Career International(SZ:300662) Guotai Junan Securities·2024-10-30 06:56Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company's performance exceeded expectations, with continuous domestic improvement and a multi-position layout seeking growth, benefiting from both cyclical demand and improved expectations [2] - Despite macroeconomic fluctuations and ongoing challenges in overseas operations, the 2024 EPS forecast has been adjusted down to 0.94 yuan (-0.09), while the 2025/26 EPS forecasts have been raised to 1.28/1.53 yuan (+0.14/+0.26) [3] - The company focuses on technical positions in flexible employment services, maintaining pricing power and relatively stable gross margins, but faces structural pressure on overall gross margins due to lower margins in some business segments [3] Financial Summary - For Q3 2024, the company reported a revenue of 2.975 billion yuan (+23.12%) and a net profit attributable to shareholders of 49.166 million yuan (-9.60%) [3] - For the first three quarters, the revenue was 8.516 billion yuan (+18.77%) and the net profit attributable to shareholders was 135 million yuan (-10.96%) [3] - The company’s revenue is projected to grow from 9.778 billion yuan in 2023 to 11.704 billion yuan in 2024, representing a growth rate of 19.7% [4] Market Position and Strategy - The domestic market shows steady growth, with flexible employment delivery remaining stable and supporting growth from core customer demand [3] - The overseas business is gradually improving, with efforts to streamline operations and enhance efficiency, although macroeconomic factors still pose challenges [3] - The company has strategically positioned itself to develop leading mid-tier clients in niche markets, anticipating a diversification of its customer base as new industries emerge [3]