证券代码：600861 证券简称：北京人力 公告编号：2024-014 北京国际人力资本集团股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 15 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 288,532,465 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.9673 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采用现场投票和网络投票相结合的方式召开，符合《公 (一) 股东大会召开的时间：2024 年 5 月 22 日 (二) 股东大会召开的地点：北京市朝阳区广渠路 18 号院世东国际大厦 B 座 11 层 1108 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 司法》、《公司章程》 ...

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 展望后市，看好公司坚持"市场化、专业化、数字化、国际化"战略发展方向，充分利用自身 | | | 深厚的专业服务能力、独特的生态资源优势以及丰富的数据资产价值，全力践行"产品创新、 数据赋能、生态链接、全国协同"的战略部署，不断驱动公司业绩稳健提升。盈利预测及投资 | | | 建议：预计 2024-2026 年公司归母净利润分别为 9.55/10.31/11.48 亿元，对应 PE 分别为 12.47/11.55/10.37X ，维持"买入"评级。 | | | | | [Table_Author] 赵刚 杨会强 陈佳 请阅读最后评级说明和重要声明 相关研究 公司研究丨点 ...

北京国际人力资本集团股份有限公司 2023 年年度股东大会会议材料 2024 年 05 月 22 日 六、主持人可安排公司董事和高级管理人员回答股东所提问 题，对于可能泄露公司商业秘密/内幕信息，以及损害公司、股 东共同利益的提问，主持人或其指定的有关人员有权拒绝回答。 七、股东大会表决采用现场投票与网络投票相结合的方式。 股东以其所持有的有效表决权的股份数额行使表决权，每一股份 享有一票表决权。出席现场会议的股东在投票表决时，应在表决 票中每项议案下设的"同意""反对""弃权"三项中任选一项， 并以打"√"表示。网络投票的股东可以在本次会议召开当日的 交易时间内通过上海证券交易所股东大会网络投票系统行使表 决权。 北京国际人力资本集团股份有限公司 2023 年年度股东大会会议须知 为维护全体股东的合法权益，确保北京国际人力资本集团股 份有限公司（以下简称"公司"）股东大会的正常秩序和议事效 率，保证股东大会的顺利进行，根据公司《股东大会议事规则》 的规定，特制定本次股东大会须知如下： 一、公司根据《中华人民共和国公司法》《中华人民共和国 证券法》《上海证券交易所股票上市规则》《公司章程》及《股 东大会议事规 ...

——业绩符合预期，24 年聚焦提质增效，重视投资者回 | --- | --- | |----------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | | 11 | | 每股净资产（元） | | | 资产负债率 % | 57.46 | | 总股本 / 流通 A 股（百万） | 566/317 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|--------|--------|--------|--------|--------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 38,312 | 10,550 | 46,3 ...

Summary of the Conference Call on Human Resources Industry Update Industry Overview - The conference focused on the human resources industry in China, specifically discussing the performance of companies such as 科锐国际 (Core International) and 北京人力 (Beijing Human Resources) [1][3]. Key Points and Arguments 1. **Revenue Growth**: The income growth rate for flexible workers in the domestic market is reported at 17% [1]. 2. **Market Trends**: In April, the number of temporary workers at 科锐 increased, showing a positive trend with a 15% increase for 科锐 and an 80% increase for 北京人力 [3]. 3. **Competitive Landscape**: The competitive environment in the human resources sector is expected to improve slightly, with companies focusing on cost reduction and supplier pricing pressures [3][4]. 4. **Quality Growth**: The focus for 2024 is on maintaining pricing and gross margins while achieving stable growth, particularly in the outsourcing business [4][5]. 5. **Client Segments**: There is a notable demand for services from non-core clients in sectors such as energy, storage, and technology, indicating potential growth opportunities [6]. 6. **Outsourcing Expansion**: 科锐 has successfully expanded its outsourcing services in the power sector, including wind, solar, and nuclear energy [7]. 7. **Headhunting Business**: The headhunting segment faced challenges in 2023 but has shown signs of improvement in 2024, with an increase in job offers since September of the previous year [8][9]. 8. **Cost Control**: The headhunting business has implemented cost control measures, which are expected to positively impact profitability in the second quarter and the latter half of the year [10]. 9. **International Business**: The overseas business accounts for 25% of the company's revenue, with ongoing investments in the UK and Southeast Asia to support Chinese companies' global talent needs [11][12]. 10. **Valuation Metrics**: The current valuation of 科锐 is at 18.9 times earnings, which is below the industry average of 30-35 times, indicating potential for upward adjustment [19][21]. 11. **Profit Distribution**: 北京人力 has a profit distribution policy that mandates a minimum of 50% of distributable profits to be allocated to shareholders, which could yield a dividend yield close to 4% [23]. 12. **Growth Projections**: The company anticipates a steady growth rate of 10-15% for the year, supported by industry trends and competitive advantages [24]. Additional Important Insights - The overall penetration rate of flexible employment in China remains low, between 4% and 10%, suggesting room for growth in the sector [14][16]. - The potential tightening of regulations regarding employee benefits could disadvantage smaller firms while benefiting larger, compliant companies [15]. - The conference emphasized the importance of monitoring the competitive landscape and the potential for improved contract renewals in the coming year [7][8]. This summary encapsulates the key insights and projections discussed during the conference call, highlighting the current state and future outlook of the human resources industry in China.

