美国交通部：联邦航空管理局（FAA）仍然有望在2025年招聘至少2000名空管人员。 ...

ADP首席经济学家Nela Richardson：不安是如今的主题。雇主正试图将政策和消费者的不确定性与一系 列大部分积极的经济数据相协调。在这样的环境中做出招聘决定可能很困难。 ...

2025 年 4 月 30 日 投资要点： 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn 主要数据 | 2025 年 4 月 29 日 | | | --- | --- | | 收盘价(元) | 32.91 | | 总市值（亿元） | 64.77 | | 总股本(亿股) | 1.97 | | 流通股本(亿股) | 1.96 | | ROE（TTM） | 10.91 | | 12 月最高价(元) | 38.60 | | 12 月最低价(元) | 12.54 | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 证 券 研 究 报 告 增持（维持） 灵活用工表现亮眼，线上业务加速扩张 科锐国际（300662）2024 年年报及 2025 年一季报点评 事件：科锐国际发布2024年年报及2025年一季报。 点评： 消费者服务行业 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 ◼ 国内招聘 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in flexible employment services and government subsidies, with a positive outlook for future earnings acceleration [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 11.79 billion yuan, an increase of 20.55%, and a net profit attributable to shareholders of 205 million yuan, up 2.42% [1][2]. - For Q1 2025, the company reported revenue of 3.3 billion yuan, a growth of 25.13%, and a net profit of 60 million yuan, reflecting a significant increase of 42.15% [1][2]. - The company's non-recurring net profit for 2024 was 139 million yuan, up 3.6%, while Q1 2025's non-recurring net profit reached 50 million yuan, a remarkable increase of 103.24% [2]. Business Segments - Revenue from flexible employment, mid-to-high-end talent search, recruitment process outsourcing (RPO), technical services, and other businesses for 2024 was 11.14 billion, 370 million, 60 million, 60 million, and 160 million yuan respectively, with year-on-year changes of +22.4%, -11.6%, -18.3%, +44.2%, and +8.1% [2]. - The flexible employment segment saw a total of 499,000 person-times dispatched, a growth of 30.3%, with the number of outsourced employees in this segment reaching 46,000, an increase of 28.2% [3]. Technological Empowerment - The proportion of outsourced technical research and development positions reached 68.2%, an increase of 6.7 percentage points [3]. - The company's HeWa platform registered 16,000 partners, a growth of 21.8%, and managed 77,000 mid-to-high-end job postings, reflecting a 46.4% increase, with 15,000 positions delivered, a significant rise of 119.1% [3]. Profitability and Cost Control - The gross profit margin for 2024 was 6.4%, a decrease of 0.95 percentage points, with specific margins for flexible employment, mid-to-high-end talent search, and RPO at 5.5%, 26.0%, and 18.2% respectively [3]. - The company's expense ratios for sales, management, research and development, and finance were 1.4%, 2.4%, 0.4%, and 0.2%, showing slight year-on-year changes [3]. Future Outlook - The company maintains a strong recommendation rating, anticipating continued growth in the flexible employment sector and improvements in the overall recruitment market, supported by ongoing technological investments and AI integration [1][4].

2025Q1 公司中高端人才访寻业务及灵活用工业务恢复势头良好。2025Q1 公司为国内外客户成功推荐中 高端管理人员和专业技术岗位3810 人，同比增长22.4%；在册灵活用工业务的岗位外包员工为4.7万 人，环比净增长1900 人，其中技术与研发类岗位时点在职人数占比为 68.3%，同比提升5.4 个百分点； 灵活用工业务累计派出14.6 万人次，同比增长25.9%。 事件：公司发布2024年年报及 2025年一季报。2024年公司营收为117.9亿元，同比增长20.6%，归母净 利润为2.1 亿元，同比增长2.4%；2025Q1 公司营收为33.0 亿元，同比增长25.1%，归母净利润为5778.4 万元，同比增长42.2%。 2025Q1 公司其他收益为5180.4 万元，同比增长536.8%，主要系与公司经营活动有关的补贴及补助增加 所致。 公司费用率小幅下降。2025Q1 公司毛利率为5.5%，同比下降0.8 个百分点，净利率为2.1%，同比下降 0.6 个百分点。期间费用率为3.8%，同比下降1.0 个百分点，其中公司销售、管理、财务费用率分别为 1.3%、2.5%、0.1%，同比分别下降0.2 ...

