SERVYOU(603171)2024-10-28 00:41Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a revenue of 1.28 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 7.4%. The net profit attributable to shareholders was 120 million yuan, up 12.1% year-over-year, while the net profit excluding non-recurring items reached 110 million yuan, reflecting a 24.8% increase year-over-year [3][4]. - In Q3 2024, the company achieved a revenue of 470 million yuan, a year-over-year growth of 7.3%, and a net profit of 27.7 million yuan, which is a significant increase of 73.4% year-over-year. This performance aligns with expectations [3][4]. - The growth in revenue is attributed to stable G-end income and increased B-end income, primarily driven by the growth in the digital tax SaaS business [3][4]. - The gross margin for Q3 2024 was 59.5%, remaining stable compared to 59.9% in Q3 2023. The company anticipates potential improvements in gross margin as the macroeconomic environment recovers and B-end SaaS products gain traction [3][4]. - As of September 30, 2024, the company's contract liabilities amounted to 750 million yuan, a year-over-year increase of 12%, indicating a growing demand for B-end SaaS compliance tax reporting [3][4]. - The company reported accounts receivable of 170 million yuan, down 13.6% year-over-year, suggesting an improvement in receivables management as the promotion of the Golden Tax Phase IV accelerates [3][4]. - The operating cash flow for the first three quarters of 2024 showed a net outflow of 100 million yuan, which is an improvement of 120 million yuan compared to the same period last year. In Q3 2024, the company recorded a net inflow of 180 million yuan, an increase of 90 million yuan year-over-year [4]. - The report highlights the accelerated penetration of B-end compliance tax SaaS due to the rollout of the Golden Tax Phase IV, which is expected to enhance the company's market position [4]. - The revenue forecast for the company is projected to be 2.09 billion yuan, 2.43 billion yuan, and 2.84 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 209 million yuan, 354 million yuan, and 556 million yuan for the same years [4][5].