Career International(300662) 长江证券·2025-03-14 08:44Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The fourth quarter showed improvement with total revenue of 3.277 billion yuan, a year-on-year increase of 25.65%, and a net profit attributable to shareholders of 69 million yuan, up 40.82% year-on-year. The non-recurring net profit was 25 million yuan, reflecting a 31.58% increase year-on-year [3][4]. - For the full year, total revenue reached 11.793 billion yuan, a 20.60% increase, while net profit attributable to shareholders was 204 million yuan, a modest increase of 1.50% [3][4]. - The company is expected to achieve net profits of 287 million yuan and 400 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 22.53X and 16.15X [3][4]. Summary by Sections Quarterly Performance - In Q4, the company experienced a turnaround in performance due to a low base effect, with overseas business stabilizing and rapid growth in domestic flexible employment. The headhunting business showed steady improvement, contributing to the revenue recovery [8]. - The year-on-year profit growth for Q1 to Q4 was +22.07%, -29.25%, -9.6%, and +40.82%, respectively, indicating a significant recovery in Q4 after a challenging mid-year [8]. Business Segments - Domestic business, particularly headhunting, has shown a clear cyclical property, with improvements in productivity and gross margins. The flexible employment sector is expected to continue its rapid growth, supported by major clients [8]. - The overseas business has begun to recover since Q2 2024, with internal organizational changes expected to contribute positively to performance in 2025 [8]. Technological Integration - The company is actively embracing AI technologies to enhance efficiency and reduce costs, having integrated the DeepSeek-R1 model to improve job matching, especially for mid-to-high-end recruitment [8]. Financial Forecast - The company is projected to see significant earnings elasticity due to a favorable cyclical environment and AI integration, with expectations of revenue growth and improved profitability in the coming years [8].