SERVYOU(603171) 长江证券·2024-10-29 03:12Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company reported a significant profit increase, with a single-quarter revenue of 469 million yuan, representing a year-over-year growth of 7.26%, and a net profit attributable to shareholders of 28 million yuan, up 73.40% year-over-year. For the first three quarters, total revenue reached 1.284 billion yuan, with a year-over-year increase of 7.38%, and a net profit of 116 million yuan, reflecting a 12.06% year-over-year growth [3][4]. - The reduction of losses in the G-end segment has driven the company's profit growth in the third quarter beyond expectations, primarily due to the rapid advancement of the accounting SaaS business [4][5]. - The company has shown significant improvement in operational efficiency, with a notable reduction in operating cash flow losses compared to the previous year, and a steady growth in contract liabilities, indicating sustained growth in the B-end SaaS business [4][5]. - The ongoing fiscal and tax system reforms are expected to become a new growth driver, accelerating the deployment of the Jin Si system and expanding the user base for tax SaaS products [5][6]. - The company is leveraging its accumulated operational data from small and medium enterprises to explore new business opportunities in financial services and trade circulation, as well as expanding its product lines in the government sector [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 469 million yuan, a year-over-year increase of 7.26%, and a net profit of 28 million yuan, up 73.40% year-over-year. For the first three quarters, total revenue was 1.284 billion yuan, with a year-over-year growth of 7.38%, and a net profit of 116 million yuan, reflecting a 12.06% increase [3][4]. Operational Efficiency - The company has optimized its operational efficiency, with a significant reduction in operating cash flow losses from 223 million yuan in the previous year to 104 million yuan this year. The growth in contract liabilities indicates a robust performance in the B-end SaaS business [4][5]. Market Opportunities - The fiscal and tax system reforms are anticipated to enhance the company's growth prospects, particularly in expanding the Jin Si system and increasing the penetration of tax SaaS products among small and medium enterprises [5][6]. Future Profit Projections - The projected net profits for 2024, 2025, and 2026 are 195 million yuan, 376 million yuan, and 477 million yuan, respectively, with corresponding price-to-earnings ratios of 59.0X, 30.6X, and 24.1X [6].