证券代码：300662 证券简称：科锐国际 公告编号：2024-071 北京科锐国际人力资源股份有限公司 该议案经公司第四届董事会战略委员会第一次会议审议通过。 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 北京科锐国际人力资源股份有限公司（以下简称"公司"）第四届董事会第 七次会议（以下简称"会议"）于 2024 年 10 月 25 日以微信、钉钉通知全体董 事，会议于 2024 年 11 月 4 日上午 9:30 在公司会议室召开。会议以钉钉视频会 议与现场方式召开，会议由董事长高勇先生召集并主持。本次会议应出席董事 7 名，实际出席董事 7 名。公司全体监事、高级管理人员列席了本次会议。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》（以下简称"《公司章程》"）的 有关规定，会议合法有效。 二、 董事会会议审议情况 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》 同意公司将 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 26.2 CNY, compared to the current price of 20.30 CNY [5][3]. Core Insights - The company achieved a revenue of 8.516 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 18.77%. However, the net profit attributable to the parent company decreased by 10.96% to 135 million CNY [1]. - The flexible employment business has driven growth, with a revenue increase of 20.59% year-on-year in the first three quarters. The number of dispatched employees has shown a steady increase [2]. - Domestic revenue has grown by 27.08%, while overseas revenue and profits have been negatively impacted by global economic uncertainties and inflation pressures [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.975 billion CNY, a year-on-year increase of 23.12%, but the net profit attributable to the parent company fell by 9.60% to 49 million CNY [1]. - The gross profit margin for the first three quarters was 6.75%, down 1.02 percentage points year-on-year, while the net profit margin was 1.59%, down 0.53 percentage points [1]. - The company forecasts net profits of 186 million CNY, 257 million CNY, and 314 million CNY for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -7.2%, +38.4%, and +21.8% [3][4].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 20.30 and a sector rating of "Outperform" [1][3]. Core Insights - The company's revenue for Q3 2024 reached RMB 2.975 billion, representing a year-on-year growth of 23.12%. However, the net profit attributable to shareholders decreased by 9.60% to RMB 49 million. The adjusted net profit, excluding stock incentive effects, showed a positive growth of 14.78% [3]. - The flexible employment business continues to drive revenue growth, with over 360,000 personnel dispatched and a revenue growth rate of 20.59%. The headhunting business also showed signs of recovery with a 2.33% year-on-year revenue increase in Q3 [3]. - Domestic business has maintained healthy growth with a revenue increase of 27.08% in mainland China, while overseas markets face challenges due to inflation and economic uncertainties [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of RMB 8.516 billion, a year-on-year increase of 18.77%. The net profit attributable to shareholders was RMB 135 million, down 10.96% year-on-year [3][5]. - The Q3 revenue was RMB 2.975 billion, with a gross margin of 6.87%, slightly down from 7.05% in Q2 2024 and 8.04% in Q3 2023 [3][5]. Business Segments - The flexible employment segment remains the main driver of revenue growth, while the headhunting business is showing signs of recovery, which could positively impact the company's profitability if the trend continues [3][5]. - The company has reached over 38,000 clients through various platforms, with a 13.31% year-on-year increase in client reach [3]. Valuation - The company’s earnings per share (EPS) estimates for 2024-2026 are adjusted to RMB 0.96, RMB 1.22, and RMB 1.53, respectively, with corresponding price-to-earnings ratios of 21.2, 16.7, and 13.3 times [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite short-term performance pressures due to weak market demand for recruitment [7]. Core Insights - The company reported a revenue of 8.516 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.77%. However, the net profit attributable to shareholders decreased by 10.96% to 135 million yuan [4][5]. - The flexible employment business continues to grow robustly, with a 20.59% year-on-year increase in revenue for this segment. The company successfully placed 13814 high-end management and technical personnel in the first three quarters [5][6]. - The digital transformation efforts are progressing well, with significant investments in technology amounting to 120 million yuan. The company has enhanced its operational capabilities through various digital platforms [6]. Financial Summary - For the third quarter of 2024, the company achieved a revenue of 2.975 billion yuan, a 23.12% increase year-on-year, while the net profit was 49.916 million yuan, down 9.60% from the previous year [4][5]. - The gross margin for Q3 2024 was reported at 6.87%, a decline of 1.17 percentage points compared to the same period in 2023 [4]. - The company’s total revenue projections for 2024 to 2026 are 11.985 billion yuan, 14.512 billion yuan, and 17.322 billion yuan, respectively, with corresponding net profits of 198 million yuan, 274 million yuan, and 330 million yuan [8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a reference to the closing price of 19.66 yuan on October 31, 2024 [4]. Core Insights - The company achieved a revenue of 8.516 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.77%. However, the net profit attributable to shareholders decreased by 10.96% to 135 million yuan [2]. - The domestic business shows a positive recovery trend, while overseas operations are under pressure due to various macroeconomic factors [2]. - The flexible employment model has driven revenue growth, with a 20.59% increase in flexible employment income year-on-year [2]. - The headhunting business has shown signs of recovery, with a 2.33% year-on-year growth in Q3 2024 [2]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 6.75%, down 1.02 percentage points year-on-year, with a net profit margin of 1.59%, down 0.53 percentage points year-on-year [2]. - In Q3 2024, the company achieved a revenue of 2.975 billion yuan, a year-on-year increase of 23.12%, with a net profit of 49 million yuan, down 9.60% year-on-year [2]. - The company expects net profits for 2024-2026 to be 204 million, 286 million, and 394 million yuan respectively, corresponding to PE ratios of 19X, 14X, and 10X [2][3].

