Career International(SZ:300662) Bank of China Securities·2025-09-08 08:16Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 30.31 and a sector rating of "Outperform" [1][3]. Core Insights - The company reported strong revenue and profit growth for the first half of 2025, with operating revenue reaching RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of RMB 127 million, up 46.96% year-on-year. Both domestic and overseas businesses showed significant improvement [3][8]. - The flexible employment business is experiencing good growth, driving revenue increases, and the recruitment business is showing signs of recovery, indicating promising future growth [5][8]. Summary by Sections Financial Performance - In 2025 H1, the company achieved operating revenue of RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit of RMB 127 million, up 46.96% year-on-year. The second quarter alone saw revenue of RMB 3.772 billion, a year-on-year increase of 29.99% [3][8]. - The gross profit margin for 2025 H1 was 5.52%, down from 6.69% the previous year, influenced by market conditions and the growth of lower-margin flexible employment services [8]. Business Segments - The flexible employment segment grew by 29.31% year-on-year, with a notable increase in the proportion of technical and R&D positions, which now account for 70.79% of flexible employment roles, up 5.38 percentage points year-on-year [8]. - The recruitment business showed a year-on-year growth of 6.20%, with headhunting down by 1.18% and recruitment outsourcing up by 26.84%, reflecting a recovering market [8]. Future Projections - The company forecasts EPS for 2025-2027 to be RMB 1.42, RMB 1.65, and RMB 2.18, respectively, with corresponding P/E ratios of 21.3, 18.3, and 13.9 times [5][7]. - Revenue projections for the years 2023 to 2027 are RMB 9.778 billion, RMB 11.788 billion, RMB 14.852 billion, RMB 17.823 billion, and RMB 20.496 billion, with growth rates of 7.5%, 20.5%, 26.0%, 20.0%, and 15.0% respectively [7][8].