Career International(SZ:300662) HUAXI Securities·2025-04-30 06:12Investment Rating - The report assigns a rating of "Buy" for the company, with a target price based on the latest closing price of 32.91 [5]. Core Insights - The company achieved a total operating revenue of 11.788 billion yuan in 2024, representing a year-on-year growth of 20.55%. The net profit attributable to shareholders was 2.05 billion yuan, an increase of 2.42% year-on-year. In Q1 2025, the company reported total operating revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a net profit of 0.58 billion yuan, up 42.15% year-on-year, with a non-recurring net profit growth of 103% [1][3]. Summary by Sections 1. Stable Demand for Flexible Employment - The flexible employment segment showed resilience, driving steady revenue growth. In 2024, the company’s operating revenue reached 11.8 billion yuan, with flexible employment revenue growing by 22% [2][14]. - In Q1 2025, the company’s flexible employment service dispatched 146,000 personnel, a year-on-year increase of 26% [2][14]. 2. Profit Improvement through Cost Reduction and Government Subsidies - The company’s net profit for 2024 was 205 million yuan, with a non-recurring net profit of 139 million yuan, reflecting a year-on-year increase of 2.4% and 3.57%, respectively. In Q1 2025, net profit and non-recurring net profit grew by 42% and 103% year-on-year, respectively, primarily due to increased government subsidies and effective cost control [3][33]. 3. AI Development and Growth of HeWa Platform - The company invested 169 million yuan in technology in 2024, maintaining annual investments above 100 million yuan since 2021. The HeWa platform saw significant growth, with registered partners increasing by 21.76% year-on-year to over 16,200 [4][41]. 4. Earnings Forecast - The company is expected to achieve operating revenues of 14.779 billion yuan, 18.024 billion yuan, and 21.266 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25%, 22%, and 18%. The net profit attributable to shareholders is projected to be 278 million yuan, 337 million yuan, and 395 million yuan for the same years, with corresponding growth rates of 35%, 21%, and 17% [8][46].