截至发稿，吴默村累计任职时间4年311天，现任基金资产总规模2.01亿元，任职期间最佳基金回 报-5.05%， 任职期间最差基金回报-44.07%。 资料显示，北京科锐国际人力资源股份有限公司位于北京市朝阳区朝阳门南大街10号楼A座5层，成立 日期2005年12月5日，上市日期2017年6月8日，公司主营业务涉及以技术驱动的人力资源整体解决方案 服务商。主营业务收入构成为：灵活用工95.22%，中高端人才访寻2.77%，其他0.84%，招聘流程外包 承揽0.64%，技术服务0.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 10月31日，科锐国际涨5.31%，截至发稿，报29.54元/股，成交2.32亿元，换手率4.10%，总市值58.14亿 元。 数据显示，国投瑞银基金旗下1只基金重仓科锐国际。国投瑞银精选收益混合A（001218）三季度持有 股数21.96万股，占基金净值比例为3.12%，位居第九大重仓股。根据测算， ...

Key Insights - The report highlights significant changes in fund allocation during Q3 2025, with a notable increase in equity positions and a shift towards AI and new energy sectors, while consumer sectors faced reductions [8][9][10] - The performance of various industries shows a mixed trend, with coal and machinery sectors experiencing fluctuations in revenue and profit margins, while technology and communication sectors demonstrate robust growth [24][26][29][35][40] Fund Allocation Insights - Fund sizes increased significantly, with a 20% rise in active fund products, driven by a strong A-share market performance, particularly a 20% increase in the CSI 800 index [8] - There is a reinforced trend of reducing mainboard allocations while increasing investments in emerging sectors, with the STAR Market allocations reaching new highs [9] - AI and new energy sectors are leading the allocation trends, while consumer sectors like home appliances and automobiles are seeing widespread reductions [9][10] Industry Performance Insights - The coal industry is facing challenges, with companies like Pingmei and Lu'an reporting significant declines in revenue and profit due to structural changes in sales, although Q4 is expected to see recovery due to rising coal prices [35][44] - The machinery sector, represented by companies like Rongzhi Rixin, is experiencing substantial growth, with a 13.9% increase in revenue and an impressive 890% rise in net profit year-on-year [26] - The communication sector, particularly companies like New Yisheng, reported a 152.5% year-on-year revenue increase, driven by strong demand for optical communication products [24] Company-Specific Insights - Bull Group's revenue decline is narrowing, with healthy cash flow, and the company is expected to maintain a "buy" rating based on future profit projections [20] - Hikvision is showing signs of recovery with stable profits and cash flow, supported by advancements in AI technology [47] - Huabao New Energy is facing short-term profit pressure due to tariffs but maintains strong growth potential with a projected increase in net profit over the next few years [29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.3%. The net profit attributable to shareholders reached 220 million yuan, up 62.5% year-on-year, with a non-recurring net profit of 157 million yuan, increasing by 40.2% year-on-year [1]. - The flexible employment business continues to grow significantly, with the number of outsourced employees exceeding 50,900 by the end of Q3 2025. The traditional recruitment business is also recovering steadily, successfully recommending 11,516 mid-to-high-end management and technical positions to clients [1]. - The company's gross margin for the first three quarters of 2025 was 5.8%, down 1.0 percentage points year-on-year, primarily due to the increasing revenue share from the lower-margin flexible employment business. However, effective cost control led to a decrease in the expense ratio to 3.5%, down 1.1 percentage points year-on-year [2]. - The AI strategy is being deepened, with significant advancements in the "He Wa" platform, which saw a 73% year-on-year increase in offer output, reaching over 3,600 offers in Q3 2025. The platform's attractiveness has surged, with a 427% increase in registered hunting companies [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 3.680 billion yuan, a year-on-year increase of 23.7%, and a net profit of 93 million yuan, up 89.6% year-on-year. The net profit margin for Q3 was 2.0%, an increase of 0.5 percentage points year-on-year [1][2]. - The company’s gross margin for Q3 2025 was 6.3%, down 0.5 percentage points year-on-year, while the expense ratio was 3.4%, down 1.0 percentage points year-on-year [2]. AI and Technology Development - The company has accelerated its AI capabilities, with the "He Wa" platform's operational and delivery scale achieving breakthroughs. The platform's offer amount increased by 81% year-on-year [3]. - The company is also researching an Embedding model with reasoning capabilities and has released an experimental version of a self-decision-making digital avatar, Mira, which is expected to enhance internal operational efficiency [3]. Profit Forecast and Valuation - The profit forecast for 2025 is maintained at 280 million yuan, with upward adjustments for 2026 and 2027 to 349 million yuan and 421 million yuan, respectively. The current stock price corresponds to a PE ratio of 20 for 2025, 16 for 2026, and 13 for 2027 [4][5].

Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.29% [1] - The net profit attributable to shareholders reached 220 million yuan, with a significant year-on-year increase of 62.46% [1] - The company has successfully recommended over 11,000 mid-to-high-end management and technical positions to domestic and international clients [1] Financial Performance - In Q3, the company achieved a revenue of 3.680 billion yuan, marking a year-on-year growth of 23.70% [1] - The net profit attributable to shareholders for Q3 was 93 million yuan, showing an impressive year-on-year increase of 89.62% [1] - The net profit excluding non-recurring gains and losses for Q3 was 61 million yuan, with a year-on-year growth of 26.90% [1] AI and Technology Development - The company is exploring AI technology applications in recruitment, having started research on the reasoning-capable Embedding model CRE-T1, which enhances talent supply-demand semantic matching [2] - An experimental version of the autonomous decision-making digital avatar Mira has been released, featuring three core sub-agents: Plan Agent, Search Agent, and Voice Agent [2] - The company’s industrial interconnection platform, He Wa, has achieved significant operational and delivery scale, with the number of operational positions reaching a record high of 46,700 [2] Platform Growth and Partnerships - The He Wa platform has seen a continuous increase in active candidates, reaching 135,000 in the quarter [2] - The platform's offer output and monetary value have both reached new highs [2] - As of the reporting period, the He Wa ecosystem has registered over 18,200 partners and 181,000 delivery consultants, with over 100,000 mid-to-high-end positions operated, reflecting a year-on-year growth of 57.41% [2]

新京报贝壳财经讯 10月29日晚，科锐国际发布2025年第三季度报告。得益于国内招聘市场稳步复苏、 战略岗位与商圈布局成效释放、海外市场持续恢复以及AI技术深度赋能，公司前三季度业绩再创新 高，实现营业收入 107.55亿元，同比增长26.29%；实现归属于上市公司股东的净利润2.20亿元，同比增 长62.46%；实现归属于上市公司股东的扣除非经常性损益的净利润1.57亿元，同比增长40.20%，盈利能 力持续优化。其中，2025年第三季度公司实现营业收入36.80亿元，同比增长23.70%；实现归属于上市 公司股东的净利润0.93亿元，同比增长89.62%；实现归属于上市公司股东的扣除非经常性损益的净利润 0.61亿元，同比增长26.90%，延续了稳健增长的良好态势。 前三季度，科锐国际为国内外客户成功推荐中高端管理人员和专业技术岗位11000余人；灵活用工业务 累计派出445537人次。截至报告期末，科锐国际在册灵活用工业务的岗位外包员工（含独立顾问和兼职 专家）50900余人。 ...

