BURTC(SH:600861) Minsheng Securities·2024-04-27 01:00Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Views - The company demonstrated resilient growth in its outsourcing business despite a challenging recruitment industry environment, with a revenue increase of 18.47% year-on-year in 2023 [5]. - The company is accelerating its digital transformation efforts to enhance operational efficiency and reduce costs [5]. - The projected net profit for 2024-2026 is expected to be 9.59 billion, 11.01 billion, and 12.33 billion respectively, with corresponding PE ratios of 11X, 10X, and 9X [5]. Financial Performance Summary - In 2023, the company achieved a revenue of 38,312 million yuan, with a year-on-year growth of 18.47%, and a net profit attributable to shareholders of 548 million yuan, reflecting a growth of 32.24% [5][2]. - The first quarter of 2024 saw a revenue of 105.5 billion yuan, up 12.87% year-on-year, and a net profit of 21 million yuan, up 18.92% year-on-year [5]. - The company’s outsourcing business grew by 23.59%, while the personnel management segment saw a slight decline of 3.72% [5]. Revenue and Profitability Forecast - Revenue projections for 2024, 2025, and 2026 are 46,932 million, 55,866 million, and 66,314 million yuan respectively, with growth rates of 22.5%, 19.0%, and 18.7% [2][4]. - The net profit attributable to shareholders is forecasted to be 959 million, 1,101 million, and 1,233 million yuan for 2024, 2025, and 2026, with growth rates of 75.1%, 14.8%, and 12.0% [2][4]. Dividend Policy - The company plans to distribute a cash dividend of 274 million yuan, representing a payout ratio of 50% [5].