公司报告 | 年报点评报告 科锐国际（300662） 证券研究报告 24 年区域拆分：①大陆营收 95 亿/yoy+29%，毛利率 5.73%/yoy-0.69pct。 ②境外营收 23 亿/yoy-4.4%，毛利率 8.96%/yoy-1.09pct，预计境外盈利有限 导致公司整体业绩增速不及国内。 24 年大客户贡献提升：TOP5 客户贡献销售额 63 亿/yoy+46%/占比 53%， 其中第一大客户贡献销售额 55 亿/yoy+57%/占比 46%。 股东回报：每 10 股派发 1.6 元（含税），分红率 15.33%。 25Q1：营收 33 亿/yoy+25%，归母净利 5778 万/yoy+42%，扣非归母净利 4620 万/yoy+103%，利润增长积极。毛利率 5.5%/yoy-0.8pct，归母净利率 1.7%/yoy+0.2pct。销售/管理/研发费用率 1.3%/1.8%/0.6%，yoy-0.2/-0.6/ -0.1pct，费用优化带动净利率提升。 灵活用工主导增长 24 年明显改善，25 年期待持续性。灵活用工业务 24 年营收增长 22%对比 23 年显著提速（23 年 yoy+1 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in flexible employment services and government subsidies, with a positive outlook for future earnings acceleration [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 11.79 billion yuan, an increase of 20.55%, and a net profit attributable to shareholders of 205 million yuan, up 2.42% [1][2]. - For Q1 2025, the company reported revenue of 3.3 billion yuan, a growth of 25.13%, and a net profit of 60 million yuan, reflecting a significant increase of 42.15% [1][2]. - The company's non-recurring net profit for 2024 was 139 million yuan, up 3.6%, while Q1 2025's non-recurring net profit reached 50 million yuan, a remarkable increase of 103.24% [2]. Business Segments - Revenue from flexible employment, mid-to-high-end talent search, recruitment process outsourcing (RPO), technical services, and other businesses for 2024 was 11.14 billion, 370 million, 60 million, 60 million, and 160 million yuan respectively, with year-on-year changes of +22.4%, -11.6%, -18.3%, +44.2%, and +8.1% [2]. - The flexible employment segment saw a total of 499,000 person-times dispatched, a growth of 30.3%, with the number of outsourced employees in this segment reaching 46,000, an increase of 28.2% [3]. Technological Empowerment - The proportion of outsourced technical research and development positions reached 68.2%, an increase of 6.7 percentage points [3]. - The company's HeWa platform registered 16,000 partners, a growth of 21.8%, and managed 77,000 mid-to-high-end job postings, reflecting a 46.4% increase, with 15,000 positions delivered, a significant rise of 119.1% [3]. Profitability and Cost Control - The gross profit margin for 2024 was 6.4%, a decrease of 0.95 percentage points, with specific margins for flexible employment, mid-to-high-end talent search, and RPO at 5.5%, 26.0%, and 18.2% respectively [3]. - The company's expense ratios for sales, management, research and development, and finance were 1.4%, 2.4%, 0.4%, and 0.2%, showing slight year-on-year changes [3]. Future Outlook - The company maintains a strong recommendation rating, anticipating continued growth in the flexible employment sector and improvements in the overall recruitment market, supported by ongoing technological investments and AI integration [1][4].

Group 1 - The company's net profit attributable to shareholders increased by 44% year-on-year in Q4 2024, aligning with performance forecasts [1] - In 2024, the company achieved a revenue of 11.788 billion yuan, representing a 20.5% increase, while the net profit attributable to shareholders was 205 million yuan, up 2.4% [1] - The flexible employment business generated a revenue of 11.136 billion yuan in 2024, marking a 22.4% increase, with a gross margin of 5.5% [2] Group 2 - The company focused on efficiency improvement in 2024, with a gross margin of 6.4%, reflecting a decrease of 1.0 percentage points due to the higher proportion of low-margin flexible employment business [3] - In Q1 2025, the company reported a net profit attributable to shareholders of 58 million yuan, a 42.2% increase, outperforming expectations [3] - The company announced a cash dividend of 31.49 million yuan in 2024, with a dividend payout ratio of 15.3%, up from 7.9% in 2023 [3]

