SERVYOU(SH:603171) Huaxin Securities·2024-08-21 02:00Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is benefiting from the implementation of the Golden Tax Phase IV, which is driving demand for tax compliance solutions and leading to sustained profit growth in the B-end market [2][4] - The company's revenue and profit growth are stable, with a notable improvement in cash flow [3][4] - The company is transitioning towards high-quality development with investments in digital tax services and government digital services [4][5] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 452 million yuan, a year-on-year increase of 5.74%, while the net profit was 55 million yuan, a slight decrease of 0.04% [3] - For H1 2024, the company reported revenue of 814 million yuan, up 7.45% year-on-year, with net profit of 88 million yuan, reflecting a growth of 0.86% [3] - The gross margin for H1 2024 was 61.11%, and the net margin was 10.84%, showing a slight decline compared to the previous year [3] Business Segments - The B-end digital tax service cloud business generated revenue of approximately 554.84 million yuan, growing 10.4% year-on-year, with a net profit of 146.76 million yuan, up 11.0% [4] - The G-end digital government business achieved revenue of approximately 257.37 million yuan, a growth of 2.1% year-on-year, with the company actively participating in key projects related to the Golden Tax Phase IV [4] Future Outlook - The company forecasts net profits of 185 million yuan, 310 million yuan, and 378 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.46, 0.76, and 0.93 yuan [5] - The current stock price corresponds to PE ratios of 52.4, 31.3, and 25.7 for the respective years [5]