SERVYOU(SH:603171) Huachuang Securities·2024-08-20 15:37Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company reported a revenue of 814 million yuan for the first half of 2024, representing a year-on-year growth of 7.45%. The net profit attributable to shareholders was 88 million yuan, with a growth of 0.86%. The non-recurring net profit reached 83 million yuan, showing a robust growth of 17.81% [1]. - The company's 2B business segment, focusing on digital tax and financial services, saw a revenue increase of 10.4% year-on-year, amounting to 555 million yuan, with a net profit of 147 million yuan, up 11.0% [1]. - The active and paying user base for the company's digital tax service platform has been steadily increasing, with active enterprise users reaching 9 million and paying users at 6.15 million, reflecting growth rates of 9.8% and 8.3% respectively compared to the end of 2023 [1]. - The company is strategically positioned to benefit from the new round of tax system reforms, with projected revenues for 2024-2026 expected to be 2.171 billion, 2.553 billion, and 2.927 billion yuan respectively, and net profits of 230 million, 319 million, and 388 million yuan [1][2]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 61.11%, a decrease of 1.85 percentage points year-on-year, while the net profit margin was 10.84%, down 0.63 percentage points year-on-year. The non-recurring net profit margin increased by 0.9 percentage points to 10.18% [1]. - The company’s total revenue for 2023 was 1.829 billion yuan, with an expected growth rate of 7.7%. Projections for 2024 estimate a revenue of 2.171 billion yuan, reflecting an 18.7% growth rate [2][6]. - The earnings per share (EPS) for 2024 is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 42 times [2][6].