东兴证券：东兴晨报-20250224

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 within the human resources industry, positioning the company to adapt to and lead industry changes [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 improved demand in the recruitment market [3] - The company reported a net profit of 135 million yuan, a decrease of 10.96% year-on-year, primarily due to challenges in its Hong Kong, Macau, and overseas operations [3] - The flexible staffing business continues to grow, with 234,376 placements made, reflecting a 15% year-on-year increase, and the company maintains a strong expansion trajectory despite a weak macroeconomic environment [3][4] Group 3: Industry Opportunities and Market Trends - The human resources outsourcing industry is poised for significant growth due to demographic changes and rapid industrial shifts, with increasing reliance on flexible staffing to reduce labor costs [3][7] - The government’s support for the human resources service industry, as outlined in the 14th Five-Year Plan, highlights the sector's importance in modern service industries [3][7] 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 expected to reach 201 million, 248 million, and 302 million yuan respectively [7] - The current stock price corresponds to a price-to-earnings ratio of 20, 17, and 14 for the years 2024 to 2026, maintaining a "recommended" rating for investment [7]