科锐国际(300662)：灵活用工增长较快 AI助力全场景提效

Core Viewpoint - The company demonstrated strong revenue and profit growth in the first half of 2025, driven by its new technology services and recovery in overseas markets [1][4][6]. Financial Performance - In H1 2025, the company reported operating revenue of 7.075 billion, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 127 million, up 46.96% [1]. - The net profit after deducting non-recurring items was 96 million, reflecting a 50.08% year-on-year growth [2]. - For Q2 2025, the operating revenue reached 3.772 billion, marking a 29.99% increase compared to the same period last year [2]. Regional and Business Segment Analysis - Revenue growth was robust in mainland China, with operating income of 5.860 billion, up 33.62% year-on-year, while Hong Kong and overseas operations generated 1.215 billion, a 5.10% increase [4]. - New technology services experienced significant growth, with a revenue increase of 48.23% in H1 2025, attributed to the refined operations and technological empowerment of the HeWa platform [4]. - The flexible employment segment saw revenue of 6.736 billion, up 29.31%, while headhunting and recruitment process outsourcing revenues were 196 million and 45 million, respectively [4]. Profitability Analysis - The overall gross margin decreased by 1.17 percentage points to 5.52%, influenced by changes in customer structure and business mix [5]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [5]. - The increase in the proportion of revenue from lower-margin flexible employment services, which accounted for 95.22% of total revenue, contributed to the decline in gross margin [5]. Strategic Outlook - The company is optimistic about performance improvement and is leveraging AI applications to enhance talent matching efficiency and reduce costs [6]. - The HeWa platform's AI applications have shown significant scale effects, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, reflecting a 180% increase from the second half of 2024 [6]. - In July 2025, the company launched nine intelligent agents covering the entire recruitment process, aiming to enhance efficiency across all business scenarios [6]. Profit Forecast - The company forecasts net profits attributable to shareholders of 295 million, 368 million, and 460 million for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 22, 18, and 14 [6].