Core Insights - The company reported a revenue of 11.788 billion yuan for 2024, representing a year-on-year growth of 20.55%, and a net profit attributable to shareholders of 205 million yuan, up 2.42% year-on-year, slightly exceeding previous forecasts [1] - In Q1 2025, the company continued its recovery trend with a revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a net profit of 57.78 million yuan, up 42.15% year-on-year [1] Group 1: Business Performance - The flexible employment model is the main driver of revenue growth, with the number of outsourced flexible employees exceeding 47,400 as of Q1 2025, showing significant improvement over the last five quarters [2] - The company’s domestic business is recovering well, supported by policies promoting employment and domestic demand, which enhances the profitability elasticity of recruitment services [4] Group 2: AI and Technology Integration - The company has integrated its industrial interconnection platforms and deepened the application of AI in business processes, launching several AI-enabled tools that significantly reduce workload and improve accuracy [3] - The platform "禾蛙" delivered over 15,000 positions in Q1 2025, marking a year-on-year growth of 119.05%, indicating strong demand for AI-enabled services [3] Group 3: Financial Projections - The company has raised its profit forecasts for 2025, 2026, and introduced projections for 2027, expecting net profits of 297 million yuan, 350 million yuan, and 403 million yuan respectively, reflecting significant upward adjustments [4] - The target price for the company is set at 37.77 yuan based on a 25x PE ratio for 2025, indicating a strong market position and operational efficiency [4]

2025Q1 公司中高端人才访寻业务及灵活用工业务恢复势头良好。2025Q1 公司为国内外客户成功推荐中 高端管理人员和专业技术岗位3810 人，同比增长22.4%；在册灵活用工业务的岗位外包员工为4.7万 人，环比净增长1900 人，其中技术与研发类岗位时点在职人数占比为 68.3%，同比提升5.4 个百分点； 灵活用工业务累计派出14.6 万人次，同比增长25.9%。 事件：公司发布2024年年报及 2025年一季报。2024年公司营收为117.9亿元，同比增长20.6%，归母净 利润为2.1 亿元，同比增长2.4%；2025Q1 公司营收为33.0 亿元，同比增长25.1%，归母净利润为5778.4 万元，同比增长42.2%。 2025Q1 公司其他收益为5180.4 万元，同比增长536.8%，主要系与公司经营活动有关的补贴及补助增加 所致。 公司费用率小幅下降。2025Q1 公司毛利率为5.5%，同比下降0.8 个百分点，净利率为2.1%，同比下降 0.6 个百分点。期间费用率为3.8%，同比下降1.0 个百分点，其中公司销售、管理、财务费用率分别为 1.3%、2.5%、0.1%，同比分别下降0.2 ...

Core Viewpoint - The company's 2024 performance is in line with expectations, showing revenue growth and a slight increase in net profit, driven by stable growth in flexible employment and improved operational efficiency through AI technology [1][2]. Financial Performance - In 2024, the company reported revenue of 11.79 billion, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 210 million, up 2.4% [1]. - The quarterly breakdown for 2024 shows revenue growth of 10.3%, 22.9%, 23.1%, and 25.4% for Q1 to Q4, respectively, with net profit growth of 22.1%, -29.2%, -9.6%, and 44.2% [1]. - For Q1 2025, revenue increased by 25.1% to 3.30 billion, and net profit rose by 42.1% to 60 million, benefiting from the growth in flexible employment and AI applications [1]. Business Segments - Flexible employment revenue grew by 22.4% to 11.14 billion, with the number of dispatched personnel increasing by 30% to 499,000, although average revenue per person decreased by 4.8% to 22,000 due to the employment environment [2]. - Recruitment and RPO businesses faced challenges, with revenues declining by 11.6% and 18.3% to 370 million and 60 million, respectively, but a recovery is expected in Q1 2025 [2]. - Technical services revenue increased by 44.2% to 6 million, driven by operational and technical enhancements in the HeWa platform [2]. Cost Management and Efficiency - Gross margins decreased by 1.0 and 0.8 percentage points to 6.4% and 5.5% for 2024 and Q1 2025, respectively, due to the rapid expansion of flexible employment [3]. - The company improved its cost structure, with sales and management expense ratios decreasing, leading to a slight increase in net profit margins for Q1 2025 [3]. AI Technology Development - The company accelerated AI technology research and application, launching the AI screening assistant 1.0 in Q1 2025, which reduces screening workload by 80% with 98% accuracy [3]. - As of March 2025, the HeWa ecosystem registered 16,200 partners and 156,000 delivery consultants, showing significant growth in active participants [3]. Profit Forecast and Valuation - The profit forecast for 2025 is maintained at 280 million, with a new forecast of 320 million for 2026, resulting in a P/E ratio of 24 and 21 times for 2025 and 2026, respectively [4]. - The target price is raised by 67% to 40, indicating a 17% upside potential from the current stock price, supported by improving market conditions and AI technology implementation [4].

