Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4]. Core Views - The company has shown steady revenue growth, with Q1 2024 revenue reaching 2.639 billion yuan, a year-on-year increase of 10.30%. The net profit attributable to shareholders was 40.65 million yuan, up 22.07% year-on-year, while the net profit after deducting non-recurring items decreased by 10.01% year-on-year to 22.73 million yuan [2][11]. - The company is expected to achieve revenues of 2.6 billion, 3.3 billion, and 4.3 billion yuan for the years 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 15, 12, and 9 times, respectively [4]. Financial Performance Summary - In 2023, the company reported total revenue of 9.778 billion yuan, a year-on-year increase of 7.55%. However, the net profit attributable to shareholders decreased by 31.05% to 201 million yuan, and the net profit after deducting non-recurring items fell by 43.03% to 134 million yuan [10]. - The revenue breakdown shows that the flexible staffing business generated 8.977 billion yuan, up 11.70% year-on-year, while the headhunting and recruitment process outsourcing businesses faced significant declines of 37.83% and 38.41%, respectively [10]. - The overall gross margin decreased by 2.37 percentage points year-on-year due to changes in revenue structure and a decline in gross margins across core business lines [3][10]. Operational Insights - The company is focusing on optimizing management efficiency and enhancing its service ecosystem, which combines technology, platform, and service to expand growth opportunities [11]. - The first quarter of 2024 showed promising results, with expectations for continued growth in the flexible staffing business driven by an increase in headcount and an upgrade in job structure [11].

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Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 35.96, unchanged from the previous rating [20]. Core Insights - The company is experiencing a steady recovery in demand, with a clear trend towards long-term growth in flexible employment services [17][85]. - The overall job market is stabilizing, with significant disparities in demand across different sectors, particularly in manufacturing, sales, and service industries [8][13][31]. - The company is focusing on enhancing its international presence and optimizing its service offerings to capture growth opportunities in various markets [80][82]. Summary by Sections 1. Overall Stability and Uneven Demand - The unemployment rate and the number of new job postings show signs of stabilization [8]. - There is a notable increase in job demand in manufacturing and sales, while administrative roles are declining, indicating a structural shift in hiring needs [15][34]. 2. Order Volume and Sequential Improvement - Core client orders are increasing, leading to a significant improvement in revenue growth [38]. - The flexible employment sector is becoming a key driver of growth, benefiting from industry trends and client needs [43][75]. 3. Long-term Penetration Rate Trends - The penetration rate of flexible employment services is expected to rise, driven by cost management and efficiency improvements [81][82]. - The company is strategically positioning itself in high-demand sectors to enhance its service delivery and client engagement [78]. 4. Investment Recommendations - The report projects net profits for 2024, 2025, and 2026 to be 263 million, 332 million, and 417 million respectively, with EPS estimates of 1.34, 1.69, and 2.12 [85]. - The target price reflects an industry average PE of 11x for 2025, indicating a favorable valuation outlook [85].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [5][19][20] Core Views - In 2023, the company's revenue was CNY 9.78 billion, a year-on-year increase of 7.6%, while the net profit attributable to the parent company was CNY 201 million, a decrease of 31.1% [22] - The flexible employment business showed resilience with a revenue of CNY 8.98 billion, up 11.7%, while the headhunting business faced significant pressure with a revenue decline of 37.8% [24] - The company is expected to see improved profitability in 2024, with a projected net profit of CNY 273 million, reflecting a 36.3% increase [18] Financial Performance Summary - The company's gross margin for 2023 was 7.3%, down 2.4 percentage points year-on-year, primarily due to declining margins across various business segments [5][16] - The operating expenses were well-controlled, with a total expense ratio of 4.9%, slightly down from the previous year [5][36] - The net profit margin for 2023 was 2.1%, a decrease of 1.1 percentage points compared to the previous year [5][36] Earnings Forecast - The company forecasts net profits of CNY 273 million for 2024, CNY 351 million for 2025, and CNY 432 million for 2026, with corresponding P/E ratios of 14x, 11x, and 9x respectively [5][18] - The earnings per share (EPS) is projected to be CNY 1.39 for 2024, CNY 1.78 for 2025, and CNY 2.20 for 2026 [18][22] Business Segment Analysis - The flexible employment segment is expected to continue its growth trajectory, with a projected revenue increase of 12.1% in Q1 2024 [40] - The headhunting and recruitment process outsourcing (RPO) segments are under pressure, with revenues expected to remain challenged in the near term [5][24] Market Outlook - The report anticipates a gradual recovery in labor demand, which could enhance the company's operational flexibility and growth potential in the upcoming fiscal year [5][20]

