Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In the first half of 2025, the company achieved a revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67%. The net profit attributable to the parent company was 127 million yuan, up 46.96% year-on-year [2][6]. - The company expects net profits attributable to the parent company for 2025-2027 to be 295 million, 368 million, and 460 million yuan, respectively, corresponding to PE ratios of 22, 18, and 14 times [2][6]. Revenue Analysis - In H1 2025, the revenue from mainland China grew significantly, reaching 5.860 billion yuan, a year-on-year increase of 33.62%. Revenue from Hong Kong and overseas markets was 1.215 billion yuan, up 5.10% [12]. - The new technology services segment saw a rapid growth of 48.23% year-on-year, driven by the increase in headcount in flexible employment [12]. Profitability Analysis - The overall gross margin for H1 2025 was 5.52%, a decrease of 1.17 percentage points year-on-year, primarily due to changes in customer structure and business mix [12]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [12]. AI and Operational Efficiency - The company is leveraging AI to enhance talent matching efficiency and reduce costs. The AI application on the He Wa platform has shown significant improvements, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, marking a 180% increase compared to the second half of 2024 [12]. - In July 2025, the He Wa platform launched nine AI agents covering the entire recruitment process, aiming to improve efficiency across all business scenarios [12].

投资建议： 我们预计公司2025-2027 年实现营业收入分别为148.42/180.01/211.40 亿元，归母净利润分别 为3.08/4.12/5.37 亿元，对应PE 分别为21/16/12 倍，公司已经完成内部调整，外包业务和猎头业务均有 望带来较好的增长，叠加公司运用AI 进行提质增效，基于此点，我们上调至"买入"评级。 风险提示：宏观经济波动、行业竞争加剧、管理半径不足等风险 外包收入增速快，猎头收入降幅触底，毛利率回升，海外地区收入及毛利率回升。1H2025，公司灵活 用工/猎头/招聘岗位外包/技术服务收入分别为67.36/1.96/0.45/0.38 亿元， yoy+29.31%/-1.18%/+26.84%/+48.23%，毛利率分别为4.49%/29.12%/38.67%/18.47% ， 同比 各-1.23/+1.03/+15.45/+0.59pcts；分地区看，海外地区收入及毛利率呈现提升态势，1H2025 收入/毛利率 同比各+5.1%/1.4pcts。 AI 驱动运营效率提升。公司持续进行技术投入，研发投入聚焦内部信息化建设及数字化产品开发与升 级。一方面强化公司整体信息化、数字 ...

人工智能的产业化进程，早已超越概念探索，正以 "老场景,新解法"的范式，静默却深刻地重构各行各 业。在钛媒体2025 ITValue Summit前瞻WAIC现场版：AI落地指南系列的直播中，科锐国际CTO刘之与 钛媒体联合创始人刘湘明聚焦人力资源服务领域，深入探讨了Agent（智能体）的实际落地路径。 当前人力资源领域，招聘相关的AI新应用层出不穷。面对尚未收敛的技术环境，科锐国际CTO刘之强 调务实策略：回归核心业务流程（"老场景"），寻找颠覆性解决方案（"新解法"），通过小范围验证成 功后再规模化复制。 从"老场景"出发,寻找AI单点突破 "AI仍处早期，技术变革仍在进行，新场景和新商业模式或需两三年才能成型。现阶段，我们更关注如 何用AI革命性地解决既有痛点。" 刘之在对话明确表示。同时，他提出了通用 Agent 工作记忆的三难困 境：长上下文窗口、有效注意力和高信息密度的三者不可能同时实现，并且认为Agent落地可以从问题 清晰度和费力度两个维度出发进行选择。 AI应用三阶段:从信息检索到智能决策 刘之将生成式AI在业务中的应用演进划分为清晰的三阶段：第一个阶段是 ChatGPT阶段：重塑知识获 取 ...

