Career International(SZ:300662) EBSCN·2025-04-29 08:48Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 11.788 billion yuan in 2024, representing a year-on-year growth of 20.5%, and a net profit attributable to shareholders of 205 million yuan, up 2.4% year-on-year [1]. - In Q1 2025, the company reported a revenue of 3.303 billion yuan, reflecting a year-on-year increase of 25.1%, and a net profit of 58 million yuan, which is a 42.1% increase year-on-year [1]. - The flexible employment business performed well, with significant growth in IT R&D positions, leading to an increase in outsourced personnel to over 47,400 by March 2025 [2]. - The company’s gross profit margin slightly declined to 6.4% in 2024, down 1.0 percentage points year-on-year, primarily due to a decrease in the gross margin of the flexible employment business [3]. - The AI technology has accelerated the digital transformation of the company, significantly enhancing operational efficiency, with the "He Wa" platform showing remarkable performance in Q1 2025 [4]. Revenue and Profitability Summary - The company’s revenue from various segments in 2024 was as follows: flexible employment 11.137 billion yuan (+22.4% YoY), mid-to-high-end talent search 375 million yuan (-11.6% YoY), recruitment process outsourcing 55 million yuan (-18.3% YoY), technical services 63 million yuan (+44.2% YoY), and others 158 million yuan (+8.1% YoY) [2]. - The gross profit margins for different segments in 2024 were: flexible employment 5.47%, mid-to-high-end talent search 26.00%, recruitment process outsourcing 18.20%, technical services 23.72%, and others 11.44% [3]. - The company’s net profit margin for 2024 was 1.7%, a decrease of 0.3 percentage points year-on-year, while Q1 2025 maintained a net profit margin of 1.7%, showing a slight increase [3]. Forecast and Valuation - The forecast for net profit attributable to shareholders is adjusted to 268 million yuan for 2025, up 3.1% from previous estimates, while the 2026 forecast is slightly reduced to 333 million yuan, down 4.9% [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 25, 20, and 17, respectively, indicating a favorable valuation outlook for the company [4].