证券研究报告 | 行业点评 gszqdatemark 2025 10 08 年 月 日 社会服务 双节出行延续高景气，消费市场活力持续 双节出行延续高景气。1）预测数据：据交通运输部节前预测，今年中秋国 庆假期 8 天，预计全社会跨区域人员流动量将达 23.6 亿人次，日均约 2.95 亿人次，比去年同期日均（2.86 亿人次）增长约 3.2%。2）实际数据：据 交通运输部， 10 月 1-6 日，全社会跨区域人员流动量分别为 3.36/3.02/3.05/3.01/2.91/2.98 亿 人 次 ， 同 比 分 别 增 长 1.4%/6.4%/7.5%/6.1%/3.4%/7.0%。 景区、出入境游热度延续，酒店、免税表现向好。1）景区：据九华融媒， 假期前 5 天，九华山风景区游客接待量超 24 万人次；据吉林日报，10 月 1-3 日，长白山景区累计接待游客 9.98 万人次/同比+22.16%，创历史同 期游客量新高；据湖北日报，10 月 3 日，两坝一峡游船船票在上午便全部 售罄，全天共接待游客 1.47 万人次，三峡大坝景区全天接待游客人数达 到景区承载量上限 3.6 万人。2）出入境游：据去哪儿 ...

Core Viewpoint - The company, a leading player in the human resources service industry, has established a "technology + service + platform" ecosystem, achieving significant revenue growth and profitability in 2024 [1][4]. Company Overview - Founded in 1996, the company started with headhunting and has since expanded through rapid mergers and acquisitions, evolving through three stages: internationalization, digitization, and ecological development [1]. - In 2024, the company achieved a revenue of 11.79 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year increase of 2.4% [1]. Industry Insights - The human resources service industry has a broad classification, with the market size exceeding 3 trillion yuan in 2023. The three main segments are recruitment services (13.1%), human resource outsourcing services (77.0%), and HR software and consulting training (9.9%) [2]. - The outsourcing service segment is rapidly growing, reaching 2.13 trillion yuan in 2023, driven by new employment forms, compliance needs, and high-value transformation [2]. - The penetration rate of flexible employment is steadily increasing, with room for improvement compared to international levels [2]. Business Model and Growth - The company has a solid offline business foundation, with over 10 million candidate profiles accumulated since 2018, supporting its recruitment capabilities and subsequent growth [3]. - The company emphasizes technological investment, aiming to create a second growth curve through digitalization and productization, with a revenue CAGR of 49.9% from 2017 to 2024 in flexible employment [3]. - The company has developed its own AI model, achieving a 60% improvement in job matching accuracy by mid-2025, and is currently testing an Agent prototype system [3]. International Expansion - The company has established a significant international presence, with over 10 branches in countries like the UK and the US, and has acquired six major professional brands in the European and American markets [3]. Investment Outlook - As the first human resources service company listed on the A-share market, the company has a robust foundation in high-end talent search, recruitment process outsourcing, and flexible employment [4]. - Revenue projections for 2025-2027 are 15.09 billion yuan, 18.93 billion yuan, and 22.82 billion yuan, with net profits of 300 million yuan, 370 million yuan, and 430 million yuan respectively [4]. - The current stock price corresponds to a PE ratio of 20.1x, 16.4x, and 13.9x for the respective years, indicating potential for valuation improvement [4].