| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|------------------------------|-------|-------|-------|---------------------------------|---------------------------------------|-----------------------------|---------|--------|-----------------------------|---------| | 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].

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.71 CNY per share, compared to the current price of 18.85 CNY [8]. Core Insights - The company reported a revenue of 38.31 billion CNY for 2023, representing an 18.5% year-on-year increase, and a net profit attributable to shareholders of 0.55 billion CNY, which is a 32.2% increase year-on-year [5][6]. - The company continues to see strong growth in its outsourcing business, which accounted for 82.6% of total revenue in 2023, with a year-on-year growth of 23.6% [5]. - The gross margin for the outsourcing business improved slightly, while the overall gross margin decreased to 6.9%, down 0.9 percentage points year-on-year [5]. Financial Summary - Revenue for 2023 was 38.31 billion CNY, with a projected revenue of 45.61 billion CNY for 2024, indicating a growth rate of 19.0% [6]. - The net profit attributable to shareholders is expected to grow to 0.91 billion CNY in 2024, reflecting a significant increase of 66.0% compared to 2023 [6]. - The company’s earnings per share (EPS) is projected to rise from 1.08 CNY in 2023 to 1.61 CNY in 2024 [6].

Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861.SH) [26][39][54] Core Insights - In 2023, Beijing Human Resources achieved revenue of 38.31 billion yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 548 million yuan, up 32% year-on-year [4][33] - The company’s subsidiary, Beijing Foreign Enterprise (FESCO), reported a net profit of 825 million yuan in 2023, reflecting a 13% increase year-on-year, and successfully met its restructuring performance commitments [30][33] - The report highlights the resilience of the outsourcing business, with revenue from outsourcing services reaching 31.63 billion yuan, a 24% increase year-on-year [5][33] - The company’s gross margin for 2023 was 6.9%, with a net profit margin of 1.4%, indicating a slight improvement in profitability despite a decrease in gross margin due to changes in business structure [22][33] Financial Performance Summary - For 2024 Q1, the company reported revenue of 10.55 billion yuan, a 13% increase, but a net profit of 211 million yuan, down 19% year-on-year due to timing differences in subsidy recognition [7][39] - The report projects a downward adjustment in net profit forecasts for 2024 and 2025 to 936 million yuan and 1.066 billion yuan, respectively, with an introduction of a 2026 forecast of 1.197 billion yuan [39][46] - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected at 1.65 yuan, 1.88 yuan, and 2.12 yuan, respectively [39][46] Business Segment Analysis - The revenue breakdown for 2023 shows that the outsourcing service segment contributed 83.15% of total revenue, with a gross margin of 3.3% [5][33] - The personnel management segment generated 1.088 billion yuan, down 3.72% year-on-year, while the salary and welfare segment saw a slight increase of 2.95% to 1.146 billion yuan [5][33] - The report indicates that the company’s operational efficiency is improving, with a reduction in expense ratios across various categories, including sales, management, and R&D [22][33]

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Views - The company demonstrated resilient growth in its outsourcing business despite a challenging recruitment industry environment, with a revenue increase of 18.47% year-on-year in 2023 [5]. - The company is accelerating its digital transformation efforts to enhance operational efficiency and reduce costs [5]. - The projected net profit for 2024-2026 is expected to be 9.59 billion, 11.01 billion, and 12.33 billion respectively, with corresponding PE ratios of 11X, 10X, and 9X [5]. Financial Performance Summary - In 2023, the company achieved a revenue of 38,312 million yuan, with a year-on-year growth of 18.47%, and a net profit attributable to shareholders of 548 million yuan, reflecting a growth of 32.24% [5][2]. - The first quarter of 2024 saw a revenue of 105.5 billion yuan, up 12.87% year-on-year, and a net profit of 21 million yuan, up 18.92% year-on-year [5]. - The company’s outsourcing business grew by 23.59%, while the personnel management segment saw a slight decline of 3.72% [5]. Revenue and Profitability Forecast - Revenue projections for 2024, 2025, and 2026 are 46,932 million, 55,866 million, and 66,314 million yuan respectively, with growth rates of 22.5%, 19.0%, and 18.7% [2][4]. - The net profit attributable to shareholders is forecasted to be 959 million, 1,101 million, and 1,233 million yuan for 2024, 2025, and 2026, with growth rates of 75.1%, 14.8%, and 12.0% [2][4]. Dividend Policy - The company plans to distribute a cash dividend of 274 million yuan, representing a payout ratio of 50% [5].

