Career International(300662) 国信证券·2025-03-10 12:50Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][22] Core Viewpoints - The company is entering a harvest period due to operational transformation and AI empowerment, which is expected to drive growth in 2025 [1][4] - The company reported a revenue of 11.793 billion yuan in 2024, representing a 21% increase, and a net profit of 204 million yuan, reflecting a 2% growth [3][7] - The company is expected to benefit from a rebound in recruitment demand and internal cost reduction, leading to improved profitability in the headhunting business [4][15] Summary by Relevant Sections 2025 Growth Outlook - The flexible employment business is expected to maintain resilient growth, supported by stable contributions from major clients and an increase in demand from certain industries [4][10] - Recruitment demand is recovering, with a significant increase in active job positions and job seekers, which is anticipated to further enhance headhunting profitability [4][15] - New technology platforms are expected to reduce losses as R&D investments near completion and revenue growth begins to release scale effects [4][16] AI Empowerment - The company successfully launched the CRE large model in 2023, which has significantly improved matching accuracy from 30% to over 90% [5][18] - The AI-driven recruitment market is experiencing a talent shortage, with a reported gap of 5 million in core AI industry positions, indicating a strong demand for recruitment capabilities [5][19] Financial Projections - The company's net profit estimates for 2025 and 2026 have been raised to 277 million yuan and 336 million yuan, respectively, reflecting adjustments of +13% and +17% [6][22] - The dynamic PE ratios for 2025 and 2026 are projected at 23.7x and 19.6x, respectively, with potential for further growth if external conditions improve [6][22] Business Segment Performance - The flexible employment segment has shown consistent growth, with a year-on-year increase in revenue and a stable gross margin despite lower overall margins [10][12] - The headhunting business is expected to recover as economic conditions improve, with enhanced efficiency from cost-cutting measures implemented over the past two years [12][15] - New technology services are anticipated to see significant revenue growth as the company capitalizes on its digital product offerings [16][17]