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]

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 ...