投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-02 | | 收盘价 ( 元 ) | 13.60 | | 流通股本 ( 亿股 ) | 3.67 | | 每股净资产 ( 元 ) | 10.91 | | 总股本 ( 亿股 ) | 5.66 | | 最近 12 月市场表现 | | -46% -36% -27% -18% -9% 1% 北京人力 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com 相关报告 1. 《聚焦大客户管理，业务外包保持快 增》 2024-04-28 2. 《外包需求稳定，北京外企业绩韧性 强》 2024-01-30 3. 《外包服务持续扩张，巩固全国竞争 北京人力(600861) / 专业服务 / 公司点评 / 2024.09.03 推动专业化深耕，外包业务稳健增长 证券研究报告 ❖ 事件：公司发布 2024 半年报。2024H1，公司实现营业收入 218. ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 21.866 billion yuan for H1 2024, representing a year-on-year increase of 14%. The net profit attributable to shareholders was 434 million yuan, up 105.71% year-on-year, while the net profit excluding non-recurring items reached 277 million yuan, a significant increase of 270.93% year-on-year [1] - The growth in the outsourcing business remains steady, while the personnel management segment is under pressure due to the overall macroeconomic environment [1] - The establishment of a wholly-owned subsidiary in Singapore aims to enhance overseas market expansion and global competitiveness [1] - The company has adjusted its annual performance forecast due to pressures in the recruitment industry, projecting net profits of 773 million yuan, 888 million yuan, and 1.018 billion yuan for 2024, 2025, and 2026 respectively [1] Financial Performance Summary - For H1 2024, the company's revenue from various segments was as follows: outsourcing 18.127 billion yuan (up 14.91%), personnel management 471 million yuan (down 11.57%), compensation and benefits 540 million yuan (down 6.59%), and recruitment and flexible employment 2.350 billion yuan (up 20.82%) [1] - The gross profit margin for the outsourcing business was 2.88%, while the personnel management segment had a high gross profit margin of 79.22% [1] - The company expects a revenue growth rate of 18.5% for 2024, with net profit growth rates of 32.2% and 41.1% for 2024 and 2025 respectively [2][4] Future Outlook - The company is focusing on expanding its business footprint through acquisitions, including a 20% stake in Renliwo Network Technology, which will enhance its service offerings in HRSaaS and general outsourcing solutions [1] - The projected earnings per share for the upcoming years are 1.37 yuan for 2024, 1.57 yuan for 2025, and 1.80 yuan for 2026 [2][5]

证券研究报告 非金融公司|公司点评|北京人力（600861） 营收稳健增长，利润阶段性承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月29日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营收分别为 440.81/509.04/586.38 亿元，对应增速分别为 15.06%/15.48%/15.19%；2024-2026 年归母净利润分别为 8.55/9.15/10.22 亿元，对应增速分 别为 55.95%/7.07%/11.71%（公司 2023H1 完成重大资产重组），EPS 分别为 1.51/1.62/1.81 元/股。虽然面临宏观经济波动影响，公司作为行业龙头拥有丰富且优质的客户资源群体，业 绩有望维持长期稳健提升，维持"买入"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月29日 北京人力(600861) 营收稳健增长，利润阶段性承压 | --- | --- | |----------------------- ...

证券研究报告·公司点评报告·一般零售 北京人力（600861） 2024 年中报业绩点评：2024 年 Q2 公司收入 同比+15%，业务外包拉动增长 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 32339 | 38312 | 42447 | 47971 | 54305 | | 同比（ % ） | 4,537.88 | 18.47 | 10.79 | 13.01 | 13.20 | | 归母净利润（百万元） | 414.39 | 547.98 | 865.73 | 956.14 | 1,073.33 | | 同比（ % ） | 752.08 | 32.24 | 57.98 | 10.44 | 12.26 | | E ...

