Career International(300662) 申万宏源·2025-03-02 15:13Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 11.793 billion yuan for 2024, representing a year-on-year growth of 20.6%. The net profit attributable to the parent company was 204 million yuan, with a slight increase of 1.5% [7] - The flexible staffing business is expected to continue its high growth, leveraging AI tools to enhance efficiency and productivity. This segment remains the core growth driver for the company [7] - The digital transformation is progressing steadily, with the HeWa platform significantly improving job delivery capabilities through AI-driven resource integration [7] - AI technology is identified as a key driver for cost reduction and efficiency enhancement, optimizing recruitment processes and internal management [7] - The profit forecasts for 2025 and 2026 have been raised, with expected net profits of 298 million yuan and 376 million yuan, respectively [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 9.778 billion yuan, 2024: 11.793 billion yuan, 2025: 15.444 billion yuan, 2026: 18.442 billion yuan [5][8] - The net profit attributable to the parent company is projected to grow from 204 million yuan in 2024 to 298 million yuan in 2025 and 376 million yuan in 2026 [5][8] - The company's gross margin is expected to stabilize around 7.2% to 7.3% over the forecast period [5]