SERVYOU(603171) 长江证券·2024-04-19 05:32Investment Rating - The report maintains a "Buy" rating for the company [26][27]. Core Insights - The company achieved a revenue of 1.829 billion yuan in 2023, representing a year-on-year growth of 7.71%. However, the net profit attributable to shareholders decreased by 42.05% to 83 million yuan [7][26]. - The B-end performance showed stable growth, with revenue reaching 1.085 billion yuan, up 13.84% year-on-year, and a net profit of 245 million yuan, up 37.37% year-on-year [4][7]. - The G-end performance was impacted negatively, with revenue of 738 million yuan, a slight decline of 0.07%, and a net loss of 162 million yuan due to a significant drop in gross margin [7][8]. - The company has effectively optimized operational efficiency, with cost control measures resulting in sales and management expenses growing at rates lower than revenue growth [8]. - The implementation of the "Golden Four" project is expected to enhance tax compliance needs among enterprises, driving the demand for standardized financial and tax SaaS services [8][25]. - The integration of AI capabilities is anticipated to open up long-term growth opportunities for the company, enhancing both G-end cost efficiency and B-end value [9][25]. Financial Summary - The company reported a net operating cash flow of 244 million yuan in 2023, a significant increase of 171.99% [7]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 252 million yuan, 434 million yuan, and 603 million yuan, respectively, with corresponding price-to-earnings ratios of 34.4X, 20.0X, and 14.4X [26][27].