Investment Rating - The investment rating for the company is "Buy" with a target price of 35.96 [2][4]. Core Views - The report indicates that the company's performance meets expectations, with an improvement in business conditions quarter-on-quarter, and steady performance release expected following the implementation of incentive plans [2][4]. Summary by Sections Performance Review - The company achieved a revenue of 1.34 billion with a year-on-year growth of 7.55% in Q1 2024, while the net profit attributable to shareholders was 406.5 million, reflecting a year-on-year increase of 22% [2][4]. - The report highlights a significant decline in net profit for the year, down 63% year-on-year, indicating challenges in cyclical business segments [2][4]. Financial Forecast - The forecast for 2024/25 EPS is set at 1.34/1.69 yuan, with an upward adjustment based on the company's incentive plan revenue growth targets [2][4]. - Revenue projections for 2024E are estimated at 12.201 billion, with a net profit forecast of 263 million, reflecting a 31% increase [6]. Business Insights - The company has seen a recovery in core client orders, with a significant increase in the number of successful headhunting recommendations, rising to 3,113, a 92% increase from Q1 2023 [2][4]. - The report notes that the revenue share from the top five clients (CR5) has increased to 44.12%, indicating a growing dependency on major clients while also diversifying its client base [2][4]. Market Position - The company is positioned as a leading technology-driven talent solution provider in the human resources sector, with a presence in multiple global markets [4][6]. - The report emphasizes the company's strategic focus on developing mid-tier clients in niche markets, which is expected to enhance revenue diversity over time [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance of over 15% compared to the benchmark in the next six months [9][11]. Core Insights - The flexible employment segment is the main revenue contributor, while the recruitment segment shows weak demand, impacting overall profitability. In 2023, the flexible employment revenue reached 8.98 billion yuan, up 11.7% year-on-year, while mid-to-high-end talent search revenue fell to 420 million yuan, down 37.8% year-on-year [2]. - The company completed a 37.5% equity acquisition of its UK subsidiary Investigo, achieving full ownership [2]. - In Q1 2024, the company reported a 22% year-on-year increase in net profit attributable to shareholders, with total revenue of 2.64 billion yuan, up 10.3% year-on-year [5][11]. Financial Performance Summary - The company's overall gross margin for 2023 was 7.31%, a decrease of 2.37 percentage points year-on-year. The gross margin for flexible employment was 6.24%, down 1.18 percentage points year-on-year [10]. - The company’s 2023 revenue was 9.78 billion yuan, a year-on-year increase of 7.55%, while the net profit attributable to shareholders was 201 million yuan, down 31.05% year-on-year [16]. - The forecast for 2024-2025 net profit has been revised down to 265 million yuan and 350 million yuan, respectively, with an expected net profit of 460 million yuan in 2026 [11][16]. Employment and Operational Insights - The company’s flexible employment business dispatched 383,000 personnel in 2023, a year-on-year increase of 3.9%. The number of outsourced employees in flexible employment reached over 35,500, up 8.56% year-on-year, with a focus on technical research and development positions [17]. - As of Q1 2024, the proportion of technical research and development positions among outsourced employees reached a new high of 62.9%, an increase of 7.64 percentage points year-on-year [5].

