科锐国际（300662）：国内业务边际持续向好

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 35.56 [1][9][12] Core Insights - The company reported Q3 revenue of RMB 3.68 billion, a year-on-year increase of 23.70% but a quarter-on-quarter decrease of 2.45%. The net profit attributable to the parent company was RMB 93.23 million, up 89.62% year-on-year and up 35.65% quarter-on-quarter [1][6] - For the first three quarters of 2025, the company achieved a total revenue of RMB 10.755 billion, representing a year-on-year growth of 26.29%, with a net profit of RMB 220 million, up 62.46% year-on-year [1][6] - The report highlights improvements in the headhunting business and growth in flexible employment and the Heva platform, indicating a positive outlook for profit realization throughout the year [1][6][7] Summary by Sections Domestic Business Performance - The flexible employment business supported a total of 445,537 placements in the first three quarters of 2025, with over 50,900 outsourced employees at the end of the period, reflecting a net increase of 1,400 [7] - The headhunting business showed signs of recovery, successfully recommending 11,516 mid-to-high-end management and technical positions in the first three quarters [7] - The gross margin improved significantly in Q3, increasing by 0.8 percentage points to 6.32%, attributed to a higher proportion of technical positions in flexible employment and increased efficiency in headhunting operations [7] AI and Technology Integration - The Heva platform launched its 2.0 AI product in July 2025, enhancing its capabilities in client development, talent search, and job matching, resulting in a fivefold increase in job matching accuracy and a threefold increase in order conversion rates [8] - In Q3 2025, the Heva platform generated over 3,600 offers, a year-on-year increase of 73%, with the total offer amount growing by 81%, particularly in high-end positions [8] Profit Forecast and Valuation - The report maintains profit forecasts for 2025, 2026, and 2027 at RMB 297.12 million, RMB 349.95 million, and RMB 403.45 million respectively, reflecting the company's strong delivery capabilities and operational efficiency [9][12] - The target price is set at RMB 35.56, based on a 20x PE for 2026, with the previous target price being RMB 37.74 [9][12]