Core Insights - The company, Core International (科锐国际), reported a revenue of 3.303 billion yuan for the first quarter of 2025, reflecting a year-on-year growth of 25.13% [1] - The net profit for the same period was 57.7839 million yuan, showing a year-on-year increase of 42.15% [1] Financial Performance - Revenue for Q1 2025: 3.303 billion yuan, up 25.13% year-on-year [1] - Net profit for Q1 2025: 57.7839 million yuan, up 42.15% year-on-year [1]

Company Overview - Beijing Keri International Human Resources Co., Ltd. is a leading provider of comprehensive human resource solutions in China, offering services such as high-end talent search, recruitment process outsourcing, flexible staffing, traditional dispatch services, training, market research, and recruitment project consulting [1]. Financial Performance - As of the third quarter of 2024, the company reported revenue of 8.516 billion yuan, representing a year-on-year increase of 18.77% [1]. - The net profit for the same period was 135 million yuan, showing a year-on-year decrease of 10.96% [1]. - The sales gross margin stood at 6.75% [1]. Market Position - The company's closing stock price was 31.61 yuan, with a price-to-earnings (PE) ratio of 30.57 times, and a total market capitalization of 6.221 billion yuan [1]. - In comparison to the industry, the average PE ratio for the professional services sector is 52.75 times, with a median of 32.93 times, placing Keri International at the 21st position within the industry [1][2]. Institutional Holdings - As of the latest report, 200 institutions hold shares in Keri International, with a total of 33.9684 million shares and a market value of 715 million yuan [1].

关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京科锐国际人力资源股份有限公司（以下简称"公司"）近日接到公司控 股股东霍尔果斯泰永康达创业投资有限公司（以下简称"泰永康达"）通知，获 悉泰永康达将所持有本公司的部分股份办理了解除质押以及部分股份质押的业务， 具体事项如下： 一、 股东股份解除质押及质押的基本情况 | | 是否为控股 | | 本次解除质 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | | 押数量 | 占其所持股 | 占公司总股 | 起始日 | 解除期日 | 质权人 | | 名称 | 大股东及其 | | （股） | 份比例 | 本比例 | | | | | | 一致行动人 | | | | | | | | | 泰永 | | 是 | 4,500,000 | 7.52% | 2.29% | 2024.4.17 | 2025.4.15 | 招商证券股 | | 康达 | | | | | | | | ...

Summary of Conference Call Records Industry Overview - The records primarily discuss the recruitment industry, focusing on companies such as BOSS Zhipin and the performance of A-share companies like Beijing Renli and Keri International [1][2][3]. Key Points and Arguments 1. **Overall Industry Performance**: The recruitment sector has experienced negative growth, particularly in small and micro enterprises, with BOSS Zhipin's transaction volume showing a decline since Q3 and Q4 of 2024, continuing into 2025 [1]. 2. **Demand Drivers**: The performance of companies like Beijing Renli and Keri International is largely disconnected from overall recruitment demand, being more influenced by leading clients and the stage of industry development [2]. 3. **Keri International's Performance**: Keri International is recommended due to its improving performance, driven by AI-related demand and operational efficiency improvements, which have not yet been fully reflected in its stock price [3][4]. 4. **Revenue Growth Factors**: The company’s revenue is expected to grow from approximately 200 million in 2024 to 250 million in 2025, with potential for further increases if overseas markets stabilize [5]. 5. **AI Impact on Recruitment**: The AI industry is creating a new cycle of demand for labor, which is anticipated to drive growth in the recruitment sector [5][6]. 6. **Client Dependency**: The revenue growth of recruitment firms is heavily reliant on core client orders, particularly from major clients like Huawei, whose revenue contribution has increased significantly from 6.73% in 2018 to around 35% in 2023 [6]. 7. **Recruitment Efficiency**: AI is enhancing recruitment efficiency through automated resume screening, intelligent candidate recommendations, and personalized training paths for employees [10][11]. 8. **Market Dynamics**: The recruitment industry is characterized by a cycle where initial demand for new roles is high, but as the market matures, the focus shifts to efficiency and scale management [8][9]. 9. **Future Growth Potential**: The potential for significant revenue growth exists, particularly as AI applications in recruitment become more mainstream and effective [12][13]. 10. **Valuation and Market Position**: Keri International's valuation is considered attractive due to its low price-to-earnings ratio and stable growth prospects, making it a compelling investment opportunity [14]. Other Important Insights - The recruitment industry is currently in a transitional phase, with AI technologies expected to play a crucial role in shaping future demand and operational efficiencies [9][10]. - The importance of understanding client needs and adapting to industry changes is emphasized, particularly for companies like Beijing Renli, which leverage traditional business strengths to maintain client relationships [8][9]. - The call concludes with an invitation for further discussions on the recruitment industry, indicating ongoing interest and potential for collaboration among investors [14].

