Group 1 - Shanghai Xihe Human Resources Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Shanghai Xihe Network Technology (Group) Co., Ltd. [1] - The legal representative of Shanghai Xihe Human Resources Co., Ltd. is Liu Rong [1]. - The company operates in the business service industry, specifically in comprehensive management services [2]. Group 2 - The business scope includes human resources services (excluding employment agency activities and labor dispatch services), enterprise headquarters management, and various consulting and management services [2]. - The company is registered in Minhang District, Shanghai, with a business duration until August 6, 2025, and no fixed term thereafter [2]. - The company type is a limited liability company, wholly owned by a natural person [2].

Company Overview - Core International's closing price on July 28 was 34.38 yuan, down 2.74%, with a rolling PE ratio of 30.41 times and a total market capitalization of 6.766 billion yuan [1] - The company ranks 18th in the professional services industry, which has an average PE ratio of 68.64 times and a median of 40.85 times [1] - As of July 18, 2025, the number of shareholders increased to 14,189, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Performance - Core International specializes in providing comprehensive human resource service solutions, including high-end talent search, recruitment process outsourcing, flexible employment, and technical services [1] - The company received several awards, including the 2024 Best Global Human Resource Service Agency and the 2024 Most In Global Human Resource Service Agency [1] - In the first quarter of 2025, the company reported revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15%, with a gross profit margin of 5.52% [1] Industry Comparison - The average PE ratio for the industry is 68.64 times, while the median is 40.85 times, indicating that Core International's valuation is below the industry average [2] - Other companies in the industry have varying PE ratios, with the lowest being 9.87 times for Beijing Human Resources and the highest being 31.67 times for Xince Standard [2]

6月3日，科锐国际今日收盘30.34元，上涨1.44%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到26.84倍，总市值59.71亿元。 从行业市盈率排名来看，公司所处的专业服务行业市盈率平均56.25倍，行业中值34.15倍，科锐国际排 名第18位。 资金流向方面，6月3日，科锐国际主力资金净流出167.73万元，近5日总体呈流入状态，5日共流入 703.36万元。 最新一期业绩显示，2025年一季报，公司实现营业收入33.03亿元，同比25.13%；净利润5778.39万元， 同比42.15%，销售毛利率5.52%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)18科锐国际26.8429.082.9359.71亿行业平均 56.2559.463.8956.64亿行业中值34.1534.052.7542.44亿1南网能源-340.36-331.702.87192.80亿2实朴检 测-51.14-44.804.1329.47亿3永安行-49.24-63.261.4543.21亿4零点有数-33.99-36.725.6326.42亿5西测测 试-21.63-19.443.0830.77 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]