SERVYOU(603171) 开源证券·2024-07-29 04:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is a leading provider in the domestic financial and tax information services sector, expected to benefit significantly from the deepening reforms in the financial and tax systems, achieving growth driven by both government (G-end) and business (B-end) sectors. The integration of AI with financial and tax services is anticipated to open up long-term growth opportunities [7]. Summary by Sections Company Overview - The company has been operating in the financial and tax information sector for over 20 years, serving clients including tax authorities, enterprises, and tax intermediaries. It has established itself as a core supplier for major tax system projects, including the Golden Tax Phase III and IV [36][37]. B-end Business - The B-end business is transitioning to a service-oriented SaaS model, with a significant increase in active users and paid subscribers. As of the end of 2023, the company had 8.2 million active users, a 16.3% increase year-on-year, and 5.68 million paid users, a 29.1% increase year-on-year. The market share continues to grow [8][45]. - The company has successfully launched high-value products such as "Intelligent Tax Management" and "Compliance Tax Optimization," which have contributed to an increase in user retention and average revenue per user (ARPU) [14][20]. G-end Business - The company is recognized as a core supplier for tax systems, with significant growth opportunities arising from the Golden Tax Phase IV project. The company has been actively involved in various digital governance projects, enhancing its industry position [9][29][99]. Financial Projections - The company forecasts a net profit of 184 million yuan, 264 million yuan, and 345 million yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are projected to be 0.45 yuan, 0.65 yuan, and 0.85 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 56.4, 39.2, and 30.1 [7][30]. Market Position and Strategy - The company has a strong market position in the financial and tax SaaS sector, ranking first in both revenue and user numbers as of the end of 2020. It is well-positioned to capture growth in the evolving digital tax landscape [22][24]. - The company is leveraging its extensive data and AI capabilities to enhance service offerings, aiming to improve operational efficiency and customer satisfaction [49][91].