SERVYOU(SH:603171) Minsheng Securities·2024-08-19 15:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 814 million yuan in H1 2024, representing a year-on-year growth of 7.5%, and a net profit attributable to shareholders of 88 million yuan, with a growth of 0.9% [2] - The B-end SaaS business grew by 10%, with a net profit margin of 26.5%, up from 22.62% at the end of 2023 [2] - The company is investing in AI and compliance products, enhancing its product offerings and user value [2] - The new generation of tax system reforms is expected to drive significant business growth for the company [2] - Forecasted net profits for 2024-2026 are 203 million, 294 million, and 366 million yuan, with respective growth rates of 143%, 45%, and 25% [2] Financial Performance Summary - H1 2024 revenue: 814 million yuan, up 7.5% YoY - H1 2024 net profit: 88 million yuan, up 0.9% YoY - H1 2024 non-recurring net profit: 83 million yuan, up 17.8% YoY - Q2 2024 revenue: 452 million yuan, up 5.7% YoY - Q2 2024 net profit: 55 million yuan, stable YoY - Q2 2024 non-recurring net profit: 56 million yuan, up 20.2% YoY - Cash flow from operations in Q2 2024: 76 million yuan, compared to -36 million yuan in the same period last year [2][4] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 2.105 billion, 2.475 billion, and 2.847 billion yuan, with growth rates of 15.1%, 17.6%, and 15.0% respectively [4] - Projected net profits for 2024, 2025, and 2026 are 203 million, 294 million, and 366 million yuan, with growth rates of 143.2%, 45.0%, and 24.5% respectively [4] - Projected PE ratios for 2024, 2025, and 2026 are 49, 34, and 27 respectively [4]