Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861 SH) with projected PE ratios of 14X 13X and 12X for 2024 2025 and 2026 respectively [1][5] Core Views - In Q3 2024 Beijing Human Resources reported revenue of 11 313 billion yuan a YoY increase of 18 39% and net profit attributable to the parent company of 207 million yuan a YoY increase of 52 3% [1][3] - The company's non-GAAP net profit was 126 million yuan a YoY increase of 33% driven by rapid growth in outsourcing services and steady performance in HR management and payroll services [1][3] - The company's profitability was boosted by government subsidies and cost-saving measures with a slight decline in gross margin due to changes in revenue structure [1][7] - The report forecasts net profit attributable to the parent company for 2024-2026 to be 835 million yuan 897 million yuan and 1 005 billion yuan respectively [1][5] Business Performance - For the first three quarters of 2024 the company achieved revenue of 33 179 billion yuan a YoY increase of 15 46% and net profit attributable to the parent company of 641 million yuan a YoY increase of 84 75% [3] - The outsourcing business grew rapidly driven by large client orders while HR management and payroll services remained stable [7] - The company's gross margin decreased by 0 5 percentage points YoY in Q3 2024 primarily due to the faster growth of low-margin outsourcing business [7] Financial Metrics - The company's current stock price is 20 80 yuan with a total market capitalization of 56 611 million shares and a net asset per share of 11 27 yuan [8] - The report provides detailed financial forecasts for 2024-2026 including revenue operating costs and net profit with expected EPS of 1 48 yuan 1 58 yuan and 1 78 yuan respectively [12] Strategic Outlook - The company is expected to continue its strategic focus on marketization specialization digitization and internationalization leveraging its professional service capabilities and data assets to achieve steady performance growth [6] - The company aims to innovate products empower data link ecosystems and enhance nationwide coordination to improve efficiency and reduce costs in a challenging environment [6]

诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨诗雨 那首先孙总也请您帮忙再给我们讲一讲这个三季度的一些经营情况吧就包括可能扣费增长其实比较快然后也越超市场预期的这样的一些原因除了有可能有基数相对比较低的原因之外我们内生经营上有没有看见一些变化或者是改善好各位投资人大家下午好感谢大家关注那个 这个周末了咱们就简单的直接聊一下嗯是这样这个具体数据情况大家也看到了可能大家最近也在看和分析和讨论我们三季度呢应该说还是我们自己觉得交付了一个比较这个符合预期的啊一个成绩那么在这里面呢实际上我觉得还是得益于几个因素第一呢是 就公司业务开展是平稳的就我们没有即便今年在这种环境下比较困难外部等等我们没有出现大的客户流失然后包括大的客户就我们像大家关心的这几个华为阿里这些 实际上都还实现了一个比较稳健的增长实际上也保证了我整个基本盘的稳定那么第二个因素就是实际上今年以来公司也在加大降本增效的力度无论从日常费用的开支节约内部管理的优化区域协同的整合以及组织人才结构的调整等等那么这些我们觉得也在三季度和全年会陆续看到一些 直接的一些效果来保证我们业绩的这样一个交付那么从实际的业务感受来说我们定客观说或者 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported strong profit growth in the first three quarters of 2024, with a revenue of 33.179 billion yuan, representing a year-on-year increase of 15.46%. The net profit attributable to shareholders reached 641 million yuan, up 84.75% year-on-year, and the net profit after deducting non-recurring items was 402 million yuan, a significant increase of 137.92% [3]. - In Q3 2024, the company achieved a revenue of 11.313 billion yuan, a year-on-year growth of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year. The growth in profit for the quarter was primarily driven by overall business growth and timing differences in government subsidies [3]. - The company has been optimizing its cost structure, with sales and management expense ratios decreasing to 1.22% and 2.10%, respectively, down 0.31 and 0.46 percentage points year-on-year [3]. - The company's outsourcing business is experiencing steady growth, with a focus on enhancing its recruitment team and optimizing recruitment processes. Strategic global cooperation agreements have been signed with major clients like Huawei and the Adecco Group [4]. - An internal restructuring plan was approved, which includes the transfer of equity in 27 subsidiaries, aimed at improving group management efficiency [4]. Financial Summary - The company is projected to have earnings per share (EPS) of 1.5, 1.7, and 1.9 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 times [5]. - Revenue forecasts for the next few years are as follows: 44.225 billion yuan in 2024, 50.773 billion yuan in 2025, and 58.152 billion yuan in 2026, with year-on-year growth rates of 15.43%, 14.81%, and 14.53% respectively [6][10]. - The net profit attributable to shareholders is expected to reach 857.66 million yuan in 2024, 964.93 million yuan in 2025, and 1.08365 billion yuan in 2026, with year-on-year growth rates of 56.51%, 12.51%, and 12.30% respectively [6][10]. - The company's return on equity (ROE) is projected to be 13.00% in 2024, 12.76% in 2025, and 12.53% in 2026 [10].

证券研究报告 非金融公司|公司点评|北京人力（600861） Q3 利润超预期，期待后续用工需求回 暖 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 公司发布 2024 年三季报，前三季度公司实现收入 331.79 亿元（同比+15.46%），归母净利润 6.41 亿元（同比+84.75%），扣非归母净利润 4.02 亿元（同比+137.92%）。前三季度公司利润 大增主要系去年同期基数包括置出资产在2023 年一季度的亏损以及公司资产置换产生的相关 税费。2024Q3 公司实现营业收入 113.13 亿元 （同比+18.39%），归母净利润 2.07 亿元（同比 +52.30%），扣非归母净利润 1.26 亿元（同比+33%）。 |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 数据来源：公司公告、iFinD，国联证券研究所预测；股价为 2024 年 10 月 28 日收盘价 非金融公司|公司点评 glzqdatemark2 2024年10月31日 北京人力(600861) Q3 利 ...

