开源证券：给予税友股份买入评级

Core Viewpoint - Taxfriend Co., Ltd. is positioned as a leading player in the financial and tax informationization sector, with a focus on AI product integration and rapid growth in data value services, leading to a "buy" rating from analysts [1][2]. Financial Performance - In the first half of 2025, the company achieved an operating revenue of 922 million yuan, representing a year-on-year growth of 13.25%. However, the net profit attributable to shareholders decreased by 19.52% to 71.01 million yuan [3]. - The updated profit forecasts for 2025-2027 are 212 million, 332 million, and 498 million yuan respectively, with corresponding EPS of 0.52, 0.82, and 1.22 yuan per share [2]. Business Segments - The B-end smart tax business generated 621 million yuan in revenue, up 11.95% year-on-year, with active enterprise users reaching 11.8 million, a growth of 10.28% from the beginning of the year. Paid enterprise users increased by 10.04% to 7.78 million [4]. - The G-end digital government business reported revenue of 300 million yuan, a 16.60% increase, with data value services contributing 91.02 million yuan, up 17% [5]. AI Integration and Future Prospects - AI-driven products and services accounted for 26.59% of the sales revenue in the smart tax business, an increase from approximately 20% in the 2024 annual report, indicating a growing trend in AI integration [4]. - The company is leveraging its "Xiyou" financial and tax domain model to enhance service capabilities across three value tiers: practical tax services, compliance tax optimization, and operational empowerment, suggesting promising future growth [4].