SERVYOU(SH:603171) Great Wall Securities·2025-08-28 05:33Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown stable revenue growth, with both B-end and G-end businesses progressing effectively. The introduction of AI technology is expected to help build a competitive moat in vertical industries [4][9] - The B-end business is experiencing significant market expansion, supported by favorable policies and a growing number of registered enterprises in China. The domestic financial and tax AIBM ecosystem service market is projected to reach 390.73 billion by 2028, with a compound annual growth rate of 74.9% [2] - The G-end business is deeply involved in the "Golden Tax Phase IV" construction, enhancing digital tax products that help enterprises reduce costs and improve efficiency. The company is actively developing a large model for tax services, leveraging over 20 billion financial and tax data to create a competitive advantage [3] Financial Summary - For the fiscal year 2023, the company reported revenue of 1,829 million, with a year-on-year growth rate of 7.7%. The net profit attributable to the parent company was 83 million, reflecting a decline of 42.1% year-on-year [1] - Revenue is projected to grow to 2,311 million in 2025, with a year-on-year growth rate of 18.8%, and net profit is expected to reach 277 million, marking a significant increase of 146.4% [1][9] - The company's return on equity (ROE) is forecasted to improve from 3.4% in 2023 to 10.3% in 2025, indicating enhanced profitability [1]