BURTC(600861)2025-05-16 10:25Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company demonstrated robust performance with a revenue of 43.03 billion yuan in 2024, reflecting a year-on-year increase of 12%, and a net profit attributable to shareholders of 791 million yuan, up 44% [1] - The company is focusing on professional development in outsourcing services, having added 30 large clients in 2024, with 14 being private enterprises [2] - The company is expected to benefit from close cooperation with leading technology firms, with optimistic trends in subsidies and strong performance certainty for 2025 [3] Revenue Breakdown - In 2024, the revenue from various services was as follows: outsourcing services 36.05 billion yuan (+14%), personnel management services 990 million yuan (-9%), compensation and benefits services 1.2 billion yuan (+5%), and recruitment and flexible employment 4.34 billion yuan (+13%) [2] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 1.154 billion yuan, 983 million yuan, and 1.086 billion yuan respectively, with corresponding P/E ratios of 10.2X, 11.9X, and 10.8X [4] - Adjusted net profits excluding one-time gains from asset disposals are projected to be 870 million yuan, 980 million yuan, and 1.09 billion yuan for 2025-2027, indicating growth rates of 10.4%, 12.5%, and 10.5% respectively [4]