SERVYOU(603171) CAITONG SECURITIES·2024-10-26 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's B-end business is developing rapidly, with a significant year-on-year profit increase in Q3 2024 [3] - The company reported a revenue of 1.284 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 116 million yuan, up 12.06% year-on-year [3] - The company is expected to benefit from upcoming fiscal reforms and the development of its AI-driven tax management product, "Xiyou," aimed at small and micro enterprises [3] Financial Performance - In Q3 2024, the company achieved a revenue of 469 million yuan, a year-on-year increase of 7.26%, and a net profit of 28 million yuan, up 73.4% year-on-year [3] - The net profit margin for Q3 2024 was significantly improved due to effective cost control, with sales, management, R&D, and financial expense ratios at 19.91%, 10.76%, 25.27%, and -1.33% respectively [3] - The gross profit margin remained stable at 59.49%, slightly down from 59.92% in the same period last year [3] Future Projections - The company is projected to achieve revenues of 1.976 billion yuan, 2.170 billion yuan, and 2.409 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 148 million yuan, 243 million yuan, and 345 million yuan [3] - The expected price-to-earnings (PE) ratios for these years are 77.78, 47.43, and 33.34 respectively [3]