东兴证券：东兴晨报-20250223

Group 1: Company Overview and Technology Integration - The company, 科锐国际, is a leading technology-driven human resources solution provider that has successfully integrated the DeepSeek-R1 AI model to enhance recruitment efficiency, particularly in the mid-to-high-end recruitment sector [1][2] - The integration of AI technology is expected to improve efficiency, reduce costs, and innovate service models, thereby enhancing the company's competitiveness in the human resources service industry [2][3] Group 2: Financial Performance and Business Growth - In the first three quarters of 2024, the company achieved a revenue of 8.546 billion yuan, representing a year-on-year increase of 18.77%, driven by a marginal improvement in recruitment market demand [3][4] - The company reported a net profit of 135 million yuan, a decrease of 10.96% year-on-year, primarily due to pressure on overseas business and a significant decline in investment income from overseas assets [3][4] - The flexible staffing business continues to grow, with the company dispatching 234,376 personnel, a 15% increase year-on-year, and maintaining an expansion trend despite a weak macroeconomic environment [3][4] Group 3: Industry Opportunities and Market Trends - The human resources outsourcing industry is facing significant development opportunities due to demographic changes and rapid industrial shifts, with an increasing emphasis on flexible staffing to reduce labor costs [3][4] - The national "14th Five-Year Plan" has identified the human resources service industry as a key area for modern service industry development, with expected fiscal support increasing to 8% by 2025 [3][4] Group 4: Future Projections and Investment Rating - The company is projected to achieve revenues of 11.397 billion, 13.1 billion, and 14.772 billion yuan from 2024 to 2026, with net profits of 201 million, 248 million, and 302 million yuan respectively, indicating a positive growth outlook [7][8] - The current stock price corresponds to a PE ratio of 20, 17, and 14 for the years 2024 to 2026, maintaining a "recommended" rating for investment [7][8]