Career International(300662) 国泰君安·2024-05-06 10:02Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 35.96, unchanged from the previous rating [20]. Core Insights - The company is experiencing a steady recovery in demand, with a clear trend towards long-term growth in flexible employment services [17][85]. - The overall job market is stabilizing, with significant disparities in demand across different sectors, particularly in manufacturing, sales, and service industries [8][13][31]. - The company is focusing on enhancing its international presence and optimizing its service offerings to capture growth opportunities in various markets [80][82]. Summary by Sections 1. Overall Stability and Uneven Demand - The unemployment rate and the number of new job postings show signs of stabilization [8]. - There is a notable increase in job demand in manufacturing and sales, while administrative roles are declining, indicating a structural shift in hiring needs [15][34]. 2. Order Volume and Sequential Improvement - Core client orders are increasing, leading to a significant improvement in revenue growth [38]. - The flexible employment sector is becoming a key driver of growth, benefiting from industry trends and client needs [43][75]. 3. Long-term Penetration Rate Trends - The penetration rate of flexible employment services is expected to rise, driven by cost management and efficiency improvements [81][82]. - The company is strategically positioning itself in high-demand sectors to enhance its service delivery and client engagement [78]. 4. Investment Recommendations - The report projects net profits for 2024, 2025, and 2026 to be 263 million, 332 million, and 417 million respectively, with EPS estimates of 1.34, 1.69, and 2.12 [85]. - The target price reflects an industry average PE of 11x for 2025, indicating a favorable valuation outlook [85].