Career International(SZ:300662) Guoxin Securities·2025-10-30 06:22Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][22] Core Views - The company achieved a non-GAAP net profit growth of 27% year-on-year in Q3 2025, with total revenue reaching 10.75 billion yuan, a 26.3% increase [2][8] - The company is actively exploring AI applications in recruitment, developing models that enhance semantic matching capabilities [3][20] - The company is expected to return to a rapid growth trajectory in 2025, supported by improved operational efficiency and AI-driven business transformation [4][21] Financial Performance Summary - For Q3 2025, the company reported revenue of 3.68 billion yuan, a 23.7% increase, and a net profit of 93.23 million yuan, up 89.6% [2][8] - The flexible employment business saw a 21.4% year-on-year increase in dispatched personnel, totaling 153,500 [13][15] - The gross profit margin for Q3 2025 was 6.3%, with a total expense ratio of 3.4%, showing significant improvement in operational efficiency [15][21] Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 295 million, 350 million, and 406 million yuan, respectively, with a CAGR of approximately 24% [4][21] - The latest dynamic PE ratios are projected at 19.3, 16.3, and 14.0 for 2025, 2026, and 2027, respectively [4][21] - The company is positioned as a cyclical stock with significant valuation elasticity, with historical dynamic PE ranging from 14 to 51 [4][21]