Career International(SZ:300662) Xin Lang Cai Jing·2025-09-17 04:40Core Viewpoint - The company, a leading player in the human resources service industry, has established a "technology + service + platform" ecosystem, achieving significant revenue growth and profitability in 2024 [1][4]. Company Overview - Founded in 1996, the company started with headhunting and has since expanded through rapid mergers and acquisitions, evolving through three stages: internationalization, digitization, and ecological development [1]. - In 2024, the company achieved a revenue of 11.79 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year increase of 2.4% [1]. Industry Insights - The human resources service industry has a broad classification, with the market size exceeding 3 trillion yuan in 2023. The three main segments are recruitment services (13.1%), human resource outsourcing services (77.0%), and HR software and consulting training (9.9%) [2]. - The outsourcing service segment is rapidly growing, reaching 2.13 trillion yuan in 2023, driven by new employment forms, compliance needs, and high-value transformation [2]. - The penetration rate of flexible employment is steadily increasing, with room for improvement compared to international levels [2]. Business Model and Growth - The company has a solid offline business foundation, with over 10 million candidate profiles accumulated since 2018, supporting its recruitment capabilities and subsequent growth [3]. - The company emphasizes technological investment, aiming to create a second growth curve through digitalization and productization, with a revenue CAGR of 49.9% from 2017 to 2024 in flexible employment [3]. - The company has developed its own AI model, achieving a 60% improvement in job matching accuracy by mid-2025, and is currently testing an Agent prototype system [3]. International Expansion - The company has established a significant international presence, with over 10 branches in countries like the UK and the US, and has acquired six major professional brands in the European and American markets [3]. Investment Outlook - As the first human resources service company listed on the A-share market, the company has a robust foundation in high-end talent search, recruitment process outsourcing, and flexible employment [4]. - Revenue projections for 2025-2027 are 15.09 billion yuan, 18.93 billion yuan, and 22.82 billion yuan, with net profits of 300 million yuan, 370 million yuan, and 430 million yuan respectively [4]. - The current stock price corresponds to a PE ratio of 20.1x, 16.4x, and 13.9x for the respective years, indicating potential for valuation improvement [4].