Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 34.06 [1][15]. Core Insights - The company achieved a total revenue of 11.788 billion yuan in 2024, representing a year-on-year growth of 20.55%. The net profit attributable to shareholders was 205 million yuan, up 2.42% year-on-year [4][9]. - In Q1 2025, the company reported a revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a significant net profit growth of 42.15% [4][5]. - The flexible employment business remains the core driver of revenue growth, with the number of outsourced positions increasing to 47,400 by the end of March 2025, contributing to a revenue growth rate of 22.42% in this segment [5][6]. Financial Performance - The company's total assets reached 4.025 billion yuan at the end of 2024, a 7.37% increase from the beginning of the year. The equity attributable to shareholders was 2.055 billion yuan, up 10.93% [4][6]. - The gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year, primarily due to the rapid expansion of lower-margin businesses [6][8]. - The net profit margin for 2024 was 1.74%, down 0.31 percentage points year-on-year, but the company effectively controlled various expense ratios [6][8]. Business Strategy - The company focuses on structural demand in the recruitment market, leveraging technological innovation and industry integration, particularly in high-end manufacturing, artificial intelligence, and digitalization [7][8]. - The report emphasizes the integration of platform products and the enhancement of AI-driven recruitment matching systems to improve operational efficiency [8][9]. - The company is expected to achieve net profits of 271 million yuan, 336 million yuan, and 395 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 31.99%, 24.03%, and 17.42% [8][9].

Core Insights - The company reported a revenue of 11.79 billion in 2024, representing a year-on-year increase of 20.55%, with a net profit attributable to shareholders of 205 million, up 2.42% year-on-year [1] - In Q1 2025, the company achieved a revenue of 3.303 billion, marking a 25.1% year-on-year growth, with a net profit of 57.78 million [1] - The increase in revenue and net profit in Q4 2024 and Q1 2025 is attributed to increased government subsidies and improved operational performance [1] Revenue Growth - The flexible employment segment generated 11.14 billion in 2024, a 22.4% increase year-on-year, while the mid-to-high-end talent search revenue decreased by 11.6% to 375 million [2] - The number of flexible employment placements reached 500,000, a 30% increase from the previous year, with IT R&D positions being the main growth driver [2] - By the end of 2024, the company had over 45,500 outsourced employees in flexible employment, a 28.16% increase year-on-year, with technical R&D positions making up 68.2% of the total [2] AI and Digital Transformation - In Q1 2025, the company placed 145,700 flexible workers, with over 47,400 outsourced employees, a 31% year-on-year increase, and technical R&D positions reaching a new high of 68.3% [2] - The company is accelerating the application of AI technology and digital transformation, enhancing delivery efficiency and management effectiveness [2] - The interconnectivity platform "He Wa" delivered 15,000 positions, a 120% year-on-year increase [2] Profit Forecast and Investment Rating - The trend of industrial upgrading is driving a structural recovery in the domestic recruitment market, leading to accelerated revenue growth for the company [3] - The net profit forecast for 2025-2026 has been raised to 268 million and 317 million respectively, with a new forecast for 2027 at 355 million [3] - The latest closing price corresponds to a price-to-earnings ratio of 25, 21, and 19 for 2025-2027, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with a 20.55% year-on-year increase in 2024 revenue, reaching 11.79 billion yuan, and a slight increase in net profit by 2.42% to 205.35 million yuan [7] - The flexible employment model has driven revenue acceleration, with a 22.4% increase in this segment, while traditional recruitment services have seen a decline [7] - The integration of AI technology is expected to enhance operational efficiency and broaden business opportunities, with a notable increase in the number of outsourced positions in technical roles [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 9.779 billion yuan, 2024A: 11.788 billion yuan, 2025E: 13.965 billion yuan, 2026E: 16.055 billion yuan, and 2027E: 18.299 billion yuan, with respective growth rates of 7.55%, 20.55%, 18.47%, 14.96%, and 13.98% [1] - Net profit forecasts indicate a recovery, with 2024A at 205.35 million yuan, 2025E at 268.04 million yuan, 2026E at 316.53 million yuan, and 2027E at 355.41 million yuan, reflecting growth rates of -31.05%, 2.42%, 30.53%, 18.09%, and 12.29% [1] - The latest diluted EPS is projected to be 1.04 yuan for 2024, increasing to 1.81 yuan by 2027, with corresponding P/E ratios decreasing from 32.64 to 18.86 over the same period [1] Business Segment Analysis - The flexible employment segment generated 111.4 billion yuan in 2024, with a 22.4% year-on-year increase, while mid-to-high-end talent search revenue decreased by 11.6% to 3.75 billion yuan [7] - The number of outsourced employees in flexible employment reached over 50,000, a 30% increase from the previous year, with a significant focus on IT development roles [7] - The company has accelerated the application of AI technology, leading to a 120% year-on-year increase in job placements through its digital platform [7]

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]

