Career International(300662) 长江证券·2024-11-07 06:18Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Views - The company has shown rapid growth in flexible employment services, with a year-on-year revenue increase of 20.59% in this segment. The number of on-site flexible workers reached 42,400, marking a net increase of 3,700 from the previous quarter, the highest since 2022 [5][6]. - The overall revenue for the first three quarters was 8.516 billion, a year-on-year increase of 18.77%, while the net profit attributable to the parent company was 135 million, down 10.96% year-on-year [4][5]. - The company expects its performance for 2024 to 2026 to be 207 million, 255 million, and 350 million respectively, with corresponding PE ratios of 19, 16, and 11 times [4][6]. Summary by Sections Revenue Performance - In Q3, the company achieved a revenue of 2.975 billion, up 23.12% year-on-year, while the net profit attributable to the parent company was 49.166 million, down 9.60% year-on-year [4][5]. - The flexible employment business continues to grow, and the headhunting business has returned to positive revenue growth in Q3, with a year-on-year increase of 2.33% [5][6]. Business Segmentation - The flexible employment segment has seen significant growth, with a focus on technical and R&D positions, which now account for 66.52% of the total flexible workforce, up 6.23 percentage points year-on-year [5][6]. - Domestic business has returned to a growth trajectory, while overseas operations are expected to stabilize as inflation pressures ease [6]. Financial Forecast - The company forecasts revenues of 11.483 billion, 14.388 billion, and 18.060 billion for 2024, 2025, and 2026 respectively, with a consistent gross margin of around 7% [12]. - The net profit for 2024 is projected at 218 million, with an EPS of 1.05, increasing to 1.78 by 2026 [12].