Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance has shown continuous improvement, with a revenue increase of 20.6% year-on-year, reaching 11.79 billion yuan in 2024. The net profit attributable to shareholders was 204 million yuan, reflecting a 1.5% increase, while the net profit after deducting employee stock costs and non-recurring gains was 142 million yuan, up 6.6% [1][4] - The company has a strong foundation in technology and data, which positions it to leverage AI to reshape the human resources industry. The ongoing development of a robust data system and AI models is expected to enhance recruitment efficiency [4] - The earnings forecast has been adjusted upwards, with net profit projections for 2025 and 2026 raised to 249 million yuan and 293 million yuan, respectively. The current stock price corresponds to a price-to-earnings ratio of 20x for 2025 and 17x for 2026, justifying the upgraded "Buy" rating [4] Financial Summary - Total revenue for 2022 was 9.09 billion yuan, with a year-on-year growth rate of 29.69%. For 2023, revenue is projected at 9.78 billion yuan, reflecting a growth rate of 7.55%. The forecast for 2024 is 11.76 billion yuan, with a growth rate of 20.28% [3] - The net profit attributable to shareholders for 2022 was 291 million yuan, with a significant decline of 31.05% in 2023, followed by a slight recovery to 204 million yuan in 2024, and projected growth to 249 million yuan in 2025 [3] - The gross profit margin has shown a downward trend, decreasing from 9.68% in 2022 to a projected 6.74% in 2024, while the return on equity (ROE) is expected to stabilize around 10.22% in 2024 [3]

Financial Performance - Total operating revenue for 2024 reached RMB 11,792,807,065.97, an increase of 20.60% compared to RMB 9,778,499,802.73 in the previous year[4] - Operating profit decreased by 10.94% to RMB 206,249,017.15 from RMB 231,591,626.29 year-on-year[4] - Net profit attributable to shareholders increased by 1.50% to RMB 203,509,600.42 from RMB 200,501,198.39 in the previous year[4] - Basic earnings per share rose by 1.42% to RMB 1.0341 from RMB 1.0196 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were RMB 4,068,024,672.69, an increase of 8.53% from RMB 3,748,359,452.20 at the beginning of the period[4] - Shareholders' equity attributable to the company increased by 10.42% to RMB 1,982,458,542.89 from RMB 1,795,320,801.00 at the beginning of the period[4] Strategic Focus - The company is focusing on integrating AI-driven human resources solutions and enhancing digital management to improve operational efficiency[7] - Future strategies include promoting standardization, specialization, and digitalization in the human resources industry[8] - The company aims to enhance the efficiency of human resource allocation and extend its value chain towards higher-end services[8] Audit and Reporting - The financial data presented is preliminary and subject to final audit, with potential discrepancies in the annual report[2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to market benchmarks [4][10]. Core Insights - The company is integrating AI large models into its operations, particularly in the recruitment sector, aiming to enhance talent matching efficiency and drive the digital transformation of human resources [1][2]. - The company has shown resilience in its core flexible employment business, achieving a revenue of 8.546 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 18.77% [3]. - The human resources outsourcing industry is poised for significant growth opportunities, driven by demographic changes, policy support, and advancements in AI technology [4]. Summary by Sections Company Overview - The company is a leading technology-driven provider of comprehensive talent solutions and is the first human resources service enterprise listed on the A-share market in China, with a global presence in multiple countries [5]. Financial Performance - In the first three quarters of 2024, the company reported a revenue of 8.546 billion yuan, up 18.77% year-on-year, while the net profit attributable to shareholders was 135 million yuan, down 10.96% year-on-year due to challenges in overseas operations [3]. - The company’s revenue projections for 2024-2026 are 11.397 billion, 13.100 billion, and 14.772 billion yuan, respectively, with net profits expected to be 201 million, 248 million, and 302 million yuan [4][12]. Industry Outlook - The human resources service outsourcing industry is expected to benefit from trends such as aging populations and rapid industrial shifts, with increasing demand for flexible employment solutions [4]. - The government’s support for the human resources service industry, as outlined in the 14th Five-Year Plan, is expected to enhance the market environment, particularly for flexible employment and payroll outsourcing [4].