Group 1 - The 2025 Global Talent Summit was held in Beijing, focusing on the importance of talent in the high-tech era [2][3] - The development of talent service agencies is closely linked to the effective allocation of talent resources in a market economy [3] - As of 2023, there are nearly 70,000 human resource service agencies in China, employing 1.05 million people and generating revenue of 2.75 trillion yuan [3] Group 2 - Beijing has consistently been a leader in talent services, with significant contributions to the development of private talent service enterprises since the 1990s [4] - The talent service industry in China has evolved to meet economic needs and international standards, but it faces new challenges, especially with the recent talent strategy [4] - Talent service agencies should align their development with national strategies, particularly in building a talent powerhouse and global innovation hub [5] Group 3 - There is a need for innovation in talent service models and technology, with a focus on integrating AI and big data into services [5] - Support for private talent service agencies is crucial, as they often demonstrate flexibility and innovation in high-end sectors [5] - Talent cooperation is essential for the "Belt and Road" initiative, with agencies playing a role in supporting Chinese enterprises abroad [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance with a 42% year-on-year increase in net profit attributable to the parent company in Q1 2025, driven by multiple factors including flexible employment growth and recovery in overseas and headhunting services [1][4] - The company is expected to benefit from the increasing demand for high-value technical positions and the recovery of its overseas and headhunting businesses, leading to an upward revision of profit forecasts for 2025 to 2027 [4] Financial Overview - In 2024, the company reported revenues of 11.79 billion with a year-on-year growth of 21%, and a net profit of 205 million, reflecting a 2% increase [1] - For Q1 2025, revenues reached 3.3 billion, marking a 25% increase year-on-year, with a net profit of 57.78 million, up 42% from the previous year [1] - The company’s revenue breakdown for 2024 shows that flexible employment services accounted for 94.5% of total revenue, with a year-on-year growth of 22% [2] Business Segmentation - The flexible employment segment remains the core driver of growth, while headhunting services have shown signs of recovery with a 22% increase in successful placements in Q1 2025 [3] - The company’s overseas revenue has shown a narrowing decline, suggesting a potential turning point in 2025 as management synergies improve [2][3] Profit Forecast and Valuation - The company is projected to achieve net profits of 291 million, 353 million, and 423 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.93%, 21.11%, and 19.87% [4][6] - The current market valuation corresponds to a price-to-earnings ratio of 20.8X for 2025, 17.2X for 2026, and 14.3X for 2027 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a revenue of 11.788 billion yuan in 2024, representing a year-on-year increase of 20.55%. The net profit attributable to shareholders was 205 million yuan, up 2.42% year-on-year. The net profit after deducting non-recurring items was 139 million yuan, an increase of 3.57% year-on-year. For Q1 2025, the revenue was 3.303 billion yuan, a year-on-year increase of 25.13%, with a net profit of 57.78 million yuan, up 42.15% year-on-year, and a net profit after deducting non-recurring items of 46.20 million yuan, a significant increase of 103.24% year-on-year [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue growth was driven by major clients, particularly in flexible employment services, which saw a year-on-year increase of 22.42%. However, the headhunting and RPO (Recruitment Process Outsourcing) segments faced declines of 11.60% and 18.27%, respectively. The overall revenue from mainland China increased by 28.67%, while revenue from Hong Kong, Macau, and overseas markets declined by 4.39% [6][12]. Profitability - The increase in revenue from major clients has impacted the gross margin of flexible employment services. The overall gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year. The company managed to reduce its expense ratios significantly, which helped mitigate some of the pressure on gross margins. The net profit margin decreased by 0.54 percentage points to 1.74% [12][6]. Future Outlook - The report anticipates that the company's net profit attributable to shareholders will reach 287 million yuan in 2025, 399 million yuan in 2026, and 523 million yuan in 2027, corresponding to price-to-earnings ratios of 23, 17, and 13, respectively. The company is expected to benefit from a cyclical recovery in the industry and the integration of AI technologies, which will enhance operational efficiency and revenue generation [2][12].

公司报告 | 年报点评报告 科锐国际（300662） 证券研究报告 24 年区域拆分：①大陆营收 95 亿/yoy+29%，毛利率 5.73%/yoy-0.69pct。 ②境外营收 23 亿/yoy-4.4%，毛利率 8.96%/yoy-1.09pct，预计境外盈利有限 导致公司整体业绩增速不及国内。 24 年大客户贡献提升：TOP5 客户贡献销售额 63 亿/yoy+46%/占比 53%， 其中第一大客户贡献销售额 55 亿/yoy+57%/占比 46%。 股东回报：每 10 股派发 1.6 元（含税），分红率 15.33%。 25Q1：营收 33 亿/yoy+25%，归母净利 5778 万/yoy+42%，扣非归母净利 4620 万/yoy+103%，利润增长积极。毛利率 5.5%/yoy-0.8pct，归母净利率 1.7%/yoy+0.2pct。销售/管理/研发费用率 1.3%/1.8%/0.6%，yoy-0.2/-0.6/ -0.1pct，费用优化带动净利率提升。 灵活用工主导增长 24 年明显改善，25 年期待持续性。灵活用工业务 24 年营收增长 22%对比 23 年显著提速（23 年 yoy+1 ...

Group 1 - The company's net profit attributable to shareholders increased by 44% year-on-year in Q4 2024, aligning with performance forecasts [1] - In 2024, the company achieved a revenue of 11.788 billion yuan, representing a 20.5% increase, while the net profit attributable to shareholders was 205 million yuan, up 2.4% [1] - The flexible employment business generated a revenue of 11.136 billion yuan in 2024, marking a 22.4% increase, with a gross margin of 5.5% [2] Group 2 - The company focused on efficiency improvement in 2024, with a gross margin of 6.4%, reflecting a decrease of 1.0 percentage points due to the higher proportion of low-margin flexible employment business [3] - In Q1 2025, the company reported a net profit attributable to shareholders of 58 million yuan, a 42.2% increase, outperforming expectations [3] - The company announced a cash dividend of 31.49 million yuan in 2024, with a dividend payout ratio of 15.3%, up from 7.9% in 2023 [3]