Career International(300662) 华创证券·2024-11-03 12:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 26.2 CNY, compared to the current price of 20.30 CNY [5][3]. Core Insights - The company achieved a revenue of 8.516 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 18.77%. However, the net profit attributable to the parent company decreased by 10.96% to 135 million CNY [1]. - The flexible employment business has driven growth, with a revenue increase of 20.59% year-on-year in the first three quarters. The number of dispatched employees has shown a steady increase [2]. - Domestic revenue has grown by 27.08%, while overseas revenue and profits have been negatively impacted by global economic uncertainties and inflation pressures [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.975 billion CNY, a year-on-year increase of 23.12%, but the net profit attributable to the parent company fell by 9.60% to 49 million CNY [1]. - The gross profit margin for the first three quarters was 6.75%, down 1.02 percentage points year-on-year, while the net profit margin was 1.59%, down 0.53 percentage points [1]. - The company forecasts net profits of 186 million CNY, 257 million CNY, and 314 million CNY for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -7.2%, +38.4%, and +21.8% [3][4].