Core Insights - The report emphasizes the importance of domestic demand and high-performing leading companies, as well as sectors benefiting from increased tariffs [3][7] - The consumer services sector has outperformed benchmarks since March, with low-valued high-performing stocks showing resilience amid tariff negotiations [3][10] Sector Analysis 1. Consumer Internet Platforms - The performance of leading companies in the consumer internet space is expected to be stable, with significant growth in domestic travel during the Qingming holiday [4] - Companies like Tongcheng Travel and Ctrip are projected to benefit from increased user engagement and market penetration [4][19] 2. Natural Scenic Area Leaders - Companies in this sector are noted for their defensive attributes, with expected profit growth driven by increased visitor numbers during holidays [4] - Jiuhua Tourism is anticipated to see a net profit increase of approximately 32% in Q1, supported by improved visitor flow [4][8] 3. Chain Consumption Leaders - The hotel industry is showing signs of stabilization, with RevPAR (Revenue per Available Room) expected to improve due to rising travel demand [5][25] - Major hotel chains are focusing on expanding their market share through aggressive opening strategies, with significant growth targets set for 2025 [28][33] 4. Duty-Free Sector - The duty-free market is positioned to benefit from tariff increases, with a focus on the recovery of consumer spending and the influx of foreign tourists [6][7] - The report highlights the potential for growth in the duty-free segment as policies evolve to stimulate economic recovery [6][19] Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Meituan-W, Ctrip Group-S, and Huazhu Group-S, which are expected to perform well in the current economic environment [7][8] - The emphasis is on sectors with strong domestic demand and those that are likely to benefit from tariff adjustments, indicating a favorable investment outlook [7][8]

证券代码：300662 证券简称：科锐国际 公告编号：2025-002 1、本次股份质押的基本情况 | | 是否为控 | | | | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | | | | | 否 | 是否 | | | | 质 | | | 股股东或 | | 占其所 | 占公司 | | | | 质押 | | | | 东 | | 本次质 | | | 为 | 为补 | | | 质权 | 押 | | | 第一大股 | | 持股份 | 总股本 | | | 质押起始日 | 到期 | | | | 名 | | 押数量 | | | 限 | 充质 | | | 人 | 用 | | | 东及其一 | | 比例 | 比例 | | | | 日 | | | | 称 | 致行动人 | | | | 售 | 押 | | | | 途 | | | | | | | 股 | | | | | | | | | | | | | | | 办理 | | | | | | | | | | | | 解除 | 中信 | | | 泰 | | ...

Group 1 - The core viewpoint of the news is that 科锐国际 (Core International) is experiencing a decline in stock price and profitability, despite being a leading provider in the human resources sector in China [1] - As of April 1, the closing stock price of 科锐国际 is 33.2 yuan, down 4.05%, with a rolling PE ratio of 32.11 times and a total market capitalization of 6.534 billion yuan [1] - The average PE ratio for the professional services industry is 52.20 times, with a median of 36.76 times, placing 科锐国际 at the 22nd position in the industry ranking [1] Group 2 - As of the third quarter of 2024, 200 institutions hold shares in 科锐国际, including 200 funds, with a total holding of 33.9684 million shares valued at 715 million yuan [1] - The company reported a revenue of 8.516 billion yuan for the third quarter of 2024, representing a year-on-year increase of 18.77%, while net profit was 135 million yuan, showing a year-on-year decrease of 10.96% [1] - The sales gross margin for 科锐国际 is reported at 6.75% [1]

