称"税友股份"、"发行人"、"上市公司" 或"公司"）于 2021 年 6 月 30 日首次公开发行股票并在上海证券交易所主板上 市。国金证券股份有限公司（以下简称"保荐机构"或"国金证券"）担任税友 股份首次公开发行股票并上市的保荐机构，负责税友股份上市后的持续督导工作， 持续督导期至 2023 年 12 月 31 日止。截至目前税友股份首发上市的持续督导期 限己满，根据《证券发行上市保荐业务管理办法》、《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 11 号——持续督导》等有关法 律法规的规定，保荐机构出具本保荐总结报告书。 一、保荐机构基本情况 | 项目 | 内容 | | --- | --- | | 保荐机构名称 | 国金证券股份有限公司 | | 注册地址 | 成都市青羊区东城根上街 95 号 | | 法定代表人 | 冉云 | | 保荐代表人 | 钱进、朱铭 | | 联系电话 | 021-68826801 | 二、上市公司基本情况 | 项目 | | | 内容 | | | | | ...

Financial Performance - Operating revenue for the first quarter was ¥362,700,556.68, representing a year-on-year increase of 9.66%[20] - Net profit attributable to shareholders of the listed company was ¥32,775,309.18, up by 2.40% year-on-year[20] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 13.14% to ¥27,027,607.34[20] - The net profit for the current period is 32,836,380.51, an increase from 31,739,741.68 in the previous period, representing a growth of approximately 3.45%[44] - The total profit amount is reported at 32,555,114.44, compared to 30,929,114.98 in the previous period, indicating an increase of approximately 5.25%[44] - The operating profit for the current period is 32,566,112.21, up from 30,973,971.48, which is an increase of around 5.13%[44] - The total comprehensive income for the current period is 32,836,380.51, compared to 31,739,741.68 previously, marking an increase of about 3.45%[45] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,443[12] - The largest shareholder, Ningbo Sichi Venture Capital Partnership, holds 54.78% of the shares[12] - The basic and diluted earnings per share remain stable at 0.08 for both periods[45] Assets and Liabilities - Total assets decreased by 1.46% from the end of the previous year, amounting to ¥3,795,063,521.83[4] - Total liabilities decreased from ¥1,417,219,996.28 to ¥1,326,731,544.77, a reduction of about 6.4%[32] - Non-current assets totaled ¥1,400,706,093.49, a slight decrease from ¥1,404,180,606.29[31] - The equity attributable to shareholders of the listed company increased by 1.40% to ¥2,470,792,193.12[4] - Shareholders' equity increased from ¥2,434,042,987.89 to ¥2,468,331,977.06, reflecting a growth of 1.4%[32] Cash Flow - The net cash flow from operating activities was negative at -¥360,074,517.35, indicating a significant cash outflow[20] - The cash flow from operating activities shows a net outflow of -360,074,517.35, worsening from -280,083,548.57 in the previous period[50] - Cash inflow from operating activities totaled ¥288,299,513.56 in Q1 2024, slightly up from ¥282,199,026.07 in Q1 2023, indicating a growth of 4%[40] - The company's cash and cash equivalents decreased from ¥1,703,444,982.86 to ¥1,611,618,786.51, a decline of approximately 5.4%[29] - The cash and cash equivalents at the end of the period stand at 1,539,368,052.21, down from 1,567,418,230.49[49] - The total cash inflow from financing activities is 478,934,825.32, compared to 339,611,713.91 in the previous period, showing an increase of approximately 41.1%[50] - The cash outflow for investment activities decreased to 51,622,299.61 from 99,419,376.73, indicating a reduction of about 48.0%[50] Operational Costs and Expenses - Total operating costs for Q1 2024 were ¥331,764,632.32, up from ¥308,588,110.93 in Q1 2023, reflecting a year-over-year increase of 7.5%[36] - Research and development expenses increased to 105,180,870.51 from 95,633,994.12, reflecting a rise of about 9.66%[44] Other Income and Changes - Non-operating income from the disposal of non-current assets amounted to -103,175.07 RMB[53] - Government subsidies recognized in the current period totaled 870,832.99 RMB, closely related to the company's normal business operations[53] - Fair value changes and disposal gains from financial assets and liabilities amounted to 4,877,887.30 RMB[53] - The basic earnings per share for the first quarter was ¥0.08, unchanged from the previous year[20] - The cash inflow from operating activities shows a net outflow of -360,074,517.35, worsening from -280,083,548.57 in the previous period[50] - The largest shareholder, Ningbo Sichi Venture Capital Partnership, holds 54.78% of the shares[12]

| --- | --- | |-------------------------------------------------------|----------------| | 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 ...

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 ...

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 ...