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 | | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 814 million yuan in H1 2024, representing a year-on-year growth of 7.5%, and a net profit attributable to shareholders of 88 million yuan, with a growth of 0.9% [2] - The B-end SaaS business grew by 10%, with a net profit margin of 26.5%, up from 22.62% at the end of 2023 [2] - The company is investing in AI and compliance products, enhancing its product offerings and user value [2] - The new generation of tax system reforms is expected to drive significant business growth for the company [2] - Forecasted net profits for 2024-2026 are 203 million, 294 million, and 366 million yuan, with respective growth rates of 143%, 45%, and 25% [2] Financial Performance Summary - H1 2024 revenue: 814 million yuan, up 7.5% YoY - H1 2024 net profit: 88 million yuan, up 0.9% YoY - H1 2024 non-recurring net profit: 83 million yuan, up 17.8% YoY - Q2 2024 revenue: 452 million yuan, up 5.7% YoY - Q2 2024 net profit: 55 million yuan, stable YoY - Q2 2024 non-recurring net profit: 56 million yuan, up 20.2% YoY - Cash flow from operations in Q2 2024: 76 million yuan, compared to -36 million yuan in the same period last year [2][4] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 2.105 billion, 2.475 billion, and 2.847 billion yuan, with growth rates of 15.1%, 17.6%, and 15.0% respectively [4] - Projected net profits for 2024, 2025, and 2026 are 203 million, 294 million, and 366 million yuan, with growth rates of 143.2%, 45.0%, and 24.5% respectively [4] - Projected PE ratios for 2024, 2025, and 2026 are 49, 34, and 27 respectively [4]

证券代码：603171 证券简称：税友股份 公告编号：2024-039 税友软件集团股份有限公司 关于部分募集资金投资项目延期的公告 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。 税友软件集团股份有限公司（以下简称"公司"）于 2024 年 8 月 18 日召开 第六届董事会第六次会议和第六届监事会第六次会议，审议通过了《关于部分募 集资金投资项目延期的议案》。公司在募集资金投资项目（以下简称"募投项目"） 实施主体、募集资金投资用途及投资规模不发生变更的情况下，根据目前募投项 目的实施进度，决定对"亿企赢财税综合管理与服务平台升级改造项目"进行延 期。现将有关事项公告如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于核准税友软件集团股份有限公司首次公 开发行股票的批复》（证监许可〔2021〕549 号），公司向社会公众公开发行人 民币普通股（A 股）股票 4,059 万股，发行价为每股人民币 13.33 元，共计募集 资金 54,106.47 万元，扣除总发行费用人民币 4,691.50 万元（不含增值 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-036 税友软件集团股份有限公司 第六届董事会第六次会议决议公告 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。 一、董事会会议召开情况 税友软件集团股份有限公司（以下简称"公司"）第六届董事会第六次会议通 知已于 2024 年 8 月 8 日以电子邮件方式送达，会议于 2024 年 8 月 18 日在公司 会议室以现场和通讯相结合的方式召开。本次会议应出席董事 9 人，实际出席董 事 9 人，会议由董事长张镇潮先生主持。公司监事及部分高级管理人员列席会议。 本次会议的通知、召开、表决程序符合《公司法》等法律法规和《公司章程》的 规定，会议合法有效。出席会议的董事对各项议案进行了审议并做出了如下决议： 二、董事会会议审议情况 （一）审议通过公司《2024 年半年度报告及摘要》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《2024 年半年度报告》及《2024 年半年度报告摘要》。 本议案已经公司审计委员会审议通过。 表 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-038 税友软件集团股份有限公司 2024 年半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。 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（2022 年修订）》等法律法规及规范性文件的要求，编制了 《2024 年半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 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准税友软件集团股份有限公司首次公 开发行股票的批复》（证监许可〔2021〕549号），公司向社会公众公开发行人 民币普通股（A股）股票4,059万股，发行价为每股人民币13.33元，共计募集资金 54,106.47万元，扣除总发行费用人民币4,691.50万元（不含增值税）后，公司本 次募集资金净额为49,414.97万元。上述资金已于2021 ...

