BURTC(600861) 长江证券·2024-11-06 01:56Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861 SH) with projected PE ratios of 14X 13X and 12X for 2024 2025 and 2026 respectively [1][5] Core Views - In Q3 2024 Beijing Human Resources reported revenue of 11 313 billion yuan a YoY increase of 18 39% and net profit attributable to the parent company of 207 million yuan a YoY increase of 52 3% [1][3] - The company's non-GAAP net profit was 126 million yuan a YoY increase of 33% driven by rapid growth in outsourcing services and steady performance in HR management and payroll services [1][3] - The company's profitability was boosted by government subsidies and cost-saving measures with a slight decline in gross margin due to changes in revenue structure [1][7] - The report forecasts net profit attributable to the parent company for 2024-2026 to be 835 million yuan 897 million yuan and 1 005 billion yuan respectively [1][5] Business Performance - For the first three quarters of 2024 the company achieved revenue of 33 179 billion yuan a YoY increase of 15 46% and net profit attributable to the parent company of 641 million yuan a YoY increase of 84 75% [3] - The outsourcing business grew rapidly driven by large client orders while HR management and payroll services remained stable [7] - The company's gross margin decreased by 0 5 percentage points YoY in Q3 2024 primarily due to the faster growth of low-margin outsourcing business [7] Financial Metrics - The company's current stock price is 20 80 yuan with a total market capitalization of 56 611 million shares and a net asset per share of 11 27 yuan [8] - The report provides detailed financial forecasts for 2024-2026 including revenue operating costs and net profit with expected EPS of 1 48 yuan 1 58 yuan and 1 78 yuan respectively [12] Strategic Outlook - The company is expected to continue its strategic focus on marketization specialization digitization and internationalization leveraging its professional service capabilities and data assets to achieve steady performance growth [6] - The company aims to innovate products empower data link ecosystems and enhance nationwide coordination to improve efficiency and reduce costs in a challenging environment [6]