[ T able_StockInfo] 2024 年 10 月 29 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：19.87 元 科锐国际（300662）社会服务 目标价：——元（6 个月） 24Q3 扣非归母净利润正增长，期待海外业务转暖 [Table_Summary 事件：公司发布] 2024年三季报，2024Q1-Q3公司营收为 85.2亿元，同比增长 18.8%，归母净利润为 1.4亿元，同比下降 11.0%，扣非归母净利润为 1.1亿元， 同比下降 2.8%；Q3单季度看，实现营收 29.7亿元，同比增长 23.1%，归母净 利润为0.49亿元，同比下降9.6%；扣非归母净利润为0.48亿元，同比增长7.5%； 若扣除员工限制性股票成本，则扣非归母净利润同比增长 14.8%。 公司运营效能持续优化，期间费用率持续下降。2024Q1-Q3公司毛利率为6.8%， 同比下降 1.0个百分点，净利率为 1.6%，同比下降 0.8个百分点。2024Q1-Q3 期间费用率为 4.6%，同比下降 0.3 个百分点，其中公司销售、管理费用率分别 为 1.5%、2.9%，同比分别下降 0.4、0 ...

证券研究报告 | 2024年10月30日 科锐国际（300662.SZ） 优于大市 国内业务恢复环比继续提速，期待海外经营回暖 2024Q3 经调整归母净利润同增 15%，优于我们前瞻预期。2024 年前三季度， 公司实现收入 85.16 亿元/+18.77%；归母净利润 1.35 亿元/-10.96%；扣非 净利润 1.12 亿元/-2.77%；剔除股权激励费用的归母净利润为 1.22 亿元 /+6.21%。2024Q3，公司收入 29.75 亿元/+23.12%；归母净利润 4917 万元 /-9.60%；扣非净利润 4775 万元/+7.45%；剔除股权激励费用影响的归母净 利润为 5101 万元，同比+14.78%，略优于我们前瞻预期（+13%）。 灵活用工呈韧性增长，猎头三季度收入增速转正，国内增长亮眼。分业务看， 前三季度灵活用工业务保持韧性增长，收入同增 20.6%，其中三季度收入增 速预计环比上半年（+18.7%）边际有所提速。三季度灵活用工累计派出 36.08 万人，同比+17.0%，保持较高周转效率。期末在册岗位外包员工达 42400 人， 环比净增 3700 人（Q1/Q2 分别净增 7 ...

证券研究报告·公司点评报告·专业服务 科锐国际（300662） 2024 年三季报点评：扣除股权支付后扣非归 母净利润同比+14.8%，猎头盈利环比改善 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9092 | 9778 | 11399 | 13009 | 14699 | | 同比（ % ） | 29.69 | 7.55 | 16.57 | 14.12 | 13.00 | | 归母净利润（百万元） | 290.79 | 200.50 | 197.44 | 218.15 | 241.97 | | 同比（ % ） | 15.15 | (31.05) | (1.53) | 10.49 | 10.92 | | EPS- 最新摊薄 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 科锐国际 2024Q3 业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | |---------------------|-------| | | | | | | | | | | 于清泰 ( 分析师 ) | | | 021-38022689 | | | yuqingtai@gtjas.com | | | S0880519100001 | | 本报告导读： 业绩超预期，国内持续环比改善，多岗位布局寻求增量，将受益顺周期需求和预期 双重改善。 投资要点： [Table_Summary] 业绩超预期，增持。但考虑宏观波动及海外业务仍将继续拖累公司 业绩，下调 2024 年 EPS 至 0.94（-0.09）元，但考虑稳就业及顺周 期相关政策促进，上调 2025/26 年 EPS 至 1.28 ...

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