SERVYOU(603171) 长城证券·2025-04-22 12:58Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown steady growth in performance, with both business segments (BG) driving success. The financial indicators reflect significant improvements, particularly in net profit, which increased by 35.01% year-on-year in 2024 [4][5] - The company is actively enhancing its digital tax services, integrating AI-driven solutions to empower small and micro enterprises, with AI products contributing over 20% to the revenue of its digital tax business [2][4] - The user base for the company's platform has seen substantial growth, with active enterprise users reaching 10.7 million, a 30.5% increase from the beginning of the year [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.945 billion yuan, a year-on-year growth of 6.4%, and a net profit of 113 million yuan, reflecting a 35% increase [1][4] - The projected revenue for 2025 is 2.311 billion yuan, with an expected net profit of 277 million yuan, indicating a significant growth trajectory [9] - The company's return on equity (ROE) is expected to rise from 4.5% in 2024 to 16.0% by 2027, showcasing improved profitability [1][9] Business Development and Strategy - The company is committed to supporting digital governance initiatives, contributing to the digitalization of tax management across various provinces [4] - The integration of AI capabilities into the company's services is designed to address client pain points and enhance operational efficiency [4] - The digital governance business segment reported a revenue of 763 million yuan, growing by 3.37% year-on-year, indicating a stable demand for its services [4]