BURTC(SH:600861) Tianfeng Securities·2025-04-30 09:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to achieve a revenue of 43 billion with a year-on-year growth of 12% and a net profit attributable to shareholders of 791 million, representing a year-on-year increase of 44% [1] - The company has exceeded its performance commitments for the year 2024, achieving a net profit of 872 million, which is a 6% increase year-on-year, and a non-GAAP net profit of 575 million, which is a 17% increase year-on-year [1][3] - The company is entering a new industrial cycle empowered by AI, with cyclical attributes and low valuation, suggesting a reduced probability of subsidy cuts due to employment promotion efforts [4] Financial Performance Summary - For 2024, the company expects to generate revenue of 43.03 billion, with a growth rate of 12.32% [5] - The net profit attributable to shareholders is projected to be 791.4 million, reflecting a growth rate of 44.42% [5] - The company plans to distribute a dividend of 0.699 per share, with a payout ratio of 50% [2] Business Segment Breakdown - The revenue from business outsourcing is expected to be 36 billion, with a year-on-year growth of 14% [2] - The personnel management segment is projected to generate 1 billion, showing a decline of 9% year-on-year [2] - The recruitment and flexible employment segment is expected to achieve 4.3 billion in revenue, with a year-on-year growth of 13% [2] Client Contribution - The top five clients contributed 17.9 billion in sales, representing a 17% year-on-year increase and accounting for 42% of total sales [2] - The company added 30 new large clients, 14 of which are private enterprises [2] Future Profit Forecast - The company forecasts net profits of 9.5 billion, 10.4 billion, and 11.6 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13, 12, and 10 [4]