证券代码：600861 证券简称：北京人力 公告编号：临 2024-023 号 北京国际人力资本集团股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法规、规 范性文件和公司募集资金相关管理制度等的规定与要求，北京国际人力资本集团股份 有限公司（以下简称"公司"）2024 年半年度募集资金存放与使用情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准北京城乡商业（集团）股份有限公司重大 资产置换及向北京国有资本运营管理有限公司等发行股份购买资产并募集配套资金 的批复》（证监许可〔2022〕1590 号），核准公司发行股份募集配套资金不超过 1,596,696,900 元。 公司本次实际向特定对象发行人民币普通股 95,041,482 股，发行价格为 16.80 元/股， ...

会议审议通过《北京人力 2024 年半年度报告》及摘要，同意授权董事长在《北京 人力 2024 年半年度报告》及摘要上签字确认。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《北京 人力 2024 年半年度报告》和《北京人力 2024 年半年度报告摘要》。 证券代码：600861 证券简称：北京人力 公告编号：临 2024-021 号 北京国际人力资本集团股份有限公司 第十届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届董事会第十二次 会议通知于 2024 年 8 月 16 日以电子邮件方式发出，会议于 2024 年 8 月 28 日在公司 以现场结合通讯方式召开。本次会议应到董事 6 名，实到董事 6 名。会议的召集召开 符合《中华人民共和国公司法》《北京国际人力资本集团股份有限公司章程》以及《北 京国际人力资本集团股份有限公司董事会议事规则》的有关规定，会议合法有效。本 次会议由董事长王一谔先生主持，公 ...

监事会认为：公司 2024 年半年度报告的内容和格式符合监管机构的规定，能够真 实、准确、完整地反映公司 2024 年上半年经营管理和财务状况的实际情况；公司 2024 年半年度报告编制和审议程序符合相关法律、法规及《公司章程》和公司内部管理制 度的规定；未发现参与公司 2024 年半年度报告编制和审议的人员有违反保密规定的行 为。 证券代码：600861 证券简称：北京人力 公告编号：临 2024-022 号 北京国际人力资本集团股份有限公司 第十届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届监事会第九次会 议通知于 2024 年 8 月 16 日以电子邮件方式发出，会议于 2024 年 8 月 27 日以通讯方 式召开，会议应到监事 4 名，实到监事 4 名。会议的召集召开符合《中华人民共和国 公司法》和《北京国际人力资本集团股份有限公司章程》的有关规定，会议合法有效。 本次会议由监事会主席王禄征先生主持，公司部分高级管理人员列席会议， ...