近期外服控股（600662）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 外服控股在2025年一季度实现了营业总收入62.74亿元，同比增长16.82%。归母净利润达到2.11亿元， 同比增长8.85%；扣非净利润为1.2亿元，同比增长5.21%。这表明公司在报告期内保持了较好的盈利水 平。 盈利能力 尽管营收和利润有所增长，但公司的毛利率和净利率分别下降至8.15%和3.73%，同比下降12.9%和 10.73%。这可能反映出公司在主营业务上的盈利能力有所减弱。 成本控制 公司在成本控制方面表现出色，销售费用、管理费用、财务费用总计2.89亿元，三费占营收比为 4.61%，同比下降14.27%。这表明公司在费用管理上取得了积极成效。 现金流与应收账款 值得注意的是，公司每股经营性现金流为-0.2元，同比下降212.99%，显示出公司在经营活动中现金流 状况不佳。此外，应收账款占最新年报归母净利润的比例高达105.83%，应收账款体量较大，需关注其 回收情况。 资产与负债 公司货币资金为93.99亿元，同比增长4.82%，有息负债为6.49亿元，同比下降15.41%，表明公司现金资 产健康，负 ...

Core Points - The company has implemented a comprehensive "technology + service + platform" ecosystem model, enhancing its digital infrastructure and developing various recruitment platforms and SaaS products to provide professional human resource services [5][11]. - The company has a diverse range of services including high-end talent search, recruitment process outsourcing, flexible employment, and technical services, catering to both traditional and emerging industries [6][8][10][11]. - The company has approved a profit distribution plan, distributing cash dividends of 0.80 RMB per 10 shares, totaling approximately 15.74 million RMB [16]. Company Overview - The company is focused on providing a complete solution for human resource services, integrating online platforms with offline services and coordinating domestic and international operations [5]. - The high-end talent search service targets mid to senior-level professionals across various industries, ensuring efficient recruitment processes [6][7]. - Recruitment process outsourcing is tailored for companies with large-scale hiring needs, allowing them to outsource their recruitment processes to improve efficiency and reduce costs [8][9]. Financial and Governance Highlights - The company has received a standard unqualified audit opinion from its accounting firm, indicating sound financial practices [3]. - The company has approved a stock incentive plan, granting 4.0726 million restricted stocks at a price of 15.66 RMB per share to eligible participants [15]. - The company has confirmed that there are no significant discrepancies in its financial indicators compared to previously disclosed reports [14].

Core Insights - The company, Core International (科锐国际), reported a revenue of 3.303 billion yuan for the first quarter of 2025, reflecting a year-on-year growth of 25.13% [1] - The net profit for the same period was 57.7839 million yuan, showing a year-on-year increase of 42.15% [1] Financial Performance - Revenue for Q1 2025: 3.303 billion yuan, up 25.13% year-on-year [1] - Net profit for Q1 2025: 57.7839 million yuan, up 42.15% year-on-year [1]

Financial Performance - The company reported a basic earnings per share of 1.3980 yuan for 2024, an increase of 29.62% compared to 1.0785 yuan in 2023 [1] - The net profit for 2024 reached 7.91 billion yuan, reflecting a significant growth of 44.34% from 5.48 billion yuan in 2023 [1] - The return on equity (ROE) improved to 12.61% in 2024, up from 9.67% in 2023, marking a 30.4% increase [1] - Total revenue for 2024 was 430.32 billion yuan, a 12.32% increase from 383.12 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 21,035.84 million shares, accounting for 57.39% of the circulating shares, with a decrease of 189.46 million shares compared to the previous period [1] - Beijing State-owned Capital Operation Management Co., Ltd. remains the largest shareholder with 10,845.24 million shares, representing 29.59% of the total share capital [2] - Beijing Zhongrong Dingxin Investment Management Co., Ltd. holds 4,976.99 million shares, maintaining a 13.58% stake [2] Dividend Distribution - The company announced a dividend distribution of 6.990 yuan per share (including tax) [3]

智通财经4月25日电，北京人力(600861.SH)公告称，2025年第一季度营业收入为108.37亿元，同比增长 2.72%；归属于上市公司股东的净利润为5.91亿元，同比增长180.41%。净利润变动主要系本报告期转让 子公司股权以及控股子公司收到产业扶持资金。 北京人力：一季度净利润同比增长180.41% ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0929 | 0.0856 | 8.53 | 0.0807 | | 每股净资产（元） | 2.31 | 1.94 | 19.07 | 1.79 | | 每股公积金(元) | 0.31 | 0.31 | 0 | 0.3 | | 每股未分配利润(元) | 0.93 | 0.59 | 57.63 | 0.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 62.74 | 53.71 | 16.81 | 46.39 | | 净利润(亿元) | 2.11 | 1.94 | 8.76 | 1.83 | | 净资产收益率(%) | 4.08 | 4.46 | -8.52 | 4.57 | 前十大流通股东累计持有： 175250.46万股，累计占流通股比： 77.21%，较上期变 化： -580.55万股。 | 名称 | 持有数量(万股) | 占总 ...