Career International(SZ:300662) Tianfeng Securities·2025-11-03 14:47Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company reported a 27% year-over-year increase in non-net profit for Q3 2025, exceeding expectations. Revenue for Q3 reached 3.68 billion yuan, a 23.7% increase year-over-year, while net profit attributable to the parent company was 93.23 million yuan, up 89.62% year-over-year [1]. - The flexible employment business continues to show robust growth, with over 50,900 outsourced employees as of Q3 2025, covering various professional roles [2]. - The company is enhancing operational efficiency and profitability through cost reduction and business structure optimization, with a positive outlook for steady growth in overall performance [3]. - AI technology is being increasingly integrated into recruitment processes, with the launch of the CRE-T1 model and the Mira digital twin, leading to significant growth in the platform's ecosystem [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 10.8 billion yuan, a 26% increase year-over-year, and a net profit of 220 million yuan, up 62% year-over-year [1]. - The company’s revenue projections for 2025-2027 are 14.96 billion yuan, 17.90 billion yuan, and 21.43 billion yuan, respectively, with corresponding net profits of 286.47 million yuan, 348.14 million yuan, and 420.42 million yuan [5]. - The company’s EBITDA is projected to grow from 379.92 million yuan in 2025 to 601.89 million yuan in 2027, indicating strong operational performance [5]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20, 16, and 14, respectively, reflecting a favorable valuation outlook [4][5]. - The company’s market capitalization is approximately 5.73 billion yuan, with a price-to-book (P/B) ratio of 2.59 for 2025 [7].