SERVYOU(SH:603171) Haitong Securities·2024-03-10 16:00Investment Rating - The report assigns an "Outperform" rating to the company [27]. Core Viewpoints - The company is a leading player in the domestic tax SaaS sector, showing steady growth in performance. It has two main business segments: To G digital government services and To B SaaS subscription and consulting services. The company has capitalized on the digital transformation of tax and finance, achieving revenue and net profit growth in the first three quarters of 2023 [3][32]. - The company is expected to benefit from the recent "Data Element x" three-year action plan (2024-2026) issued by the National Data Bureau and other departments, which aims to enhance financial services for the real economy through the integration of tax data [5][32]. - The company is actively developing artificial intelligence capabilities, with a focus on creating a tax AI model that encompasses a vast knowledge base and has the potential to enhance business operations [18][32]. Summary by Sections Financial Performance - In the first three quarters of 2023, the company achieved operating revenue of 1.195 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to the parent company of 103 million yuan, up 13.0% year-on-year. The net profit excluding non-recurring items reached 85 million yuan, a significant increase of 39.1% [3][32]. - The company forecasts operating revenue of 1.959 billion yuan for 2023, with a year-on-year growth rate of 15.4%, and a net profit of 181 million yuan, representing a 25.9% increase [22][32]. Business Segments - The To B SaaS subscription and consulting services are expected to grow at rates of 25%, 30%, and 25% from 2023 to 2025, driven by the digital transformation of tax management [32]. - The To G digital government services are projected to recover in 2024, with expected growth rates of 3%, 10%, and 15% from 2023 to 2025 [32]. Market Position and Strategy - The company has positioned itself to leverage the increasing demand for digital tax services, particularly in light of new regulations that encourage the use of digital management systems among accounting agencies [32]. - The company has a strong focus on enhancing its service offerings through the integration of AI technologies, which is expected to drive future business growth [18][32].