东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为 无效。 在法律许可的情况下，东吴证券及其所属关联机构可能会持有报告中提到的公司所发行 的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 市场有风险，投资需谨慎。本报告是基于本公司分析师认为可靠且已公开的信息，本公 司力求但不保证这些信息的准确性和完整性，也不保证文中观点或陈述不会发生任何变更， 在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 本报告的版权归本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复 制和发布。经授权刊载、转发本报告或者摘要的，应当注明出处为东吴证券研究所，并注明 本报告发布人和发布日 ...

北京国际人力资本集团股份有限公司 审计报告 天职业字[2024]33516 号 目 录 -1 审计报告 -- -5 2023 年度合并财务报表 -- -17 2023 年度合并财务报表附注 -- 地 - 报告编码:京24300ZWD3 审计报告 一、审计意见 我们审计了北京国际人力资本集团股份有限公司(以下简称"北京人力")财务报表,包 括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 天职业字[2024]33516 号 北京国际人力资本集团股份有限公司全体股东: | 关键审计事项 | 该事项在审计中是如何应对的 | | --- | --- | | 收入确认 | | | | 我们对公司营业收入可能存在的重大错报风险执 | | | 行了以下主要程序: | | | 1、了解和评价北京人力与收入确认相关的关键内 | | | 部控制的设计和运行有效性; | | | 2、访谈管理层,并选取样本检查销售合同主要条 | | | 款,以评估北京人力的收入确认是否符合企业会计准 | | | 则的要求,评价各 ...

中信建投证券股份有限公司 关于北京国际人力资本集团股份有限公司重大资产重组 之 2023 年度业绩承诺实现情况的专项核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"独立财务顾问"） 作为北京国际人力资本集团股份有限公司（原"北京城乡商业（集团）股份有限 公司"，以下简称"北京人力""北京城乡""上市公司"或"公司"）重大资产置 换及发行股份购买资产并募集配套资金暨关联交易（以下简称"本次交易"、"重 大资产重组"）的独立财务顾问，根据《上市公司重大资产重组管理办法》（以下 简称"《重组管理办法》"）、《上市公司并购重组财务顾问业务管理办法》等有关 法律法规和规范性文件的要求，对北京国有资本运营管理有限公司（以下简称"北 京国管"）、天津融衡股权投资合伙企业（有限合伙）（以下简称"天津融衡"）、 北京创新产业投资有限公司（以下简称"北创投"）、北京京国发股权投资基金（有 限合伙）（以下简称"京国发"）关于北京外企人力资源服务有限公司（以下简称 "标的公司""标的资产""北京外企"）2023 年度的业绩承诺完成情况进行了专 项核查，核查情况及核查意见如下： 一、本次交易基本情况 公司通过（1）资产 ...

北京国际人力资本集团股份有限公司 募集资金存放与使用情况鉴证报告 天 职 业 字 [2024]33777 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn）"进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查询 " . n Book The 募集资金存放与实际使用情况鉴证报告 天职业字[2024]33777号 北京国际人力资本集团股份有限公司全体股东: 我们的责任是按照《中国注册会计师其他签证业务准则 3101 号 -- 历史财务信息审计或 审阅以外的鉴证业务》的规定执行鉴证业务。该准则要求我们计划和执行鉴证工作,以对鉴证 对象信息不存在重大错报获取合理保证。在鉴证过程中,我们实施了包括核查会计记录等我们 认为必要的程序。我们相信,我们获取的证据是充分、适当的,为发表鉴证意见提供了基础。 我们审核了后附的北京国际人力资本集团股份有限公司《以下简称"北京人力" "不公 司"）《关于公司募集资金存放与实际使用情况的专项说明》。 一、管理层的责任 北京人力管理层的责任是按照中国证监会《上市公 ...

证券代码：600861 证券简称：北京人力 编号：临 2024-008 号 北京国际人力资本集团股份有限公司 关于 2023 年度利润分配预案的公告 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。 在实施权益分派的股权登记日前，北京国际人力资本集团股份有限公司（以下 简称"公司"）总股本发生变动的，拟维持分配总额不变，相应调整每股分配金额，并 将在相关公告中披露。 本次利润分配方案尚需提交公司 2023 年年度股东大会审议批准。 一、利润分配方案内容 经天职国际会计师事务所（特殊普通合伙）审计，公司 2023 年度实现的归属于上 市公司股东的净利润为人民币 547,982,163.28 元。截至 2023 年 12 月 31 日，公司母 公司报表中期末未分配利润为人民币 514,133,285.05 元。经董事会决议，公司 2023 年年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方 案如下： 公司拟向全体股东每股派发现金红利 0.484 元（含税）。截至 2023 年 12 月 31 日， 公司总股本 ...