SERVYOU(SH:603171) Huachuang Securities·2025-08-22 08:31Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][18]. Core Insights - The company achieved a revenue of 922 million yuan in the first half of 2025, representing a year-on-year growth of 13.25%. However, the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [2]. - The second quarter revenue was 474 million yuan, with a year-on-year growth of 4.84%, while the net profit decreased by 16.58% to 46 million yuan [2]. - The company is focusing on a B-end strategic transformation, leveraging digital governance projects and AI-driven services to enhance long-term growth potential [4][8]. Financial Performance Summary - The total revenue forecast for 2025 is 2.308 billion yuan, with a projected growth rate of 18.7%. The net profit is expected to reach 219 million yuan, reflecting a significant increase of 94.2% compared to 2024 [4]. - The earnings per share (EPS) for 2025 is estimated at 0.54 yuan, with a price-to-earnings (P/E) ratio of 101 [4]. - The company maintains a healthy gross margin of 59.06%, indicating strong profitability [8]. Business Strategy and Development - The company is enhancing its research and development efforts, with R&D expenses increasing by 8.47% to focus on key product innovations and AI applications [8]. - The active user base for the company's platform has grown to 11.8 million, a 10.28% increase since the beginning of the year, with paid users reaching 7.78 million, up 10.04% [8]. - The strategic shift towards an AI-driven platform model aims to transform the company from a traditional software service provider to a more integrated service ecosystem [8]. Market Position and Future Outlook - The company is well-positioned in the digital governance sector, with ongoing projects enhancing its core market presence and driving revenue growth [8]. - The anticipated revenue for 2026 and 2027 is projected at 2.812 billion yuan and 3.510 billion yuan, respectively, with corresponding net profits of 449 million yuan and 646 million yuan [4][8].