Performance Overview - In 2024, the company achieved revenue of 43.032 billion (yoy +12.32%) and a net profit attributable to shareholders of 0.791 billion (yoy +44.42%), with a non-recurring net profit of 0.533 billion (yoy +106.88%) [1] - The significant profit increase in 2024 was mainly due to a low base effect from asset disposals and related tax expenses from asset replacements [1] - In Q1 2025, the company reported revenue of 10.837 billion (yoy +2.72%) and a net profit attributable to shareholders of 0.591 billion (yoy +180.21%), with a non-recurring net profit of 0.145 billion (yoy -22.11%) [1] - The non-recurring gains in Q1 2025 included government subsidies of 0.42 billion and gains from subsidiary equity transfers and financial products totaling 0.36 billion [1] Business Performance - Beijing Foreign Enterprises achieved a net profit of 0.872 billion in 2024 (yoy +5.61%) and a non-recurring net profit of 0.575 billion (yoy +17.45%), fulfilling 146.78% and 102.24% of its annual performance commitments, respectively [2] - Revenue breakdown for 2024 includes: outsourcing services at 36.048 billion (yoy +13.96%), personnel management services at 0.099 billion (yoy -9.06%), compensation and benefits services at 0.12 billion (yoy +4.68%), and recruitment and flexible employment at 4.346 billion (yoy +12.60%) [2] - The company expects to benefit from pro-employment and pro-consumption policies, with a projected non-recurring net profit of no less than 0.662 billion in 2025, indicating a growth rate of no less than 9.66% [2] Long-term Outlook - In 2024, the company signed global cooperation agreements with Adecco Group and Huawei Technologies, which may accelerate the acquisition of large client labor needs overseas [3] - A subsidiary plans to establish a joint venture with Kunlun Wanwei to promote AI in recruitment, aiming to reduce costs and improve efficiency for enterprises [3] - Revenue projections for 2025-2027 are 48.636 billion, 55.477 billion, and 63.878 billion, with corresponding growth rates of 13.02%, 14.07%, and 15.14% [3] - Net profit projections for the same period are 0.898 billion, 1.025 billion, and 1.195 billion, with growth rates of 13.42%, 14.23%, and 16.50% [3] - Earnings per share (EPS) are expected to be 1.59, 1.81, and 2.11 yuan per share for 2025-2027 [3]

视频来源： ConverzAI "关系"永远是人才管理的关键。ConverzAI专注于发展AI驱动的招聘解决方案，其推出的虚拟招 聘助手(Virtual Recruiter)能够自主管理从人才搜索、互动到关系搭建 全流程 ，并帮助企业做出 数据驱动的招聘决策。据ConverzAI官网数据，客户企业可以在5天内快速搭建一个虚拟招聘助 手，将 招聘周期缩短90% 。 ConverzAI成立于2019年，由Ashwarya Poddar担任CEO。此前，Poddar供职于微软，2008到 2015年期间，他分别在微软担任软件工程师和数据科学家；2016年起，他担任首席产品经理， 深耕智能对话语音技术，同时负责Predictive Lead Scoring和Opportunity Scoring相关产品，助 力销售团队优化优先级分配，提升销售效率。ConverzAI其他高管成员曾供职于Google、 Skype、Michrosoft、Walmart、Monster等公司。 Ashwarya Poddar认为，AI技术真正的潜力不仅仅是在事后分析，而是在于 "实时引导整个对话 的能力" ，也就是说，"机器同样也可以进行 ...

