SERVYOU(603171) 国信证券·2025-04-20 11:42Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][22] Core Views - The company is expected to achieve steady revenue growth in 2024, with projected revenue of 1.945 billion yuan (+6.38%) and a net profit of 113 million yuan (+35.01%) [4][8] - The B-end business continues to show healthy growth, with a focus on building a comprehensive financial and tax AIBM ecosystem [4][6] - The G-end business is experiencing reduced losses, and the construction of the Golden Tax Phase IV is expected to accelerate [4][3] Summary by Sections Financial Performance - In 2024, the company anticipates revenue of 1.945 billion yuan, a 6.38% increase, and a net profit of 113 million yuan, reflecting a 35.01% growth [4][8] - The fourth quarter of 2024 is projected to have revenue of 662 million yuan (+4.48%) and a net profit of -3 million yuan (+83.29%) [8] - The overall gross margin for 2024 is expected to be 55.21%, showing stability with a slight decline [15][24] Business Segments - The B-end business is projected to generate 1.177 billion yuan in revenue (+8.46%) and a net profit of 249 million yuan (+1.60%) in 2024 [4][8] - The G-end business is expected to generate 763 million yuan in revenue (+3.37%) but is still operating at a loss of 136 million yuan [3][4] User Growth and Innovation - The Yiqiying platform has seen significant user growth, with active enterprise users reaching 10.7 million (+30.5%) and paid enterprise users at 7.07 million (+24.5%) by the end of 2024 [2] - The company has successfully launched advanced compliance products, achieving a breakthrough in paid user numbers [2] Future Projections - Revenue projections for 2025-2027 are set at 2.221 billion yuan, 2.566 billion yuan, and 2.990 billion yuan respectively, with net profits expected to reach 252 million yuan, 354 million yuan, and 470 million yuan [4][22] - The company maintains a healthy growth outlook for its B-end business, with AI-enabled products anticipated to drive high growth [4][22]