证券代码：300662 证券简称：科锐国际 公告编号：2024-038 欢迎广大投资者积极参与本次网上说明会。 北京科锐国际人力资源股份有限公司 关于举行2023年年度业绩网上说明会的通知 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"、"本公司")定于 2024 年 5 月 8 日（周三）15:00-17:00 在全景网举办 2023 年度业绩说明会，本次 年度业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投资者关系 互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长高勇先生、总经理李跃章先生、董 事会秘书陈崧女士、财务总监尤婷婷女士、独立董事邢世鸿女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 7 日 15:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专 题页面。敬请广大投资者 ...

独立董事关于独立性自查情况的报告 北京科锐国际人力资源股份有限公司 如否，请详细说明： 本人余兴喜作为北京科锐国际人力资源股份有限公司的独立董事，在 2023 年 度任职期间恪尽职守，忠实履职，勤勉尽责，符合《上市公司独立董事管理办法》 规定的独立性要求，根据法律法规及相关规则的要求，现将本人 2023 年度独立 性自查情况报告如下： 1、本人及本人直系亲属、主要社会关系均不在该公司及其附属企业任职。 2、本人及本人直系亲属不是直接或间接持有该公司已发行股份 1%以上的股 东，也不是该上市公司前十名股东中自然人股东。 √是□否 如否，请详细说明： 3、本人及本人直系亲属不在直接或间接持有该公司已发行股份 5%以上的股 东任职，也不在该上市公司前五名股东任职。 √是□否 如否，请详细说明： 4、本人及本人直系亲属不在该公司控股股东、实际控制人的附属企业任职。 √是□否 6、本人与上市公司及其控股股东、实际控制人或者其各自的附属企业不存在 重大业务往来，也不在有重大业务往来的单位及其控股股东、实际控制人任职。 √是□否 如否，请详细说明： 7、本人在最近十二个月内不具有前述第一项至第六项所列任一种情形。 √是□否 ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-037 北京科锐国际人力资源股份有限公司 关于召开 2023 年年度股东大会的通知 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。 根据《深圳证券交易所创业板股票上市规则》和《公司章程》等有关规定， 北京科锐国际人力资源股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 25 日召开了第四届董事会第三次会议，审议通过了《关于召开 2023 年年 度股东大会的议案》，决定于 2024 年 5 月 23 日（星期三）以现场投票和网络投 票相结合的方式召开公司 2023 年年度股东大会。现将本次会议有关事项公告如 下： 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会。 2、股东大会的召集人：北京科锐国际人力资源股份有限公司董事会。 （1）现场会议召开时间：2024 年 5 月 23 日（星期三）下午 14:30。 （2）网络投票时间： ①深圳证券交易所（以下简称"深交所"）交易系统网络投票时间：2024 年 5 月 23 日 9:15 至 9:25，9:30 至 1 ...

北京科锐国际人力资源股份有限公司 独立董事 2023 年度述职报告 各位股东及股东代表： 本人作为北京科锐国际人力资源股份有限公司（以下简称"公司"）的独立 董事，自 2023 年 1 月 1 日至 2023 年 12 月 31 日的任职期间（下文简称"任职期 间"），严格按照《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》"）、《上市公司独立董事管理 办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等相关法律法规、部门规章、规范性文件和《北京科锐国际人力资源股份 有限公司章程》《独立董事工作细则》的规定和要求履行独立董事的职务，认真 行使法律法规所赋予的权利，及时了解公司的生产经营信息，全面关注公司的发 展状况，积极出席任职期间公司召开的相关会议，对公司董事会审议的相关事项 发表了独立客观的意见，忠实履行职责，充分发挥独立董事的独立作用，维护了 公司整体利益，维护了全体股东尤其是中小股东的合法权益，现将任职期间履行 独立董事职责情况向各位股东述职如下： 一、独立董事的基本情况 作为公司独立董事，本人拥有专业资质及能力，在从 ...