BURTC(600861) Changjiang Securities·2025-05-04 23:30Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - In 2024, the company achieved an operating revenue of 43.032 billion yuan, representing a year-on-year increase of 12.32%. The net profit attributable to shareholders was 791 million yuan, up 44.42% year-on-year, while the net profit after deducting non-recurring items reached 533 million yuan, marking a significant increase of 106.88% [2][6] - For Q1 2025, the company reported an operating revenue of 10.837 billion yuan, a year-on-year increase of 2.72%. The net profit attributable to shareholders soared to 591 million yuan, reflecting a year-on-year growth of 180.41%, although the net profit after deducting non-recurring items decreased by 22.11% to 145 million yuan [2][6] - The forecast for net profit attributable to shareholders for 2025-2027 is 960 million, 1.06 billion, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 13, 12, and 11 times [2][6] Revenue Breakdown - In 2024, the company's revenue from outsourcing services was the main growth driver, totaling 36.048 billion yuan, up 13.96% year-on-year. The human resource management service revenue was 990 million yuan, down 9.06%, primarily due to the company's focus on outsourcing services [13] - The salary and welfare service revenue reached 1.2 billion yuan, an increase of 4.68%, driven by the integration of employee welfare platforms. Recruitment and flexible employment services generated 4.336 billion yuan, up 12.60%, due to enhanced technology-driven approaches [13] Profitability Analysis - The change in business structure and the decline in gross margin from core outsourcing services impacted the overall gross margin. However, cost optimization partially offset this effect. The year 2024 marked the first complete financial year post the asset injection from Beijing Foreign Enterprises, leading to significant profit growth compared to the previous year [13] - In Q1 2025, revenue growth was primarily driven by outsourcing, although gross margin declined year-on-year. The increase in net profit was attributed to asset disposal gains and early government subsidies [13]