国内领先的财税SaaS龙头，B端业务与数据要素双轮驱动

Investment Rating - The report assigns an OUTPERFORM rating to Servyou Software Group with a target price of RMB 38.88 [1] Core Viewpoints - Servyou Software Group is a leading domestic tax digital government system service provider and SaaS cloud platform provider for finance and taxation, focusing on digital government services (To G) and SaaS subscription and consulting services (To B) [1] - The company achieved a revenue of RMB 1.195 billion in Q3 2023, a YoY growth of 10.8%, and a net profit attributable to shareholders of RMB 103 million, a YoY growth of 13.0% [1] - The company is expected to benefit from the dual drivers of B-end business and data services, with projected YoY growth rates of 25%, 30%, and 25% for the To B sector from 2023 to 2025, and 3%, 10%, and 15% for the To G sector [7] Financial Performance - In 2023, the company is expected to achieve a revenue of RMB 1.959 billion, a YoY growth of 15.4%, and a net profit attributable to shareholders of RMB 181 million, a YoY growth of 25.9% [3] - The company's gross margin is expected to be 56.2% in 2023, with a return on equity (ROE) of 6.8% [3] - By 2025, the company's revenue is projected to reach RMB 2.906 billion, with a net profit attributable to shareholders of RMB 502 million and an ROE of 14.3% [3] Business Segments - To B SaaS Subscription & Consulting Services: This segment is expected to grow at a CAGR of 25% from 2023 to 2025, with a gross margin of 73% [10] - To G Digital Government Services: This segment is expected to grow at a CAGR of 10% from 2023 to 2025, with a gross margin of 35% in 2024 [10] Industry Trends - The release of new accounting regulations is expected to further expand the demand for financial and tax SaaS, with Servyou's "Yiqi Accounting" SaaS platform having 6.5 million active users and 4.3 million paying users as of H1 2023, a 13.2% increase from the beginning of the year [2] - The company is actively deploying artificial intelligence, with a tax-specific AI model covering 8 million enterprises and 10 million relationship knowledge graphs, and has launched an "Intelligent Tax Management Product" to improve service efficiency and quality [5] Data Element Opportunities - The company is expected to deeply participate in the development of data elements, with applications in both government and enterprise sectors, including tax source analysis, regional economic analysis, and precision marketing [6]