Career International(SZ:300662) Dongguan Securities·2025-10-31 06:58Investment Rating - The investment rating for the company has been upgraded to "Buy" due to the recovery in domestic recruitment demand and ongoing recovery in overseas markets, alongside a stabilizing macroeconomic environment [3]. Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.29%. The net profit attributable to shareholders was 220 million yuan, up 62.46% year-on-year [7]. - The recruitment business is gradually recovering, with a narrowing decline in gross margin. The gross margin for Q3 2025 was 6.32%, a decrease of 0.55 percentage points year-on-year, but the decline has slowed compared to previous quarters [7]. - AI applications have made breakthroughs, with the operational scale of the company's industrial internet platform reaching new heights, including 46,700 operational positions and 135,000 active candidates in Q3 [7]. Summary by Sections Financial Performance - For Q3 2025, total revenue was 3.680 billion yuan, a year-on-year increase of 23.70%. The net profit attributable to shareholders was 93 million yuan, up 89.62% year-on-year [7]. - The company expects earnings per share of 1.43 yuan and 1.78 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 19.62 and 15.75 times [3][9]. Business Operations - The company successfully recommended 11,516 mid-to-high-end management and technical positions to domestic and international clients in the first three quarters of 2025, and the flexible employment business dispatched 445,537 personnel [7]. - The company has initiated research on a reasoning-capable embedding model, CRE-T1, which enhances talent supply and demand semantic matching [7]. Market Outlook - The report anticipates steady growth in flexible employment demand and improvement in headhunting and recruitment needs, supported by a recovering macroeconomic environment [3].