BURTC(600861) 民生证券·2024-08-29 13:30Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 21.866 billion yuan for H1 2024, representing a year-on-year increase of 14%. The net profit attributable to shareholders was 434 million yuan, up 105.71% year-on-year, while the net profit excluding non-recurring items reached 277 million yuan, a significant increase of 270.93% year-on-year [1] - The growth in the outsourcing business remains steady, while the personnel management segment is under pressure due to the overall macroeconomic environment [1] - The establishment of a wholly-owned subsidiary in Singapore aims to enhance overseas market expansion and global competitiveness [1] - The company has adjusted its annual performance forecast due to pressures in the recruitment industry, projecting net profits of 773 million yuan, 888 million yuan, and 1.018 billion yuan for 2024, 2025, and 2026 respectively [1] Financial Performance Summary - For H1 2024, the company's revenue from various segments was as follows: outsourcing 18.127 billion yuan (up 14.91%), personnel management 471 million yuan (down 11.57%), compensation and benefits 540 million yuan (down 6.59%), and recruitment and flexible employment 2.350 billion yuan (up 20.82%) [1] - The gross profit margin for the outsourcing business was 2.88%, while the personnel management segment had a high gross profit margin of 79.22% [1] - The company expects a revenue growth rate of 18.5% for 2024, with net profit growth rates of 32.2% and 41.1% for 2024 and 2025 respectively [2][4] Future Outlook - The company is focusing on expanding its business footprint through acquisitions, including a 20% stake in Renliwo Network Technology, which will enhance its service offerings in HRSaaS and general outsourcing solutions [1] - The projected earnings per share for the upcoming years are 1.37 yuan for 2024, 1.57 yuan for 2025, and 1.80 yuan for 2026 [2][5]