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]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company reported a revenue of 814 million yuan for the first half of 2024, representing a year-on-year growth of 7.45%. The net profit attributable to shareholders was 88 million yuan, with a growth of 0.86%. The non-recurring net profit reached 83 million yuan, showing a robust growth of 17.81% [1]. - The company's 2B business segment, focusing on digital tax and financial services, saw a revenue increase of 10.4% year-on-year, amounting to 555 million yuan, with a net profit of 147 million yuan, up 11.0% [1]. - The active and paying user base for the company's digital tax service platform has been steadily increasing, with active enterprise users reaching 9 million and paying users at 6.15 million, reflecting growth rates of 9.8% and 8.3% respectively compared to the end of 2023 [1]. - The company is strategically positioned to benefit from the new round of tax system reforms, with projected revenues for 2024-2026 expected to be 2.171 billion, 2.553 billion, and 2.927 billion yuan respectively, and net profits of 230 million, 319 million, and 388 million yuan [1][2]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 61.11%, a decrease of 1.85 percentage points year-on-year, while the net profit margin was 10.84%, down 0.63 percentage points year-on-year. The non-recurring net profit margin increased by 0.9 percentage points to 10.18% [1]. - The company’s total revenue for 2023 was 1.829 billion yuan, with an expected growth rate of 7.7%. Projections for 2024 estimate a revenue of 2.171 billion yuan, reflecting an 18.7% growth rate [2][6]. - The earnings per share (EPS) for 2024 is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 42 times [2][6].

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].