Group 1 - The company has been a leading player in the domestic tax and finance IT sector for over 20 years, providing tax system development and operation services to tax authorities, as well as comprehensive financial and tax services to enterprises and intermediaries [1] - The company's revenue has shown stable growth, increasing from 743 million yuan in 2016 to 1.945 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.8% [1] - The overall gross profit margin has remained relatively stable, with a slight decrease from 58.68% in 2016 to 55.21% in 2024, while the gross profit margin for B-end business has increased from 68.6% in 2021 to 72.0% in 2024 [1] Group 2 - The G-end business is expected to maintain steady growth, driven by increasing demand for data-related services as the government promotes tax management reforms [2] - The company is leveraging AI technology to enhance its B-end business, particularly in tax compliance and optimization, with new services gaining market recognition and entering a phase of full promotion [2] - The company is actively expanding its financial and tax data element business, which is crucial for government data applications, and is expected to create new growth opportunities [2] Group 3 - Revenue projections for the company are estimated to reach 2.215 billion yuan in 2025, 2.766 billion yuan in 2026, and 3.724 billion yuan in 2027, with net profits of 192 million yuan, 322 million yuan, and 553 million yuan respectively [3] - The gross profit margins are expected to improve to 55.9% in 2025, 58.5% in 2026, and 61.1% in 2027, with price-to-sales (PS) ratios projected to be 9.43, 7.55, and 5.61, which are below the average of comparable companies [3] - Given the company's high growth potential and valuation levels, an "accumulate" rating has been assigned [3]