Career International(SZ:300662) HUAXI Securities·2025-10-30 05:11Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 10.755 billion and net profit at 220 million, marking year-on-year growth of 26.29% and 62.46% respectively [2] - The flexible employment business continues to show robust growth, supported by overseas recovery and strict cost control, leading to accelerated growth in non-recurring profits [3] - The company's platform, He Wa, has achieved record operational metrics, with the number of offers and their total value both reaching new highs [4] - The company maintains its profit forecast for 2025-2027, expecting revenue to grow to 14.779 billion, 18.024 billion, and 21.266 billion respectively, with net profits of 278 million, 337 million, and 395 million [5] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 3.680 billion, a year-on-year increase of 23.70%, and net profit of 93 million, up 89.62% year-on-year [2] - The company expects to achieve revenues of 14.779 billion, 18.024 billion, and 21.266 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 278 million, 337 million, and 395 million [7] Business Growth - The flexible employment business has seen a significant increase in outsourced employees, reaching over 50,900 by the end of Q3 2025, with strong performance in various professional sectors [3] - The He Wa platform has seen a substantial increase in operational metrics, with the number of offers generated in Q3 reaching over 3,600, a 73% increase year-on-year, and the total offer amount growing by 81% [4] Future Outlook - The company is optimistic about the growth potential of its He Wa platform, particularly with the integration of AI technology, which is expected to enhance efficiency and collaboration in the human resources sector [4] - The company anticipates a strong performance in the upcoming years, driven by high demand for flexible employment and the recovery of recruitment needs [5]