SERVYOU(603171) 中银国际·2025-04-23 05:38Investment Rating - The report maintains a "Buy" rating for the company [1][5][7] Core Views - The company has shown significant growth in 2024, with revenue reaching RMB 1.945 billion, a year-on-year increase of 6.38%, and a net profit of RMB 113 million, up 35.01% [5][10] - The rapid growth of the "Yiqiying" platform users and the continuous empowerment of AI technology in the business indicate a broad growth potential [5][10] - The company is positioned as a benchmark in the "AI + Tax SaaS" sector, leveraging AI technology to enhance its service offerings [10] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 1.945 billion, with a growth rate of 6.4% [9] - The net profit for 2024 was RMB 113 million, reflecting a growth rate of 35.0% [9] - The company expects revenues of RMB 2.286 billion, RMB 2.766 billion, and RMB 3.319 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 226 million, RMB 278 million, and RMB 351 million [7][9] - The EPS for 2025 is projected to be RMB 0.56, with a PE ratio of 77.3 [7][9] User Growth and AI Integration - The "Yiqiying" platform saw a 30.5% increase in active enterprise users and a 24.5% increase in paid enterprise users by the end of 2024 [10] - AI products now account for over 20% of the revenue from the smart tax business, indicating strong integration of AI technology [10] Market Outlook - The domestic tax AI business market is projected to reach RMB 390.73 billion by 2028, with a compound annual growth rate of 74.9% [10] - The company is actively participating in digital government projects and adapting to domestic environments, enhancing its service capabilities [10]