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [6][10][11][12][13][15][16][19]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to show strong growth potential, driven by factors such as brand expansion, technological advancements, and market demand recovery [10][11][12][13][15][16][19]. Summary by Sector Agriculture - Recommended Stock: Zhongchong Co., Ltd. (中宠股份) - Focus on pet food industry with strong brand growth and global capacity expansion. Expected net profits for 2024-2026 are 380 million, 430 million, and 540 million CNY, with corresponding PE ratios of 33, 29, and 23 [10]. Retail - Recommended Stock: Mao Ge Ping (毛戈平) - Multi-category expansion strategy with strong growth in membership and repeat purchases. Expected net profits for 2025-2027 are 1.17 billion, 1.50 billion, and 1.86 billion CNY, with PE ratios of 39.9, 31.0, and 25.0 [11]. Social Services - Recommended Stock: Keri International (科锐国际) - Benefiting from cyclical recovery and AI integration, with expected net profits of 287 million and 400 million CNY for 2025-2026, corresponding to PE ratios of 24 and 17 [11]. Automotive - Recommended Stock: BYD (比亚迪) - Strong competitive edge through technology and scale, with expected net profits of 57 billion, 69.3 billion, and 79.1 billion CNY for 2025-2027, with PE ratios of 20.4, 16.8, and 14.7 [12]. Textiles - Recommended Stock: Hailan Home (海澜之家) - Steady brand performance and expansion into high-value markets, with expected net profits of 2.04 billion, 2.58 billion, and 3.44 billion CNY for 2024-2026, with PE ratios of 19, 15, and 11 [13]. Light Industry - Recommended Stock: Yingqu Technology (盈趣科技) - Focus on multiple growth segments with expected net profits of 250 million, 500 million, and 660 million CNY for 2024-2026, with PE ratios of 49, 24, and 18 [14]. Food - Recommended Stock: Qingdao Beer (青岛啤酒) - Recovery in sales and cost improvements expected, with projected EPS of 3.78 and 4.10 CNY for 2025-2026, corresponding to PE ratios of 20 and 19 [15]. Home Appliances - Recommended Stock: Gree Electric (格力电器) - Strong brand and cost advantages in the air conditioning market, with expected net profits of 31.44 billion, 34.06 billion, and 36.96 billion CNY for 2024-2026, with PE ratios of 8.1, 7.4, and 6.9 [16]. Pharmaceuticals - Recommended Stock: Sanofi Pharmaceutical (三生制药) - Promising pipeline with innovative products, expected net profits of 640 million, 860 million, and 990 million CNY for 2024-2026, with PE ratios of 17.8, 13.2, and 11.4 [19].

Core Viewpoint - The company Keri International has shown a stock price increase of 1.48%, with a rolling P/E ratio of 33.71 times and a total market capitalization of 6.861 billion yuan [1] Company Summary - Keri International is a leading provider of comprehensive human resource solutions in China, offering services such as high-end talent search, recruitment process outsourcing, flexible staffing, traditional dispatch services, training, market research, and recruitment project consulting [1] - As of the third quarter of 2024, Keri International reported a revenue of 8.516 billion yuan, representing a year-on-year increase of 18.77%, while net profit was 135 million yuan, showing a year-on-year decrease of 10.96%, with a gross profit margin of 6.75% [1] Industry Summary - The average P/E ratio for the professional services industry is 60.60 times, with a median of 36.40 times, placing Keri International at the 22nd position within the industry [1] - A total of 35 institutions hold shares in Keri International, all of which are funds, with a combined holding of 13.8009 million shares valued at 291 million yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The fourth quarter showed improvement with total revenue of 3.277 billion yuan, a year-on-year increase of 25.65%, and a net profit attributable to shareholders of 69 million yuan, up 40.82% year-on-year. The non-recurring net profit was 25 million yuan, reflecting a 31.58% increase year-on-year [3][4]. - For the full year, total revenue reached 11.793 billion yuan, a 20.60% increase, while net profit attributable to shareholders was 204 million yuan, a modest increase of 1.50% [3][4]. - The company is expected to achieve net profits of 287 million yuan and 400 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 22.53X and 16.15X [3][4]. Summary by Sections Quarterly Performance - In Q4, the company experienced a turnaround in performance due to a low base effect, with overseas business stabilizing and rapid growth in domestic flexible employment. The headhunting business showed steady improvement, contributing to the revenue recovery [8]. - The year-on-year profit growth for Q1 to Q4 was +22.07%, -29.25%, -9.6%, and +40.82%, respectively, indicating a significant recovery in Q4 after a challenging mid-year [8]. Business Segments - Domestic business, particularly headhunting, has shown a clear cyclical property, with improvements in productivity and gross margins. The flexible employment sector is expected to continue its rapid growth, supported by major clients [8]. - The overseas business has begun to recover since Q2 2024, with internal organizational changes expected to contribute positively to performance in 2025 [8]. Technological Integration - The company is actively embracing AI technologies to enhance efficiency and reduce costs, having integrated the DeepSeek-R1 model to improve job matching, especially for mid-to-high-end recruitment [8]. Financial Forecast - The company is projected to see significant earnings elasticity due to a favorable cyclical environment and AI integration, with expectations of revenue growth and improved profitability in the coming years [8].