Core Insights - The company reported a strong performance in Q3 2025, with a revenue of 10.755 billion yuan, a year-on-year increase of 26.29%, and a net profit attributable to shareholders of 220 million yuan, up 62.46% [1] - The flexible employment business continues to grow steadily, supported by overseas recovery and strict cost control, leading to a significant increase in non-recurring profits [2] - The HeWa platform has achieved significant operational milestones, with a record number of job offers and a strong focus on AI technology in the human resources sector [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 10.755 billion yuan, with a net profit of 220 million yuan and a non-recurring net profit of 157 million yuan [1] - In Q3 2025, the company reported a revenue of 3.680 billion yuan, a year-on-year increase of 23.70%, and a net profit of 93 million yuan, up 89.62% [1] - The non-recurring profit mainly came from gains on the disposal of fixed assets and the sale of subsidiary equity [1] Business Growth - The flexible employment business has shown high demand, with over 50,900 outsourced employees in various professional roles as of Q3 2025 [2] - The overseas business is recovering, and the technical service sector has seen an 81% increase in offer amounts in Q3 2025 [2] - The HeWa platform's operational metrics have improved significantly, with 46,700 operational positions and 135,000 active candidates, alongside a 73% increase in offer numbers [3] Investment Outlook - The company maintains its previous profit forecasts, expecting revenues of 14.8 billion, 18 billion, and 21.3 billion yuan for 2025-2027, with corresponding net profits of 280 million, 340 million, and 400 million yuan [4] - The company is optimistic about the growth potential of the HeWa platform and its AI initiatives, which are expected to contribute to a second growth curve [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 35.56 [1][9][12] Core Insights - The company reported Q3 revenue of RMB 3.68 billion, a year-on-year increase of 23.70% but a quarter-on-quarter decrease of 2.45%. The net profit attributable to the parent company was RMB 93.23 million, up 89.62% year-on-year and up 35.65% quarter-on-quarter [1][6] - For the first three quarters of 2025, the company achieved a total revenue of RMB 10.755 billion, representing a year-on-year growth of 26.29%, with a net profit of RMB 220 million, up 62.46% year-on-year [1][6] - The report highlights improvements in the headhunting business and growth in flexible employment and the Heva platform, indicating a positive outlook for profit realization throughout the year [1][6][7] Summary by Sections Domestic Business Performance - The flexible employment business supported a total of 445,537 placements in the first three quarters of 2025, with over 50,900 outsourced employees at the end of the period, reflecting a net increase of 1,400 [7] - The headhunting business showed signs of recovery, successfully recommending 11,516 mid-to-high-end management and technical positions in the first three quarters [7] - The gross margin improved significantly in Q3, increasing by 0.8 percentage points to 6.32%, attributed to a higher proportion of technical positions in flexible employment and increased efficiency in headhunting operations [7] AI and Technology Integration - The Heva platform launched its 2.0 AI product in July 2025, enhancing its capabilities in client development, talent search, and job matching, resulting in a fivefold increase in job matching accuracy and a threefold increase in order conversion rates [8] - In Q3 2025, the Heva platform generated over 3,600 offers, a year-on-year increase of 73%, with the total offer amount growing by 81%, particularly in high-end positions [8] Profit Forecast and Valuation - The report maintains profit forecasts for 2025, 2026, and 2027 at RMB 297.12 million, RMB 349.95 million, and RMB 403.45 million respectively, reflecting the company's strong delivery capabilities and operational efficiency [9][12] - The target price is set at RMB 35.56, based on a 20x PE for 2026, with the previous target price being RMB 37.74 [9][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][22] Core Views - The company achieved a non-GAAP net profit growth of 27% year-on-year in Q3 2025, with total revenue reaching 10.75 billion yuan, a 26.3% increase [2][8] - The company is actively exploring AI applications in recruitment, developing models that enhance semantic matching capabilities [3][20] - The company is expected to return to a rapid growth trajectory in 2025, supported by improved operational efficiency and AI-driven business transformation [4][21] Financial Performance Summary - For Q3 2025, the company reported revenue of 3.68 billion yuan, a 23.7% increase, and a net profit of 93.23 million yuan, up 89.6% [2][8] - The flexible employment business saw a 21.4% year-on-year increase in dispatched personnel, totaling 153,500 [13][15] - The gross profit margin for Q3 2025 was 6.3%, with a total expense ratio of 3.4%, showing significant improvement in operational efficiency [15][21] Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 295 million, 350 million, and 406 million yuan, respectively, with a CAGR of approximately 24% [4][21] - The latest dynamic PE ratios are projected at 19.3, 16.3, and 14.0 for 2025, 2026, and 2027, respectively [4][21] - The company is positioned as a cyclical stock with significant valuation elasticity, with historical dynamic PE ranging from 14 to 51 [4][21]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 30 日 [Table_Title] 利润持续高增长，禾蛙平台 Offer 再创新高 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300662 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 39.99/19.05 | | 目标价格： | | 总市值(亿) | 55.87 | | 最新收盘价： | 28.39 | 自由流通市值(亿) | 55.72 | | | | 自由流通股数(百万) | 196.28 | [Table_Summary] 事件概述： 公司发布 2025 年三季度报告。2025 年前三季度公司实现营业收入 107.55 亿元，同比增长 26.29%；实现归母 净利润 2.2 亿元，同比增长 62.46%，实现扣非归母净利润 1.57 亿元，同比增长 40.2%；单 Q3 公司实现营业收 入 36.80 亿元，同比增长 23.70%，实现归母净利润 0.93 亿元，同比增长 89.62%，实现扣非归母净利润 0.61 亿 ...

2025年10月30日，科锐国际(300662.SZ)发布2025年第三季报。截至2025年10月29日，共有28个机构投 资者披露持有科锐国际A股股份，合计持股量达1.03亿股，占科锐国际总股本的52.15%。其中，前十大 机构投资者包括霍尔果斯泰永康达创业投资有限公司、中国光大银行股份有限公司-兴全商业模式优选 混合型证券投资基金(LOF)、全国社保基金四一八组合、天津奇特咨询有限公司、招商银行股份有限公 司-兴全合润混合型证券投资基金、广发基金管理有限公司-社保基金四二零组合、CAREER SEARCH AND CONSULTING (HONG KONG) LIMITED、兴业银行股份有限公司-兴全新视野灵活配置定期开放 混合型发起式证券投资基金、华润深国投信托有限公司-华润信托·景气成长1号集合资金信托计划、招 商银行股份有限公司-易方达裕鑫债券型证券投资基金，前十大机构投资者合计持股比例达49.10%。相 较于上一季度，前十大机构持股比例合计下跌了3.85个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计12个，主要包括易方达裕鑫债券A、国投瑞银精 选收益混合A、工银消费服务混合A、中金消 ...