Core Viewpoint - The company, Core International, reported significant growth in both total revenue and net profit for the fiscal year 2024 and the first quarter of 2025, indicating a positive business recovery trend. Financial Performance - In 2024, the company achieved total revenue of 11.788 billion yuan, representing a year-on-year increase of 20.55% [1] - For the first quarter of 2025, the company reported revenue of 3.303 billion yuan, with a year-on-year growth of 25.13% [1] Business Growth and Talent Supply Chain - The demand for positions in emerging industries such as artificial intelligence, low-altitude economy, humanoid robots, and new energy continues to grow [2] - The company is leveraging a diversified product and solution strategy, including mid-to-high-end headhunting and independent consulting, to build a robust talent supply chain [2] - Revenue from the company's mainland China operations reached 9.490 billion yuan, up 28.67% year-on-year, with offline business revenue increasing by 20.44% [2] - The flexible employment business saw a revenue increase of 22.42%, while recruitment-related business is recovering steadily [2] Technological Advancements - The company invested 169 million yuan in technology in 2024, with new technology business revenue growing by 44.18% year-on-year [3] - The integration of advanced technologies such as Agentic, RAG, and reinforcement learning has improved AI matching capabilities in recruitment scenarios [3] - The company's human resources interconnection platform, He Wa, underwent a comprehensive reconstruction, significantly enhancing project delivery efficiency and achieving substantial business growth [3] - By the end of the reporting period, the He Wa ecosystem had over 15,500 registered partners, reflecting a year-on-year growth of 20.09% [3] International Expansion and Support for Chinese Enterprises - As Chinese enterprises enter a new phase of "brand going global" and "chain going global," the company is expanding its overseas business footprint [4] - The company provides a range of human resource services, supporting various sectors such as finance, automotive, healthcare, high-tech, and smart terminals in their talent supply chain development [4] - The company aims to strengthen the talent strategy foundation for enterprises in the new productivity era while embracing the AI technology revolution [4]

证券代码：300662 证券简称：科锐国际 公告编号：2025-025 北京科锐国际人力资源股份有限公司 关于召开 2024 年年度股东会的通知 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 2025 年 4 月 24 日召开了第四届董事会第八次会议，审议通过了《关于召开 2024 年年 度股东会的议案》，决定于 2025 年 5 月 23 日（星期五）以现场投票和网络投票 相结合的方式召开公司 2024 年年度股东会。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、股东会届次：2024 年年度股东会。 2、股东会的召集人：北京科锐国际人力资源股份有限公司董事会。 3、会议召开的合法、合规性：经公司第四届董事会第八次会议审议通过， 决定召开 2024 年年度股东会，召集程序符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 4、召开会议的时间： （1）现场会议召开时间：2025 年 5 月 23 日 ...

证券代码：300662 证券简称：科锐国际 公告编号：2025-023 北京科锐国际人力资源股份有限公司 关于召开 2024 年年度股东会的通知的更正公告 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"）于2025年4月26 日在巨潮资讯网披露了《关于召开2024年年度股东会的通知的公告》（公告编号： 2025-017），因工作人员失误，未将第四届董事会第八次会议已审议并同意提交 股东会的《关于使用暂时闲置自有资金进行现金管理的议案》写入《关于召开2024 年年度股东会的通知的公告》，现将有关内容更正如下： 4、第四届独立董事邢世鸿、荀恩东、姜俊禄将在本次年度股东会上述职。 更正前： 二、会议审议事项 1、本次会议审议事项 表一：本次股东会提案编码： | 提案编码 | 提案名称 | 备注 | | --- | --- | --- | | | | 该列打勾的栏 目可以投票 | | 100 | 总议案：除累积投票提案外的所有提案 | √ | | | 非累积投票提案 | | | 1.00 | 《关于公司<2024 年 ...

证券代码：300662 证券简称：科锐国际 公告编号：2025-022 北京科锐国际人力资源股份有限公司 关于使用暂时闲置自有资金进行现金管理的更正公告 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"）于2025年4月26 日在巨潮资讯网披露了《关于使用暂时闲置自有资金进行现金管理的公告》（公 告编号：2025-012），因工作人员失误，现将有关内容更正如下： 更正前： 北京科锐国际人力资源股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第四届董事会第八次会议、第四届监事会第八次会议，审议通过了《关 于使用暂时闲置自有资金进行现金管理的议案》，同意公司及全资子公司、控股 子公司在不影响公司正常经营的前提下，在不超过人民币 10 亿元额度内，使用 公司及全资子公司、控股子公司闲置自有资金择机购买保本、低风险的现金管理 类理财产品，在董事会审议通过之日起 12 个月内，资金可在上述额度内滚动使 用并授权公司董事长在上述投资额度内签署相关合同文件，公司财务负责人负责 组织实施。 本次现金管理事 ...