科锐国际：灵活用工派遣规模持续增长，招聘仍承压

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The flexible staffing dispatch scale continues to grow, while recruitment remains under pressure [1][3] - In H1 2024, the company achieved operating revenue of 5.541 billion yuan, a year-on-year increase of 16.55%, but the net profit attributable to shareholders decreased by 11.72% to 86 million yuan [2][3] - The gross profit margin for H1 2024 was 6.68%, down by 0.94 percentage points year-on-year [2] - The company has successfully recommended 7,797 high-end management and professional technical positions to domestic and foreign clients, with a cumulative dispatch of 234,400 flexible workers [2][3] Financial Performance Summary - In H1 2024, revenue from flexible staffing, mid-to-high-end talent search, recruitment process outsourcing, and technical services was 5.210 billion, 199 million, 29 million, and 26 million yuan respectively, with year-on-year changes of +18.70%, -15.37%, -16.79%, and +9.05% [2] - The gross profit margins for these segments were 5.72%, 28.09%, 20.83%, and 17.88%, with year-on-year changes of -0.47, -1.05, +4.67, and -8.96 percentage points respectively [2] - The company expects net profits attributable to shareholders for 2024-2026 to be 209 million, 244 million, and 301 million yuan, corresponding to current PE ratios of 12x, 11x, and 9x [3][4]