税友股份(603171)：TOB业绩稳健增长 AI+财税SAAS驱动成长

Core Viewpoint - The company demonstrates steady profitability and aims to transform its business model through "artificial intelligence + scenario implementation + ecological synergy" [2] Financial Performance - In Q1 2025, the company reported revenue of 449 million yuan, a year-on-year increase of 23.72%, while net profit attributable to shareholders was 25 million yuan, a year-on-year decrease of 24.50% [1] - For the full year 2024, the company achieved revenue of 1.945 billion yuan, a year-on-year increase of 6.38%, and net profit attributable to shareholders of 113 million yuan, a year-on-year increase of 35.01% [1] Profitability Metrics - In 2024, the company's gross margin was 55.21%, a slight decrease of 0.40 percentage points year-on-year, indicating stable gross profitability [2] - The net profit margin for 2024 was 5.82%, an increase of 1.29 percentage points year-on-year [2] Business Segments B-end: Smart Tax and Finance Solutions - The company's smart tax and finance business, branded as "Yiqiying," generated revenue of 1.177 billion yuan in 2024, a year-on-year increase of 8.46%, with a net profit of 249 million yuan, a year-on-year increase of 1.60% [3] - The platform had 10.7 million active enterprise users by the end of 2024, a growth of 30.5% from the beginning of the year, with 7.07 million paying users, a growth of 24.5% [3] G-end: Digital Government Services - The company, under the brand "Tax Friend Information," serves as a core supplier for financial and tax systems in the digital government sector, achieving revenue of 763 million yuan in 2024, a year-on-year increase of 3.37%, but a net loss of 136 million yuan [4] - The company has focused on key projects and deepened its market presence in provincial and municipal non-tax government departments [4] Future Outlook - The company is positioned as a leading provider of intelligent financial and tax services in China and is expected to benefit from the growth in demand for AI and electronic vouchers [5] - Revenue projections for 2025-2027 are set at 2.377 billion yuan, 2.877 billion yuan, and 3.409 billion yuan, with net profits of 218 million yuan, 349 million yuan, and 452 million yuan respectively [5]