税友股份(603171)：利润增速亮眼 AI产品贡献业务比达20%

Core Viewpoint - The company is undergoing a strategic transformation, showing initial success in high-value business drivers, with revenue growth and a notable increase in operating efficiency despite a decline in net profit [1][3][7]. Financial Performance - In 2024, the company achieved revenue of 1.945 billion, a year-on-year increase of 6.38%, and a net profit of 113 million, a year-on-year decrease of 35.01% [2][3]. - For Q1 2025, the company reported revenue of 449 million, a year-on-year increase of 23.72%, and a net profit of 25 million, a year-on-year decrease of 24.50% [2][3]. Business Segments Intelligent Financial Taxation - The intelligent financial taxation segment generated revenue of 1.177 billion in 2024, with a year-on-year growth of 8.46% and a net profit margin of 21.19% [4]. - The user base for the company's platforms saw significant growth, with active users increasing by 30.5% to 10.7 million and paid users growing by 24.5% to 707,000 [4]. Digital Government - In the digital government sector, the company narrowed its losses to 136 million, with revenue of 763 million, a year-on-year increase of 3.37% [5]. - Data value services revenue grew by 42.75%, reaching 266.59 million, driven by a focus on tax-related applications and services [5]. Strategic Focus - The company aims to accelerate its business model transformation by focusing on AI, ecological operations, and data value development [6][7]. - Plans include promoting Agent applications and expanding data service products in the digital government sector, as well as scaling up compliance tax products in the intelligent financial taxation sector [6]. Investment Outlook - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 2.337 billion, 2.837 billion, and 3.475 billion, representing year-on-year growth rates of 20.12%, 21.39%, and 22.51% respectively [7]. - Net profit forecasts for the same period are 178 million, 280 million, and 421 million, with growth rates of 58.14%, 57.23%, and 50.31% respectively [7].