Career International(300662) 长江证券·2025-03-13 15:48Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - In Q4, the company reported 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 net profit after deducting non-recurring items was 25 million yuan, reflecting a 31.58% increase year-on-year. The improvement in performance is attributed to stabilizing overseas business, rapid growth in domestic flexible employment, and steady progress in headhunting services [2][6]. - 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% [6]. - The company expects net profits for 2025 and 2026 to be 287 million yuan and 400 million yuan, respectively, corresponding to price-to-earnings ratios of 22.53X and 16.15X [2][6]. Summary by Sections Q4 Performance - Total revenue for Q4 was 3.277 billion yuan, with a year-on-year growth of 25.65%. Net profit attributable to shareholders was 69 million yuan, up 40.82% year-on-year. The net profit after deducting non-recurring items was 25 million yuan, reflecting a 31.58% increase year-on-year [2][6]. Full Year Performance - For the entire year, total revenue was 11.793 billion yuan, representing a 20.60% increase. The net profit attributable to shareholders was 204 million yuan, with a year-on-year growth of 1.50% [6]. Business Segments - The domestic flexible employment business showed significant growth, driven by large clients. The headhunting business also demonstrated resilience, contributing positively to overall revenue. The overseas business began to stabilize, with expectations for substantial contributions in 2025 [11]. Future Outlook - The company is embracing AI technologies to enhance efficiency and reduce costs. It has integrated the DeepSeek-R1 model to improve recruitment processes, particularly for mid-to-high-end positions [11]. - The report highlights a favorable industry environment supported by employment policies, with expectations for continued growth in both domestic and overseas markets [11].