Career International(SZ:300662) Xinda Securities·2024-10-30 01:00Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved revenue of 2.97 billion yuan in Q3 2024, representing a year-on-year increase of 23.1%, with a net profit attributable to shareholders of 49.17 million yuan, a decrease of 9.6% [1]. - The flexible employment sector is experiencing accelerated growth, with the headhunting business returning to positive growth [1]. - The company’s revenue growth in Q3 exceeded the growth rate of H1, indicating a positive trend in flexible employment [1]. - The gross profit margin has declined, but the control of operating expenses remains effective [1]. - The net profit after deducting non-recurring items has turned positive, indicating a recovery in profitability [1]. - The company’s net profit forecast for 2024-2026 has been adjusted to 198 million, 241 million, and 280 million yuan, respectively, maintaining a "Buy" rating [1]. Financial Summary - Total revenue for 2022 was 9.09 billion yuan, with a year-on-year growth rate of 29.69%. For 2023, the revenue is projected to be 9.78 billion yuan, with a growth rate of 7.55% [2]. - The net profit attributable to shareholders for 2022 was 291 million yuan, with a year-on-year growth rate of 15.15%. In 2023, it is expected to decrease by 31.05% to 201 million yuan [2]. - The gross profit margin for 2022 was 9.68%, which is expected to decline to 7.31% in 2023 [2]. - The return on equity (ROE) for 2022 was 12.85%, projected to decrease to 11.17% in 2023 [2]. - The earnings per share (EPS) for 2023 is estimated at 1.02 yuan, with a price-to-earnings (P/E) ratio of 20 [2].