外服控股：传统业务基本盘稳固，外包业务持续增长

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's traditional business foundation remains solid, while its outsourcing business continues to grow [2] - In H1 2024, the company achieved operating revenue of 10.542 billion yuan, a year-on-year increase of 14.47%, and a net profit attributable to shareholders of 364 million yuan, up 5.48% year-on-year [2] - The company is focusing on professional deepening and steady international development, with significant new client acquisitions in both domestic and international markets [2][3] Financial Performance - In H1 2024, the company's gross margin was 9.95%, a decrease of 0.43 percentage points year-on-year [2] - The revenue contributions from various services include: personnel management services (578 million yuan), talent dispatch services (71 million yuan), compensation and benefits services (879 million yuan), flexible employment services (637 million yuan), and business outsourcing services (8.343 billion yuan) [2] - The company expects net profits of 630 million yuan, 669 million yuan, and 702 million yuan for 2024, 2025, and 2026 respectively, corresponding to current PE valuations of 14.4x, 13.5x, and 12.9x [3] Business Structure and Growth - The proportion of emerging businesses has increased by 1.09% compared to the end of 2023, with domestic business (including state-owned and private enterprises) continuing to drive growth, increasing by 2.7% [2] - The company signed 14 new large clients with over 1,000 employees and 18 clients with over 300 employees in H1 2024 [2] - The flexible employment business saw a 33% year-on-year increase in the scale of part-time product personnel [2]