| --- | --- | --- | |-------------------------------------|--------------------------------------|--------------------------------| | 投资建议的比较标准 | 股票投资评级 | 行业投资评级 | | 本报告采用的基准指数 ：沪深 300 | 买入：股价相对强于基准 15 ％以上； | 看好：行业指数超越基准； | | 指数（以下简称基准）； | 增持：股价相对强于基准 5％～15％； | 中性：行业指数与基准基本持平； | | 时间段：报告发布之日起 6 个月 | 持有：股价相对基准波动在±5% 之间； | 看淡：行业指数弱于基准。 | | 内。 | 卖出：股价相对弱于基准 5％以下。 | | 评级说明 风险提示 证券市场是一个风险无时不在的市场。投资者在进行证券交易时存在赢利的可能，也存在亏损的风险。建议投资者应当充分深入 地了解证券市场蕴含的各项风险并谨慎行事。 [Table_Title] 业务外包韧性强，分红率 50% 证券研究报告 | --- | --- | |----- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|------------------------------|-------|-------|-------|---------------------------------|---------------------------------------|-----------------------------|---------|--------|-----------------------------|---------| | 财务预测摘要 \n资产负债表 利润表 \n单位:百万元 2022 2023 2024E 2025E 2026E | | | | | | 单位:百万元 | 2022 2023 2024E 2025E 2026E | | | | | | 货币资金 | 239 | 7791 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [14]. Core Views - The company has shown steady growth in revenue and profit, with a focus on enhancing its professional service capabilities and digital transformation [9][18]. - The company reported a net profit of 5.48 million yuan in 2023, a 32.34% increase compared to the adjusted figures for 2022, and a significant increase in non-recurring net profit by 228.41% [4][11]. - The company aims to expand its outsourcing business and improve its product system, achieving a revenue of 381.57 billion yuan in 2023, a year-on-year growth of 19.78% [4][10]. Financial Performance Summary - In 2023, the company achieved a revenue of 38.31 billion yuan, an 18.47% increase from 2022 [17]. - The projected net profits for 2024, 2025, and 2026 are 9.0 billion yuan, 10.3 billion yuan, and 11.6 billion yuan respectively, with corresponding EPS of 1.6, 1.8, and 2.1 yuan per share [11]. - The company has a cash dividend proposal for 2023, planning to distribute a total of 274 million yuan, which represents a 50% cash dividend payout ratio [10]. Business Development and Strategy - The company is actively promoting the professional development of its outsourcing business, enhancing its service capabilities across various product categories [10]. - It has established a comprehensive product matrix with over 370 products across 11 categories, catering to diverse client needs [10]. - The company is advancing its digital transformation with a long-term development plan aimed at improving digital governance efficiency [10].

[Table_Contacts] [Table_Title] 北京人力（600861.SH） 021-38003653 jiwenxin@gf.com.cn 分析师： 孟鑫 SAC 执证号：S0260523120001 021-38003580 mengxin@gf.com.cn 请注意，孟鑫并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | --- | --- | |-----------------------------------|------------| | [Table_ 相关研究： DocReport] | | | 北京人力（ 600861.SH ） : 人 | 2024-02-17 | | 服龙头优势凸显，业绩成长 | | | 韧性强 | | | 北京人力（ 600861.SH ） : 前 | 2023-10-31 | | 三季度北京外企收入、利润 | | | 增速稳健 | | | 北京人力 | 2023-08-31 | | （ 600861.SH ） :23H1 北京 | | 外企收入、利润表现优异 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 SF ...