税友软件集团股份有限公司（以下简称"公司"）第六届监事会第六次会议通 知已于 2024 年 8 月 8 日以电子邮件方式送达，会议于 2024 年 8 月 18 日在公司 会议室以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由 监事会主席钱立阳先生主持。本次会议的通知、召开、表决程序符合《公司法》 等法律法规和《公司章程》的规定，会议合法有效。出席会议的监事对各项议案 进行了审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过公司《2024 年半年度报告及摘要》 证券代码：603171 证券简称：税友股份 公告编号：2024-037 税友软件集团股份有限公司 第六届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 监事会认为：公司《2024 年半年度报告》及摘要的编制和审议程序符合相 关法律法规及《公司章程》等内部规章制度的规定，公司《2024 年半年度报告》 及摘要的内容与格式符合相关规定，公允地反映了公司 2024 年半年度的财务状 况和经营 ...

会议召开时间：2024 年 9 月 3 日（星期二）下午 15:00-16:30 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 证券代码：603171 证券简称：税友股份 公告编号：2024-040 税友软件集团股份有限公司 关于召开 2024 年半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： 投资者可于 2024 年 8 月 27 日（星期二）至 9 月 2 日（星期一）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 8 月 20 日发 布 2024 年半年度报告，为便于广大投资者更全面深入地 ...

