BURTC(SH:600861) Soochow Securities·2024-08-29 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q2 2024, the company's revenue increased by 15% year-on-year, driven by growth in outsourcing services [2] - The company reported a total revenue of 21.87 billion yuan in H1 2024, a 14% increase year-on-year, with a net profit attributable to shareholders of 430 million yuan [2] - The company is focusing on deepening relationships with major clients and exploring new market opportunities despite some pressure on outsourcing demand [2] - The organizational structure is being optimized to enhance operational efficiency, including the establishment of a client delivery center and a human resources operation center [2] - The company is a leader in the human resources service industry in China, with over 40 years of experience and strong advantages in payroll and personnel management services [2] Financial Summary - For 2024E, total revenue is projected to be 42.45 billion yuan, with a year-on-year growth rate of 10.79% [9] - The net profit attributable to shareholders is forecasted to be 8.66 billion yuan for 2024E, reflecting a growth rate of 57.98% [9] - The latest diluted EPS is expected to be 1.53 yuan per share for 2024E, with a corresponding P/E ratio of 8.89 [9] - The company’s gross margin for Q2 2024 was reported at 5%, with sales and management expense ratios of 1.18% and 1.95%, respectively [2]