视频来源： ConverzAI "关系"永远是人才管理的关键。ConverzAI专注于发展AI驱动的招聘解决方案，其推出的虚拟招 聘助手(Virtual Recruiter)能够自主管理从人才搜索、互动到关系搭建 全流程 ，并帮助企业做出 数据驱动的招聘决策。据ConverzAI官网数据，客户企业可以在5天内快速搭建一个虚拟招聘助 手，将 招聘周期缩短90% 。 ConverzAI成立于2019年，由Ashwarya Poddar担任CEO。此前，Poddar供职于微软，2008到 2015年期间，他分别在微软担任软件工程师和数据科学家；2016年起，他担任首席产品经理， 深耕智能对话语音技术，同时负责Predictive Lead Scoring和Opportunity Scoring相关产品，助 力销售团队优化优先级分配，提升销售效率。ConverzAI其他高管成员曾供职于Google、 Skype、Michrosoft、Walmart、Monster等公司。 Z Highlights 图片来源： ConverzAI 视频来源： ConverzAI 01 "交流大于技术"：以人为本的AI招聘 2024年9 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - March shows slight recovery signs as it enters the traditional recruitment peak season, but the certainty of the employment market's recovery still needs to be observed [1] - The urban surveyed unemployment rate in March 2025 is 5.2%, a decrease of 0.2 percentage points month-on-month [2] - The number of new job postings increased by 20% year-on-year as of April 16, indicating a recovery in confidence [3] - In March 2025, 75 out of 81 sub-sectors experienced year-on-year growth in recruitment positions, with notable increases in domestic services, group buying/takeout, wind power equipment, electric motors, and logistics [4] - The BOSS Zhipin app's monthly active users (MAU) reached approximately 52.7 million in Q4 2024, with strong year-on-year growth rates of 17%, 25%, 30%, and 28% across the four quarters [5] Summary by Sections Macro Level - The urban surveyed unemployment rate in March 2025 is 5.2%, down by 0.2 percentage points month-on-month. The labor survey unemployment rates for different age groups are 16.5% (16-24 years), 7.2% (25-29 years), and 4.1% (30-59 years) [2] Micro Level - As of April 16, 2025, the number of new job postings increased by 20% year-on-year. In March, the number of new recruiting companies grew by 2%, and the number of new job postings increased by 17% year-on-year, indicating a continuous recovery in recruiter confidence [3][5] Industry Analysis - In March 2025, 75 out of 81 sub-sectors showed year-on-year growth in recruitment positions, with the domestic services sector leading at 113% growth, followed by group buying/takeout at 54% and wind power equipment at 46% [4][12] - The recruitment trends in various sub-sectors are still under observation, as the specific recovery points remain unclear [4] Job Seeker Trends - The BOSS Zhipin app's MAU reached approximately 52.7 million in Q4 2024, with strong growth rates of 17%, 25%, 30%, and 28% year-on-year across the quarters [5][20] - The job search interest has not shown significant improvement since November, indicating that the period from October to the Lunar New Year is traditionally not a peak time for job seeking [5] Profit Forecast and Valuation - The report includes a valuation of comparable companies in the human resources service sector as of April 18, 2025, with BOSS Zhipin's market value at 462 billion and projected revenues for 2025 at 83 billion [23]

在这场"百万英才汇南粤"大型招聘现场，还设有很多特色专区。 作 者丨崔文静 实习生张长荣 编 辑丨李新江 视频编辑丨章启良 朋友们，想不想找个好工作？找工作时是不是有很多烦恼。比如，可供比较的岗位不够多， 工作真假分不清，薪资待遇不满意？ 如果你跟我一样，也有类似的烦恼。那么，福利来啦！ 我现在所在的位置是，北京中关村国际创新中心，也是"百万英才汇南粤" N城联动中春季招 聘活动的北京现场。 今天（4月1 9日），在我身后的这个广东专属大型招聘现场，3 4 6家企业、1 . 4万个优质岗位， 已经虚位以待，等你来选！ 找到好工作，待遇好、匹配度高，是关键。这里是专为高端人才设置的博士服务专区，我们 了解到，在这场广东专属招聘会上， 仅面向博士博士后的岗位就达到数千个。百万年薪岗位 超过2 0 0个；5 0万—1 0 0万年薪岗位超过了1 0 0 0个。 本期编辑 刘雪莹 21君荐读 广东抢滩杭州春招！第一大省如何捕获科技人才？ 海量offer来袭！有招聘单位喊话：百万年薪岗位不设上限 包括文化馆、科技馆、非遗展区、互动打卡区等等，甚至还包括精彩的乐队表演、岭南醒狮 表演、经典粤语歌曲表演等。 招聘会现场还推出 ...