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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.26 CNY over the next six months [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, with a net profit attributable to shareholders of 88.24 million CNY, reflecting a 0.9% increase [2]. - The B-end business is expected to accelerate its penetration in the market, driven by the ongoing promotion of the Golden Tax Phase IV electronic invoicing system [2][5]. - The company has shown strong cash flow improvement, with a net inflow of 76.09 million CNY in operating cash flow for Q2 2024, reversing previous losses [2]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 61.0%, with a net profit margin of 10.8% [2]. - The company’s G-end business generated 260 million CNY in revenue, a 2.1% increase year-on-year, while the B-end business saw a revenue increase of 10.4% to 550 million CNY [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.38 CNY, 0.62 CNY, and 0.96 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 64, 39, and 25 [3][6]. Business Segment Analysis - The G-end business is expected to maintain a steady growth rate of 5% from 2024 to 2026, benefiting from the company's leading market share in the Golden Tax project [5]. - The B-end business is projected to grow significantly, with an expected increase in the number of paying users and an improvement in average revenue per user (ARPU) due to enhanced compliance and tax optimization products [5][6]. - The company is focusing on enhancing its digital tax services, with a notable increase in active enterprise users on its digital tax service platform [2][5]. Valuation and Market Position - The company’s current PE ratio of 64 is significantly lower than the industry average of 258, indicating potential undervaluation [7][8]. - The report suggests that the company’s leading market position in the G-end sector and the anticipated growth in the B-end customer base will contribute to improved profitability [7].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.34 yuan [3][6]. Core Views - The company has achieved steady growth by seizing opportunities in the "Golden Tax Phase IV" industry, reporting a revenue of 814 million yuan (up 7.45% year-on-year) and a net profit of 88 million yuan (up 0.86% year-on-year) for the first half of 2024 [2]. - The B-end business, focusing on intelligent tax services, has seen revenue growth driven by a three-tier service value system that lowers the threshold for enterprises to digitize their tax processes [2]. - The G-end business has solidified its position as a core builder for the Golden Tax Phase IV, expanding its capabilities in data element development and transitioning to a data service model for digital government services [2]. - The company is accelerating the development and application of large financial tax models, which is expected to enable scalable expansion of high-value services [2]. Summary by Sections Financial Performance - For H1 2024, the intelligent tax service cloud business generated revenue of 555 million yuan (up 10.4% year-on-year) with a net profit of 147 million yuan (up 11.0% year-on-year) and a net profit margin of 26.5% [2]. - The digital government business achieved revenue of 257 million yuan (up 2.1% year-on-year) [2]. - The company forecasts revenue growth for 2024-2026, with expected earnings per share of 0.35 yuan, 0.55 yuan, and 0.77 yuan respectively [3]. Market Position and Strategy - The company has entered key projects with the National Taxation Bureau, enhancing its industry position [2]. - The focus on AIGC technology investments and the development of proprietary financial tax models is expected to strengthen competitive advantages in the B-end digital services market [2]. Valuation Metrics - The report provides a valuation based on absolute valuation methods (FCFF), leading to a target price of 29.34 yuan [3]. - The company’s financial metrics indicate a projected revenue growth of 16.2% in 2024, with a gradual improvement in profit margins [5].

[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 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].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is benefiting from the implementation of the Golden Tax Phase IV, which is driving demand for tax compliance solutions and leading to sustained profit growth in the B-end market [2][4] - The company's revenue and profit growth are stable, with a notable improvement in cash flow [3][4] - The company is transitioning towards high-quality development with investments in digital tax services and government digital services [4][5] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 452 million yuan, a year-on-year increase of 5.74%, while the net profit was 55 million yuan, a slight decrease of 0.04% [3] - For H1 2024, the company reported revenue of 814 million yuan, up 7.45% year-on-year, with net profit of 88 million yuan, reflecting a growth of 0.86% [3] - The gross margin for H1 2024 was 61.11%, and the net margin was 10.84%, showing a slight decline compared to the previous year [3] Business Segments - The B-end digital tax service cloud business generated revenue of approximately 554.84 million yuan, growing 10.4% year-on-year, with a net profit of 146.76 million yuan, up 11.0% [4] - The G-end digital government business achieved revenue of approximately 257.37 million yuan, a growth of 2.1% year-on-year, with the company actively participating in key projects related to the Golden Tax Phase IV [4] Future Outlook - The company forecasts net profits of 185 million yuan, 310 million yuan, and 378 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.46, 0.76, and 0.93 yuan [5] - The current stock price corresponds to PE ratios of 52.4, 31.3, and 25.7 for the respective years [5]

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. ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 20 日 603171.SH 买入 原评级：买入 市场价格:人民币 24.60 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (47%) (37%) (26%) (16%) (6%) 5% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 税友股份 上证综指 绝对 (27.9) (14.4) 2.9 (36.5) 相对上证综指 (25.6) (11.5) 11.1 (28.8) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 407.19 | | 流通股 ( 百万 ) | | 405.89 | | 总市值 ( 人民币 百万 ) | | 10,016.81 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 255.86 | | 主要股东 | | | ...