税友股份(603171)：全面拥抱AI 付费用户数保持增长态势

Core Viewpoint - The company reported a revenue of 922 million yuan for the first half of 2025, marking a year-on-year increase of 13.25%, but the net profit attributable to shareholders decreased by 19.52% to 71 million yuan, indicating pressure on profitability due to increased AI investments and a slowdown in revenue growth in Q2 2025 [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 474 million yuan, a year-on-year growth of 4.84%, while the net profit attributable to shareholders fell by 16.58% to 46 million yuan [1] - The company’s non-recurring net profit for Q2 2025 was 40 million yuan, down 27.58% year-on-year [1] Group 2: Business Segments - The B-end business showed steady growth with a revenue of 621 million yuan in the first half of 2025, reflecting an increase of 11.95% [2] - The number of active enterprise users on the company's platform reached 11.8 million, a growth of 10.28% from the beginning of the year, with paid enterprise users increasing by 10.04% to 7.78 million [2] - The G-end business also maintained good growth, with revenue from digital government services reaching 300 million yuan, up 16.60% year-on-year [3] Group 3: AI and Innovation - The company is increasing its investment in AI, with sales, management, and R&D expenses growing by 28%, 18%, and 8% respectively in the first half of 2025 [1] - AI-driven products and services accounted for 26.59% of the sales revenue in the smart tax business, showcasing the company's commitment to integrating AI into its offerings [2] Group 4: Future Outlook - The company expects net profits attributable to shareholders to reach 202 million yuan, 300 million yuan, and 430 million yuan for the years 2025 to 2027, with year-on-year growth rates of 80%, 48%, and 43% respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 110, 74, and 52 for the years 2025 to 2027, indicating a positive outlook for growth in both B-end and G-end segments [3]