证券代码：600861 证券简称：北京人力 公告编号：临 2024-024 号 北京国际人力资本集团股份有限公司 关于财务负责人辞职暨聘任公司常务副总经理 及副总经理、财务负责人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）董事会于 2024 年 8 月 28 日收到公司副总经理、财务负责人曾兆武先生的书面辞职报告。因公司内部工作调 整所需，曾兆武先生辞去公司财务负责人职务，辞职报告自送达董事会时起生效。辞 职后曾兆武先生仍担任公司副总经理职务。 公司第十届董事会第十二次会议审议通过《关于聘请公司常务副总经理的议案》。 经公司总经理提名、董事会提名委员会审核通过，公司董事会同意聘任曾兆武先生（简 历详见附件）为公司常务副总经理，任期自公司董事会审议通过之日起至公司第十届 董事会届满之日止。曾兆武先生具备与其行使职权相适应的任职条件，符合《中华人 民共和国公司法》等相关法律法规、规范性文件及《北京国际人力资本集团股份有限 公司章程》规定的任职资格。 公司董事会提名委员 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 21.87 billion, representing a 14% increase compared to CNY 19.18 billion in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was CNY 433.87 million, up 105.71% from CNY 210.91 million in the previous year[12]. - The net profit after deducting non-recurring gains and losses was CNY 276.51 million, a significant increase of 270.93% compared to CNY 74.54 million in the same period last year[12]. - Basic earnings per share increased by 54.67% to CNY 0.7664 compared to the same period last year[14]. - The net profit attributable to shareholders increased significantly due to the impact of asset disposal and restructuring, with a land appreciation tax of approximately CNY 196.6 million affecting last year's performance[15]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[60]. - The company provided an optimistic outlook for the second half of 2024, projecting a revenue growth of 25%[60]. Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to CNY 16.61 billion, reflecting a 1.51% increase from CNY 16.36 billion at the end of the previous year[13]. - The net assets attributable to shareholders increased to CNY 6.17 billion, marking a 2.66% rise from CNY 6.01 billion at the end of the previous year[13]. - Cash and cash equivalents at the end of the period amounted to 7,270,302,045.72, representing 43.78% of total assets, down 6.69% from 7,791,178,423.86 in the previous year[40]. - Accounts receivable increased by 8.86% to 4,168,642,337.73, accounting for 25.10% of total assets, attributed to growth in outsourcing services[40]. - Short-term borrowings rose by 25.00% to 500,000,000.00, primarily due to increased working capital loans[41]. - Contract liabilities increased by 44.75% to 400,940,785.52, reflecting growth in unfulfilled advance payments[41]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was negative at CNY -359.59 million, compared to a positive CNY 242.55 million in the same period last year, indicating a decline of 248.26%[13]. - Cash flow from operating activities decreased by 248.26% primarily due to timing differences in business execution and tax payments related to major asset restructuring[15]. - The net cash flow from investing activities was -200,200,246.93, a 56.21% improvement compared to -457,143,788.70 in the previous year[39]. - The net cash flow from financing activities was 37,792,876.20, a significant decrease of 97.21% from 1,354,025,375.96 in the previous year[39]. Operational Efficiency and Strategy - The company focuses on providing comprehensive human resource services, including personnel management, payroll benefits, business outsourcing, recruitment, and flexible employment solutions[20]. - The company implemented a unified payroll integration project to streamline personnel management across multiple regions, reducing customer acquisition costs and improving efficiency[22]. - The operational management model has been optimized to enhance efficiency and service quality while reducing operational costs[21]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs through process optimization[60]. - The company is advancing digital transformation through the development of an integrated HR solution platform and the application of RPA technology[33]. Market and Industry Outlook - The human resources service industry is expected to see growth opportunities in technology innovation and market demand recovery in 2024[18]. - The urban unemployment rate in China decreased to an average of 5.1%, down 0.2 percentage points year-on-year[18]. - The company anticipates further development in professional, international, and digital aspects of human resources services[19]. - The company is actively expanding its international business, developing a one-stop overseas service solution covering global personnel outsourcing management and international talent selection[23]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to pay attention to these risks[3]. - The company faces risks from macroeconomic fluctuations, which could impact revenue and profit if clients reduce their demand for human resource services[47]. - The company plans to diversify its client base across various industries to mitigate risks associated with client concentration and economic downturns[47]. Corporate Governance and Compliance - The report is unaudited, and the board of directors has confirmed the accuracy and completeness of the financial statements[2]. - There are no reported instances of non-operational fund occupation by controlling shareholders or related parties[3]. - The company has committed to maintaining operational independence from the listed company, ensuring no interference in management decisions[58]. - The company has agreed to avoid or minimize related party transactions with its subsidiaries and will ensure compliance with relevant regulations[58]. Research and Development - The company is investing heavily in R&D, with a budget increase of 30% for new technology development[60]. - Research and development expenses significantly decreased by 64.04%, totaling ¥18,227,329.19 compared to ¥50,681,985.82 in the prior year[38]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 13,845[79]. - The largest shareholder, Beijing State-owned Capital Operation Management Co., Ltd., held 49.23% of the shares, totaling 278,693,093 shares[79]. - The company has not disclosed any significant related party transactions or changes in major contracts during the reporting period[72]. Sustainability Initiatives - The company has implemented measures to reduce carbon emissions, including promoting green transportation and using energy-efficient appliances[54]. - The company is committed to sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[60].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600861 证券简称：北京人力 公告编号：临 2024-020 号 北京国际人力资本集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 北京国际人力资本集团股份有限公司（以下简称"公司"）将于 2024 年 8 月 29 日发布公司《2024 年半年度报告》，为便于广大投资者更全面深入地了解 公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 2 日下午 15:00-16:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 投资者可于 2024 年 8 月 26 日（星期一）至 8 月 30 日（星期五）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fesco.ir@fesco.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 一、 说明会类型 本次投资者说明会以视频结合网络互动的形式召开，公司将针对 2024 年半 年度经营成果及财务指 ...