SERVYOU(SH:603171) KAIYUAN SECURITIES·2025-08-20 11:13Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leading provider of financial and tax information services in China, expected to benefit from the deepening reforms in the financial and tax system, achieving growth through both G-end and B-end dual drivers. The integration of AI in financial and tax services is anticipated to open up long-term growth opportunities [5] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 922 million yuan, a year-on-year increase of 13.25%, and a net profit attributable to shareholders of 71.01 million yuan, a year-on-year decrease of 19.52% [6] - The company's smart financial and tax business generated operating revenue of 621 million yuan in the first half of 2025, reflecting a year-on-year growth of 11.95%. The number of active enterprise users on the platform reached 11.8 million, a growth of 10.28% from the beginning of the year [7] - The G-end business showed signs of recovery, with digital government services generating operating revenue of 300 million yuan, a year-on-year increase of 16.60% [8] Earnings Forecast - The revised profit forecasts for 2025-2027 are 212 million, 332 million, and 498 million yuan respectively, with corresponding EPS of 0.52, 0.82, and 1.22 yuan per share. The current stock price corresponds to P/E ratios of 104.0, 66.4, and 44.3 times for the respective years [5][9] Revenue Breakdown - The revenue from data value services and products reached 91.02 million yuan, a year-on-year increase of 17%. The company has established five main product lines in the tax customer market, achieving rapid promotion [8]