北京人力：2024Q2业绩点评：盈利能力承压，控费增效

Investment Rating - The report maintains a "Buy" rating for the company [1][5][7]. Core Views - The company reported a revenue of 11.316 billion yuan in Q2 2024, representing a year-on-year increase of 15%. The net profit attributable to shareholders was 0.223 billion yuan, marking a turnaround from losses, while the net profit after deducting non-recurring items was 0.091 billion yuan, down 14% year-on-year [1][4][5]. - For the first half of 2024, the company achieved a total revenue of 21.866 billion yuan, up 14% year-on-year, and a net profit of 0.434 billion yuan, which is a significant increase of 105.71% year-on-year. The net profit after deducting non-recurring items was 0.277 billion yuan, up 270.93% year-on-year [4][5]. - The report expresses optimism about the company's strategic direction, emphasizing its commitment to "market-oriented, professional, digital, and international" development, leveraging its professional service capabilities, unique ecological resource advantages, and rich data asset value [1][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 11.316 billion yuan, a 15% increase year-on-year, and a net profit of 0.223 billion yuan, indicating a recovery from previous losses. However, the net profit after deducting non-recurring items fell by 14% to 0.091 billion yuan [1][4]. - For the first half of 2024, the company achieved a revenue of 21.866 billion yuan, a 14% increase year-on-year, and a net profit of 0.434 billion yuan, which is a 105.71% increase year-on-year. The net profit after deducting non-recurring items was 0.277 billion yuan, up 270.93% year-on-year [4][5]. Business Segments - The company’s business segments, including outsourcing, recruitment, flexible employment, personnel management, and salary benefits management, generated revenues of 18.127 billion yuan, 2.350 billion yuan, 0.471 billion yuan, and 0.540 billion yuan respectively, with year-on-year growth rates of 15%, 21%, -12%, and -7% [5]. - The gross margins for these segments were 2.88%, 2.25%, 79.22%, and 17.24% respectively, indicating a significant variation in profitability across different business lines [5]. Future Outlook - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 0.835 billion yuan, 0.894 billion yuan, and 1.002 billion yuan respectively, with corresponding price-to-earnings ratios of 9.19, 8.59, and 7.66 [1][5].