证券研究报告 | 2025年04月28日 科锐国际（300662.SZ） 优于大市 2024 年经营效能提升显著，2025 年开局良好 2024Q4 归母净利润同比+44%，与业绩快报一致。2024 年，公司营收 117.88 亿元/+20.5%，归母净利润 2.05 亿元/+2.4%，扣非后归母净利润 1.39 亿元 /+3.6%，与业绩快报基本一致符合预期，但收入利润表现未达到 2023 年限 制性股票解锁目标。2024Q4，公司营收 32.72 亿元/+25.4%，归母净利润 0.70 亿元/+44.3%，扣非归母净利润 0.27 亿元/+42.2%，第四季度利润增速转正。 灵活用工维持高周转效率，猎头经营环比继续改善。2024 年，灵活用工业 务营收 111.36 亿元/+22.4%，毛利率 5.5%/-0.8pct，期末灵活用工在管 人数 4.55 万人/+28.2%，期内累计派出人次 49.95 万人/+30.3%，2025Q1 末技术研发类岗位在职人数占比达 68%/+7pct；猎头业务收入 3.75 亿元 /-11.6%，毛利率 26.0%/-0.6pct，环比 24H1（收入同比-15%/毛 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q4 earnings are under short-term pressure due to declining gross margins and increased impairment losses, but significant recovery in profitability is expected in 2025 [1] - The company plans to achieve a revenue of 2.8 billion in 2025, representing a 7% increase, and a total profit of 380 million, indicating an 18% growth [1] - The company is focusing on expanding into emerging markets such as smart water conservancy and nuclear power, which are expected to drive transformation and upgrade of existing businesses [4] Revenue and Profitability - In 2024, the company achieved total revenue of 2.62 billion, a decrease of 1.6% year-on-year, and a net profit attributable to shareholders of 204 million, down 20.8% year-on-year [5] - The revenue from the main inspection and testing business grew steadily, while the smart manufacturing segment saw a significant decline of 20% [2] - The overall gross margin for 2024 was 43.51%, a decrease of 1.5 percentage points, primarily due to the impact of smart manufacturing and environmental food and agriculture testing [3] Financial Projections - The company expects net profits for 2025, 2026, and 2027 to be 223 million, 235 million, and 245 million respectively, with year-on-year growth rates of 9.6%, 5.5%, and 3.9% [4][5] - The earnings per share (EPS) for the same years are projected to be 0.28, 0.29, and 0.30 yuan per share [4][5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 for 2025 [4] Business Segments - The revenue from the inspection and testing segment was 1.87 billion, up 3% year-on-year, while the environmental and food testing segment saw a decline of 11% [2] - The company is optimizing its business structure, with emerging sectors like new materials and water conservancy accounting for nearly 50% of revenue in 2024 [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][7] Core Views - The company achieved a revenue of RMB 1.643 billion in 2024, representing a year-on-year growth of 15.58%, and a net profit of RMB 307 million, up 11.44% year-on-year [5][10] - As a leading state-owned enterprise in the exhibition industry, the company continues to grow its existing business steadily through both organic growth and acquisitions [5][7] - The company is focusing on new growth areas such as artificial intelligence, low-altitude economy, sports events, pet economy, and health [10] Financial Summary - The company’s revenue projections for 2025-2027 are RMB 1.812 billion, RMB 1.989 billion, and RMB 2.152 billion, with growth rates of 10.3%, 9.8%, and 8.2% respectively [9][11] - The expected EPS for 2025-2027 is RMB 0.43, RMB 0.46, and RMB 0.49, with corresponding P/E ratios of 19.0, 17.8, and 16.5 [7][9] - The company plans to distribute a cash dividend of RMB 2.2 per 10 shares for 2024, totaling RMB 159 million, which represents 66.08% of the net profit [10]

近日，2025中关村论坛年会于北京举办，作为中国面向全球科技创新交流合作的国家级平台，本届中关村论坛年会由科技部、国家发展改革委、国务院国 资委、中国科学院、中国工程院、中国科协和北京市政府共同主办。本届论坛年会以"新质生产力与全球科技合作"为年度主题，设置论坛会议、技术交 易、成果发布、前沿大赛、配套活动等5大板块、128场活动，涉及100多个国家和地区，上千名演讲嘉宾齐聚一堂，共议科技创新培育新质生产力，为全 球创新发展提供新思路、新启示。 趋势一：《人工智能：大模型能力边界有望持续扩展，亟须精准落地应用场景》 趋势二：《具身智能："生态协同+技术攻关+场景落地"模式助力产业跨越式发展》 毕马威中国客户和业务发展主管合伙人江立勤受邀出席于年会举办的第八届中关村国际前沿科技大赛的总决赛暨颁奖典礼，现场为获奖企业颁奖并发表主 旨演讲。此外，毕马威中国与中关村前沿科技与产业服务联盟联合发布《中关村国际前沿科技大赛趋势报告》。报告基于本届大赛，聚焦于国际前沿科技 十大趋势与展望，通过深入调研50多家参赛企业，并访谈近20多位行业专家写就而成，凝聚了多方的智慧和洞察，不仅是对国家创新驱动战略的积极回 应，也是毕马威 ...