SERVYOU(SH:603171) Shenwan Hongyuan Securities·2025-11-07 10:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.426 billion yuan for the first three quarters of 2025, representing a year-over-year growth of 11.1%. However, the net profit attributable to the parent company was 110 million yuan, showing a decline of 4.74% year-over-year [6] - In Q3 2025, the company achieved a revenue of 504 million yuan, with a year-over-year increase of 7.36%, and a net profit of 39 million yuan, reflecting a significant growth of 42.33% year-over-year. This profit increase is attributed to the transition of AI products from research to market, leading to a decrease in R&D expense ratio [6] - The company's intangible assets grew significantly, reaching 267 million yuan as of September 30, 2025, a 42.78% increase from the beginning of the year, primarily due to the capitalization of joint cloud business customer acquisition costs [6] - The company has maintained a high level of contract liabilities, with 768 million yuan as of the report date, providing a solid foundation for future revenue growth [6] - Operating cash flow has increased in the negative direction, with a net outflow of 246 million yuan for the first three quarters of 2025, compared to 104 million yuan in the same period last year [6] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.382 billion yuan in 2025, with a year-over-year growth rate of 22.5%. The net profit attributable to the parent company is expected to be 186 million yuan, reflecting a significant increase of 64.9% [5] - The gross profit margin is forecasted to be 56.8% in 2025, with a gradual increase to 59.1% by 2027 [5] - The return on equity (ROE) is expected to rise from 7.1% in 2025 to 13.9% in 2027, indicating improved profitability [5]