SERVYOU(SH:603171)2024-08-21 09:41Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has shown stable performance in Q1 2024, with a significant increase in B-end user numbers and a solid foundation for future growth [6]. - The rapid rollout of the Golden Tax Phase IV projects is expected to enhance compliance and tax optimization demand in the second half of the year [6]. - The company’s B-end business has experienced a notable increase in revenue, with a slight decline in average revenue per user due to a rapid increase in basic product users [6]. Financial Performance - For H1 2024, the company reported total revenue of 814 million yuan, a year-on-year increase of 7.45%, and a net profit of 88.24 million yuan, up 0.86% year-on-year [6][5]. - The B-end business generated revenue of 550 million yuan, reflecting a year-on-year growth of 10.4%, with SaaS revenue contributing 468 million yuan [6]. - The gross margin for the B-end business improved to 73.3%, with a net profit margin of 26.5%, compared to 22.6% for the entire year of 2023 [6]. Revenue and Profit Forecast - The company’s revenue is projected to reach 2.087 billion yuan in 2024, with a year-on-year growth rate of 14.1%, and net profit is expected to be 209 million yuan, reflecting a significant increase of 150.4% [5][7]. - The forecast for 2025 and 2026 indicates continued growth, with revenues of 2.429 billion yuan and 2.844 billion yuan, respectively [5][7]. Market Comparison - The company’s current market valuation corresponds to a PE ratio of 47x for 2024, 27x for 2025, and 17x for 2026, compared to an average PE of 56x for comparable companies [7][8].