B 端盈利能力显著提升，中小企业高客单价用户数与财税代理客群用户数双轮驱动。公司B 端业务盈利能力显著提升，实现营收10.8 亿元（同比+13.8%），净利2.5 亿元（同比+37.4%），净利率为22.6%，同比增加3.9Pcts。其中，中小企业客群ARR 为5.3 亿元（同比+8.0%），年末高价值用户6.1 万户（同比+77.3%）。财税代理客群ARR 为5.2 亿元（+24.0%），年末付费用户510.0 万户（+34.2%）。创新业务方面，公司PTS 平台已服务企事业单位近4 万家，23 年平台金额续费率持续增长。The company released its annual report for the year 23, achieving annual revenue of 1.83 billion yuan (+7.7% YoY), net profit to mother of 80 million yuan (-42.1% YoY), and deducting non-net profit of 60 million yuan (-40.2% YoY). The increase in R&D expenses and the tightening of G-end user budgets affect the company's overall profit level. The profitability of the company's B-side has improved significantly, and the construction of a major fiscal and taxation model for the vertical sector has been fully launched. Maintain a buy rating.
Key points to support ratings
Net profit declined due to increased R&D expenses and tighter budgets for G-end users. The year-on-year decline in the company's net profit in '23 is mainly due to (1) the company increased R&D investment in fiscal and taxation applications of technologies such as artificial intelligence and big language models. R&D expenses were 480 million yuan (+12.4%), and the R&D expenses rate was 26.5%, an increase of 1.1 pcts year on year. (2) The G-end digital government business was affected by the continued tightening of user budgets, and gross margin decreased by 11.3 pcts year-on-year.
The profitability of the B-side has increased significantly, and the number of users with a high price per unit price of SMEs and the number of users in the fiscal and tax agent customer base are driven by two wheels. The profitability of the company's B-side business increased significantly, achieving revenue of 1.08 billion yuan (+13.8% YoY), net profit of 250 million yuan (+37.4% YoY), and a net interest rate of 22.6%, an increase of 3.9 pcts year-on-year. Among them, the ARR of the SME customer base was 530 million yuan (+8.0% year over year), and 61,000 high-value users at the end of the year (+77.3% year over year). The ARR of the fiscal and tax agent customer base was 520 million yuan (+24.0%), with 5.10 million paying users at the end of the year (+34.2%). In terms of innovative business, the company's PTS platform has served nearly 40,000 enterprises and institutions, and the platform's renewal rate has continued to grow in 23 years.
The construction of a major fiscal and taxation model for the vertical sector has been fully launched to develop new digital productivity. “Developing new quality productivity” was listed as the top priority of the government's work in '24. The company actively builds new productivity in the field of digitalization of finance and taxation, adapts to technological breakthroughs in the big language model, and launches “intelligent tax management” products in combination with AIGC technology to create lightweight corporate tax sharing services for users. With top-level policy promotion and technical outlet support, the company's finance and taxation SaaS business and digital government business are expected to upgrade their business models.
valuations
The estimated net profit for 24-26 will be $2.7, 3.7, and 410 million yuan (considering G-side budget impact, downgraded 30%-37%), EPS will be 0.66, 0.91, and 1.01 yuan, and corresponding PE will be 32X, 23X, and 21X, respectively. The company's B-side profitability improved significantly and maintained its buy rating.
The main risks faced by ratings
The number of customers fell short of expectations; the increase in customer unit prices fell short of expectations; technology research and development fell short of expectations.
