科锐国际：2024年半年报点评：国内修复向好，海外承压影响业绩表现

Investment Rating - The report maintains a "Recommend" rating for KeRui International (300662 SZ) [4] Core Views - Domestic business recovery is positive, while overseas business is under pressure, dragging down overall performance [2] - Flexible staffing business shows steady growth, but headhunting business faces challenges [2] - Domestic revenue increased by 24 64% YoY in H1 2024, while overseas revenue decreased by 6 46% YoY [2] - The company's R&D positions in flexible staffing continue to grow, accounting for 65 41% of total flexible staffing positions [2] Financial Performance - H1 2024 revenue reached 5 541 billion yuan, up 16 55% YoY, while net profit attributable to shareholders decreased by 11 72% YoY to 86 million yuan [2] - Q2 2024 revenue was 2 902 billion yuan, up 22 89% YoY, but net profit attributable to shareholders fell by 29 25% YoY to 45 million yuan [2] - Gross margin in H1 2024 was 6 69%, down 0 94 percentage points YoY [2] Business Segment Analysis - Flexible staffing revenue in H1 2024 was 5 21 billion yuan, up 18 7% YoY, with a gross margin of 5 72% [2] - Mid-to-high-end talent search revenue decreased by 15 37% YoY to 199 million yuan, with a gross margin of 28 09% [2] - Recruitment process outsourcing revenue fell by 16 79% YoY to 29 million yuan, with a gross margin of 20 83% [2] Regional Performance - Domestic revenue in H1 2024 was 4 385 billion yuan, up 24 64% YoY [2] - Overseas revenue in H1 2024 was 1 156 billion yuan, down 6 46% YoY [2] Future Projections - Net profit attributable to shareholders is projected to be 203 million yuan in 2024, 285 million yuan in 2025, and 393 million yuan in 2026 [2] - EPS is expected to be 1 02 yuan in 2024, 1 45 yuan in 2025, and 2 00 yuan in 2026 [3] - PE ratios are forecasted at 13X for 2024, 9X for 2025, and 7X for 2026 [2] Valuation Metrics - The company's PB ratio is projected to be 1 5 in 2024, 1 4 in 2025, and 1 2 in 2026 [3] - EV/EBITDA is expected to be 8 27 in 2024, 5 31 in 2025, and 3 88 in 2026 [5]