Career International(300662) 民生证券·2024-04-28 08:00Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Insights - The company's performance in Q1 2024 met expectations, with domestic business recovering faster than overseas operations [1][11]. - In 2023, the company achieved a revenue of 9.778 billion yuan, a year-on-year increase of 7.55%, while the net profit attributable to shareholders was 201 million yuan, a decrease of 31.05% [11]. - The report highlights a significant improvement in headhunting business and continuous growth in flexible employment services [11]. - The company has a high proportion of private enterprise clients, with 65% of domestic client revenue coming from private enterprises [11]. Financial Forecasts - Revenue projections for 2024-2026 are as follows: 12.12 billion yuan in 2024, 14.85 billion yuan in 2025, and 18.66 billion yuan in 2026, with growth rates of 23.9%, 22.5%, and 25.7% respectively [4][11]. - The net profit attributable to shareholders is expected to be 264 million yuan in 2024, 348 million yuan in 2025, and 461 million yuan in 2026, with growth rates of 31.5%, 32.1%, and 32.2% respectively [4][11]. - The report anticipates a recovery in the company's performance due to cost reduction and efficiency improvements, alongside growth in flexible employment services [11].