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 814,483,799.42, representing a 7.45% increase compared to RMB 758,008,288.69 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was RMB 88,236,482.12, a slight increase of 0.86% from RMB 87,488,187.52 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 82,883,519.59, which is a 17.81% increase from RMB 70,353,600.21 in the same period last year[16]. - Basic earnings per share remained stable at CNY 0.22, with a year-on-year increase of 0.00%[17]. - Diluted earnings per share also held steady at CNY 0.22, reflecting no change compared to the previous year[17]. - The weighted average return on equity increased to 3.57%, up by 0.04 percentage points from the same period last year[17]. - The return on equity after deducting non-recurring gains and losses rose to 3.35%, an increase of 0.51 percentage points year-on-year[17]. - The company achieved operating revenue of 814.48 million yuan, a year-on-year increase of 7.5%[35]. - The net profit attributable to shareholders was 88.24 million yuan, up 0.9% year-on-year, while the net profit excluding non-recurring items was 82.88 million yuan, reflecting a 17.8% increase[35]. Cash Flow and Assets - The net cash flow from operating activities was negative at RMB -283,985,097.91, an improvement from RMB -316,403,057.32 in the previous year[16]. - Total assets decreased by 5.08% to RMB 3,655,739,992.91 from RMB 3,851,262,984.17 at the end of the previous year[16]. - The company's investment properties at the end of the reporting period amounted to CNY 24,602,047.87, a decrease of 66.72% compared to CNY 73,918,977.69 in the previous period[44]. - The accounts receivable increased by 45.48% to approximately ¥247.43 million, attributed to concentrated collections in the fourth quarter[43]. - The company's short-term borrowings increased significantly to CNY 149,867,000.11, representing a 199.73% increase from CNY 50,000,000.00[44]. - The company's total assets amounted to approximately CNY 3.66 billion, a decrease from CNY 3.85 billion as of December 31, 2023, reflecting a decline of about 4.9%[88]. - The company's current assets totaled approximately CNY 2.20 billion, down from CNY 2.45 billion, indicating a decrease of around 10.0%[88]. - Cash and cash equivalents were reported at CNY 1.36 billion, a decrease of approximately 20.1% from CNY 1.70 billion at the end of 2023[88]. Business Operations and Strategy - The company focuses on digital tax and finance services, leveraging its "Yiqi Win" platform to support SMEs in digital transformation[21]. - The digital governance sector has seen significant projects, including the development of smart electronic tax systems and big data tax risk management[24]. - The promotion of electronic invoices and the "Golden Tax Phase IV" initiative is expected to enhance compliance and efficiency in tax management[22][23]. - The company aims to support the modernization of fiscal systems in China through continuous technological upgrades and service enhancements[26]. - The overall digital transformation in tax governance is anticipated to drive demand for high-quality financial and tax services[23]. - The company has a large and stable customer base for its "Yiqiying" smart tax service cloud platform, enhancing its market position and brand image[28]. - The company has invested in the development of a financial and tax vertical large language model, utilizing over 10 billion tokens for training various fine-tuned models[36]. - The company aims to deepen its services in tax governance and expand its offerings to economic management and research departments[27]. Shareholder and Investor Relations - The company did not distribute cash dividends or bonus shares during this reporting period[4]. - The company has implemented a profit distribution policy to enhance investor returns, ensuring the protection of shareholders' interests, especially for minority shareholders[62]. - The company plans to establish a shareholder return mechanism, including a three-year dividend plan post-listing, to improve transparency and operability of cash dividends[62]. - The company commits to not transferring shares during the lock-up period and will adhere to regulations regarding share transfers by directors and senior management[60]. - The company will ensure compliance with relevant laws and regulations regarding the management and use of raised funds to protect shareholders' long-term interests[61]. - The company will take legal measures to ensure investor rights are effectively protected in case of any misleading statements in the prospectus[63]. - The company will compensate investors for losses incurred due to any false statements or omissions in the prospectus[63]. - The company has established a clear profit distribution policy to enhance investor confidence[65]. Compliance and Governance - There were no significant risks that materially affected the company's operations during the reporting period[10]. - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties[10]. - The company has not reported any violations or penalties against its directors or senior management[68]. - The company has committed to maintaining the independence of its operations and assets[68]. - The company has not engaged in any major litigation or arbitration during the reporting period[68]. - The company has not disclosed any major related party transactions during the reporting period[69]. - The company has established a governance structure that aligns with its development stage and scale to enhance operational and management efficiency[61]. Environmental and Social Responsibility - The company contributed a total of 807,600 RMB to assist 28 impoverished households directly and 76 households indirectly through a consumption assistance program[56]. - The company donated over 3000 RMB worth of warm gifts to elderly residents during the Laba Festival, promoting social care[56]. - The company participated in the "Spring Breeze Action" in Hangzhou, donating 50,000 RMB to support local initiatives[56]. - The company has recycled 20,750 PET bottles, reducing carbon emissions by 589 kg and planting 9 trees as part of its environmental initiatives[56]. Research and Development - Research and development expenses amounted to CNY 35,780,381.26, down 32.8% from CNY 53,129,884.66 in the previous year[97]. - The company recognizes internal R&D project expenditures as expenses during the research phase and capitalizes them during the development phase if certain criteria are met[159][160].

国金证券股份有限公司 关于税友软件集团股份有限公司 部分募集资金投资项目延期的核查意见 国金证券股份有限公司（以下简称"国金证券"、"保荐机构"）作为税友软 件集团股份有限公司（以下简称"税友股份"、"公司"）首次公开发行 A 股的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》《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》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等相关法律、法规的要求，对税友股份部分募集资金投资项目延 期事项进行了核查，并发表如下核查意见： 一、本次募集资金的基本情况 根据中国证券监督管理委员会《关于核准税友软件集团股份有限公司首次公 开发行股票的批复》（证监许可〔2021〕549 号），公司向社会公众公开发行人民 币普通股（A 股）股票 4,059 万股，发行价为每股人民币 13.33 元，共计募集资 金 54,106.47 万元，扣除总发行费用人民币 4,691.50 万元（不含增值税）后，公 司本次募集资金净额为 49,414.97 万元。上述资金已于 2021 年 6 月 ...

证券代码：603171 证券简称：税友股份 公告编号：2024-035 税友软件集团股份有限公司 近期因资金使用需要，公司再次提前赎回人民币 1,000 万元，收益人民币 15.68 万元也已划至募集资金专项账户。 二、截止本公告披露日，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 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 ...