股 票 研 究 证 券 研 究 报 告 北京人力 2024Q3 业绩点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | |---------------------| | | | 于清泰 ( 分析师 ) | | 021-38022689 | | yuqingtai@gtjas.com | | S0880519100001 | 本报告导读： 收入业绩均超预期，完成业绩对赌确定性提高。公司将继续聚焦稳定发展和提效， 后续将持续拓展业务边界。 投资要点： [Table_Summary] 收入业绩均超预期。考虑行业用工景气度情况，下调 2024/25/26 年 EPS 至 1.44/1.58/1.73（-0.10/-0.13/-0.16）元，对应归母净利润为 8.13/8.96/9.77 亿元。考虑政策 ...

[ T able_StockInfo] 2024 年 10 月 28 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：20.11 元 北京人力（600861）社会服务 目标价：27.52 元（6 个月） 24Q3 业绩表现亮眼，未来有望受益于政策催化 [Table_Summary 事件：公司发布] 2024 年三季报，2024Q1-Q3 公司实现营收 331.8 亿元，同比 增长 15.5%；归母净利润为 6.4亿元，同比增长 84.8%；扣非归母净利润为 4.0 亿元，同比增长 137.9%；毛利率为 5.7%，同比下降 0.9个百分点，净利率 2.6%， 同比增加 0.5 个百分点。 公司 2024Q1-Q3 业绩在去年低基数下表现亮眼，重组上市后实现稳健增长。 2024Q1-Q3 营收和利润大幅增长的原因主要系公司去年上半年才完成重组上 市，上年同期置出资产产生的土地增值税等相关税费约 1.97亿元及置出资产在 置出前的业绩亏损影响了上期损益。公司作为国内头部人服公司，持续降本增 效，规模效应逐渐显现，重组上市后业绩表现亮眼。 单 Q3业绩亮眼，降本增效效果明显。单 Q3看，公司实现营 ...

证 券 研 究 报 告 北京人力（600861）2024 年三季报点评 推荐（下调） 经营稳健，具备韧性 目标价：25 元 当前价：21.44 元 事项： 2024 年前三季度公司实现营收 331.79 亿元，同比增长 15.46%；实现归母净利 润 6.41 亿元，同比增长 84.75%，实现扣非归母净利润 4.02 亿元，同比增长 137.92%；非经常性损益 2.39 亿元，主要包括政府补助 4.78 亿元，所得税影响 （负项）1.23 亿元和税后少数股东权益影响额 1.18 亿元。 2024Q3 单季度公司实现营收 113.13 亿元，同比增长 18.39%；实现归母净利润 2.07 亿元，同比增长 52.30%，扣非归母净利润 1.26 亿元，同比增长 33.0%； 单 Q3 非经常性损益中包括政府补助 1.24 亿元。 评论： Q3 公司营收稳健，扣非归母净利润略超预期，预计公司主营外包业务收入增 速与总体营收趋势一致（23 年该业务收入比例为 83%）。毛利率同比下滑 0.50pct，我们预计主要系低毛利率的外包业务收入占比提升所致；归母净利率 同比提升 0.4pct，盈利能力相对稳健。 Q3 ...

社会服务 证 券 研 究 报 告 2024 年 10 月 29 日 北京人力 (600861) ——核心优势稳固，降本增效持续释放利润 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 20.11 | | 一年内最高/最低（元） | 24.01/12.92 | | 市净率 | 1.8 | | 息率（分红 / 股价） | 2.41 | | 流通 A 股市值（百万元） | 7,372 | | 上证指数 / 深证成指 | 3,322.20/10,685.89 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 11.27 | | 资产负债率 % | 57.48 | | 总股本/流通 A 股（百万） | 566/36 ...

[Table_MainInfo] 公司研究/旅游服务业 证券研究报告 北京人力（600861）公司季报点评 2024 年 10 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 21.44 | | 52 周股价波动（元） | 12.92-23.80 | | 总股本 / 流通 A 股（百万股） | 566/367 | | 总市值 / 流通市值（百万元） | 12137/7859 | | 相关研究 | | | [Table_ReportInfo] 《发改委实施就业优先战略，人服龙头有望受 | | | 益》 2024.10.21 | | | 《发改委实施就业优先战略，人服龙头有望受 | | | 益》 2024.10.15 | | 市场表现 [Table_QuoteInfo] -38.95% -30.95 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][8] Core Views - The company has shown significant improvement in profitability, with a 85% year-on-year increase in net profit for Q3 2024, indicating a strong recovery [3][5] - Revenue for the first three quarters of 2024 reached 33.18 billion yuan, reflecting a 15% increase compared to the previous year [3][5] - The company is focusing on internal cost reduction and efficiency improvements, which have positively impacted its profitability margins [3][5][7] Financial Forecasts and Key Metrics - Revenue projections for 2024-2026 have been adjusted to 44.9 billion, 52.4 billion, and 61.2 billion yuan respectively, with corresponding net profit estimates of 857 million, 976 million, and 1.099 billion yuan [3][8] - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2024, 1.72 yuan in 2025, and 1.94 yuan in 2026 [3][9] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 12.4 in 2024 to 9.7 in 2026, indicating improving valuation attractiveness [3][9] Operational Highlights - The company’s subsidiary, Beijing Foreign Enterprise (FESCO), achieved a revenue of 33.15 billion yuan in the first three quarters of 2024, with a net profit of 6.5 billion yuan [3][5] - The gross profit margin for the company was reported at 5.7%, with a slight decrease attributed to the increased proportion of outsourcing services [3][5][7] - The establishment of a joint venture focused on AI recruitment aims to enhance operational efficiency and streamline management structures [3][7][8]