北京科锐国际人力资源股份有限公司 证券代码：300662 证券简称：科锐国际 公告编号：2024-078 关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"或"科锐国际"） 于于2024年4月25日召开了第四届董事会第三次会议与第四届监事会第三次会议， 并于2024年5月23日召开了2023年年度股东大会，审议通过了《关于公司续聘信 永中和会计师事务所（特殊普通合伙）为公司2024年度审计机构的议案》，公司 同意聘请信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和会计师 事务所"或"信永中和"）为公司2024年度审计机构。具体内容详见公司于2024 年 4 月 26 日 在 中 国 证 监 会 指 定 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露的《关于续聘2024年度审计机构的公告》 （公告编号：2024-031）。 近日，公司收到信永中和会计师事务所出具的《关于变更北京科锐国际人力 资源股份有限公司20 ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-077 | | 源有限责任公司 | 开发区财务结 | 吸纳就 | 6 月 | 金 | | 社会保障局 北京 | | 他 | 收 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 算中心 | 业补贴 | | | | 市教育委员会 北 | | 收 | 益 | | | | | | | | | | 京市财政局 《关于 | | 益 | 相 | | | | | | | | | | 本市企业招用高校 | | | 关 | | | | | | | | | | 毕业生等青年享受 | | | | | | | | | | | | | 一次性吸纳就业补 | | | | | | | | | | | | | 贴有关事项的通 | | | | | | | | | | | | | 知》 京人社毕发 | | | | | | | | | | | | | 〔2023〕23 号 | | | | | | | | | | | | | 关于印发《用人单 | | | | | | | ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-076 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"或"科锐国际"） 于2024年11月4日召开第四届董事会第七次会议、第四届监事会第七次会议，审 议通过了《关于部分募投项目变更实施方式暨募投项目结项并将节余募集资金永 久补充流动资金的议案》，并提交公司2024年11月19日召开的2024年第二次临时 股份大会审议并通过。具体内容详见公司于2024年11月4日刊登在巨潮资讯网的 《关于部分募投项目变更实施方式暨募投项目结项并将节余募集资金永久补充 流动资金的公告》（公告编号：2024-073）及相关决议公告。 截至本公告披露日，公司根据前述决议，已完成相关募集资金划转及专户注 销工作。具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可【2021】1425号文《关于同意北京科锐 国际人力资源股份有限公司向特定对象发行股票注册的批复》的核准，公司向特 定对象发行股票14,094,955股，每股面值1元，每股发行价格为53.9 ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-075 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次会议采取现场会议投票与网络投票相结合的方式召开。 一、会议召开和出席情况 会议召开方式：2024 年 11 月 4 日，公司董事会以公告方式向全体股东发出 召开 2024 年第二次临时股东大会的会议通知。本次会议以现场投票与网络投票 相结合的方式召开。 现场会议时间：2024 年 11 月 19 日（星期二）下午 14：30。 网络投票时间： 北京科锐国际人力资源股份有限公司 二、股东出席情况： （1）股东出席的总体情况： 通过现场和网络投票的股东 120 人，代表股份 68,839,861 股，占公司有表决 权股份总数的 34.9785％。其中：通过现场投票的股东 3 人，代表股份 66,513,002 股，占公司有表决权股份总数的 33.7962％。通过网络投票的股东 117 人，代表 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于北京科锐国际人力资源股份有限公司 2024 年第二次临时股东大会的 法律意见书 国枫律股字[2024]A0572 号 致：北京科锐国际人力资源股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《北京科锐国际人力 资源股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与 召开程序、召集人资格、出席会议人员资格、会议 ...

Investment Rating - The report maintains a "Buy" rating for KeRui International (300662 SZ) with a target price of 22 45 yuan per share, based on a 24x PE multiple for 2024 [4] Core Views - KeRui International achieved revenue of 8 52 billion yuan in the first three quarters of 2024, a year-on-year increase of 18 8%, while net profit attributable to the parent company decreased by 11 0% to 140 million yuan [1] - The flexible staffing business continued its high growth, with revenue increasing by 20 6% year-on-year in the first three quarters of 2024, while the headhunting business returned to positive growth in Q3, with a year-on-year increase of 2 3% [2] - The company's gross margin and net margin slightly declined due to the increasing proportion of flexible staffing, with the gross margin for the first three quarters of 2024 at 6 8%, down 1 0 percentage points year-on-year [2] - The number of flexible staffing personnel increased significantly, with net additions of 700, 2,500, and 3,700 in Q1, Q2, and Q3 of 2024, respectively, compared to negative growth in 2023 [2] Financial Performance - Revenue for 2024 is projected to be 11 29 billion yuan, with a year-on-year growth rate of 15 4%, and net profit attributable to the parent company is expected to be 201 million yuan, with a growth rate of 0 2% [3] - The company's EBITDA for 2024 is forecasted to be 385 million yuan, with a year-on-year increase of 20 3%, and the EPS is expected to be 1 02 yuan per share [3] - The ROE for 2024 is projected to be 10 0%, slightly lower than the 11 2% in 2023, while the net profit margin is expected to be 2 0%, down from 2 3% in 2023 [3] Business Operations - The number of mid-to-high-level management and technical positions recommended by the company increased by 23 7% year-on-year in the first three quarters of 2024, with technical R&D positions accounting for 66 52% of the total in-service personnel, an increase of 6 23 percentage points year-on-year [2] - The company's flexible staffing business saw a cumulative number of 361,000 person-times and 42,400 in-service personnel by Q3 2024, with year-on-year increases of 17 0% and 20 8%, respectively [2] Valuation and Projections - The company's PE ratio for 2024 is estimated at 20 19x, with a projected decrease to 15 29x in 2025 and 12 23x in 2026 [3] - The EV/EBITDA ratio for 2024 is forecasted to be 10 15x, decreasing to 7 85x in 2025 and 6 56x in 2026 [3]

北京科锐国际人力资源股份有限公司 第四届监事会第七次会议决议公告 证券代码：300662 证券简称：科锐国际 公告编号：2024-072 1 表决情况：3 票同意；0 票弃权；0 票反对。 三、备查文件 1、第四届监事会第七次会议决议。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京科锐国际人力资源股份有限公司（以下简称"公司"）第四届监事会第 七次会议（以下简称"会议"）于 2024 年 10 月 25 日以微信、钉钉方式通知全体 监事，会议于 2024 年 11 月 4 日上午 11:00 在公司会议室召开。会议以现场方式 召开，会议由监事会主席孙满娟女士召集并主持。本次会议应出席监事 3 名，实 际出席监事 3 名。本次会议的召集、召开和表决程序符合《中华人民共和国公司 法》等有关法律、法规及《北京科锐国际人力资源股份有限公司章程》的有关规 定，会议合法有效。 二、监事会会议审议情况 1.审议通过《关于部分募投项目变更实施方式暨募投项目结项并将节余募 集资金永久补充流动资金的议案》 经审核，与会监事认为：本次变更部分募投项目 ...