BURTC(600861) Soochow Securities·2024-10-28 19:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q3 2024, the company's net profit attributable to the parent company reached 210 million yuan, a year-on-year increase of 52.3%, while the net profit excluding non-recurring items was 126 million yuan, up 33% year-on-year [2] - The company achieved a revenue of 11.31 billion yuan in Q3 2024, representing a year-on-year growth of 18.4% [2] - The company has completed 73.3% of its annual performance commitment in the first three quarters of 2024, with a total revenue of 33.18 billion yuan, up 15.5% year-on-year [2] - The company is undergoing internal restructuring to enhance group management platform construction [3] - The company is a leader in China's human resources service industry with over 40 years of experience and strong advantages in client resources and service areas [4] Financial Forecasts and Valuation - The company is expected to achieve net profits attributable to the parent company of 866 million yuan, 956 million yuan, and 1.073 billion yuan for 2024, 2025, and 2026 respectively [4] - The latest stock price corresponds to a P/E ratio of 13, 12, and 11 times for 2024, 2025, and 2026 respectively [4] - The company's revenue is projected to reach 42.447 billion yuan, 47.971 billion yuan, and 54.305 billion yuan for 2024, 2025, and 2026 respectively [11]