扫码订阅 AIGC 产业日报， 精选行业新闻，帮你省时间！ 此外，如果您还想 查公司、找项目、看行业，深入了解人形机器人、商业航天、AGI等热门赛 道 ，欢迎加入睿兽分析会员，解锁相关行业图谱和报告等。 4.【马斯克被曝将旗下脑机接口公司登记为"弱势小企业"，以优先获得政府合同】据最新报道，马斯 克的脑机接口公司Neuralink曾在今年4月份提交给美国小企业管理局（SBA）的一份联邦文件中，将 自己标记为"弱势小企业"（small disadvantaged business，SDB），而不久之后该公司在今年5月 底的一轮融资获得了90亿美元的估值。Neuralink向小企业管理局提交申请的日期为4月24日，当时 马斯克正在领导政府效率部（DOGE）。根据美国小企业管理局的网站，被指定为"弱势小企业"意味 着一家公司至少51%的所有权和控制权由一个或多个"弱势"个人拥有，这些人必须是处于"社会弱势 和经济弱势"地位。小企业管理局网站上说，SDB身份还可以帮助企业"优先获得联邦采购机会"。（ 环球市场播报 ） 更多AIGC资讯 …… 1.【AI创企Anthropic计划新一轮融资，估值或超1000亿美元】据知 ...

Group 1 - The company plans to hold the AI 2.0 ecosystem anniversary conference on July 17, showcasing its human resources service platform that leverages AI to enhance the entire recruitment process, breaking down industry collaboration barriers and improving delivery efficiency [1] - From a headhunting perspective, AI can replace manual resume screening and improve client acquisition efficiency [1] - The company has updated its Candidate Tracking System (CTS) using AI technology, enabling automatic matching notifications upon receiving new resumes, generating customized recommendation reports, and enhancing the efficiency of candidate tracking [1] - A new Voice Phone Client has been launched, allowing direct candidate calls and automatic summary text generation of contact records, significantly improving efficiency compared to previous methods [1] - The CRM system has been upgraded to allow real-time searches of public recruitment information, assess the likelihood of companies using HR service agencies, and includes AI subscription features for precise client outreach [1] Group 2 - The company is internally testing an Agent prototype system aimed at flexible application and continuous evolution of technology [2] - In recruitment scenarios, the company is developing a CRE T1 model based on reinforcement learning to address complex matching tasks and implicit constraints in job descriptions [2] - The company remains optimistic about the efficiency improvements from technology empowerment and the potential for collaborative effects across various business lines, as well as the increase in demand for human resources due to domestic clients' overseas expansions [2]

Core Viewpoint - The company reported strong revenue and profit growth in Q1 2025 and for the full year 2024, driven by its flexible employment business and digital transformation initiatives [1][3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 3.3 billion yuan, a year-over-year increase of 25.1%, and a net profit attributable to shareholders of 60 million yuan, up 42.1% year-over-year [1]. - For Q4 2024, the company reported revenue of 3.27 billion yuan, a 25.4% increase year-over-year, and a net profit of 70 million yuan, up 44.2% year-over-year [1]. - The total revenue for 2024 was 11.79 billion yuan, reflecting a year-over-year growth of 20.5%, with a net profit of 210 million yuan, an increase of 3.6% year-over-year [1]. Cash Flow and Margins - The operating cash flow for 2024 was 118 million yuan, with a gross margin of 6.4%, down 0.9 percentage points year-over-year [2]. - In Q1 2025, the gross margin was 5.5%, a decrease of 0.8 percentage points year-over-year, while the sales expense ratio was 1.25%, down 0.22 percentage points year-over-year [2]. Business Segments - The flexible employment business grew robustly in 2024, with revenue of 11.1 billion yuan, a year-over-year increase of 22.42% [3]. - The high-end talent search business saw a revenue decline of 11.6% year-over-year, while the recruitment process outsourcing business decreased by 18.27% year-over-year [3]. - The mainland business revenue was 9.5 billion yuan, up 28.67% year-over-year, while the revenue from Hong Kong, Macau, Taiwan, and overseas was 2.3 billion yuan, down 4.39% year-over-year [3]. Technological Advancements - The company invested 169 million yuan in technology in 2024, with 41% allocated to internal information systems and 59% to digital product development [4]. - The "He Wa" platform achieved significant growth, with over 16,000 registered partners and a 21.76% year-over-year increase in registrations [4]. Profit Forecast - The company forecasts revenues of 14.3 billion yuan, 17.1 billion yuan, and 20.4 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 21%, 20%, and 19% [5]. - The net profit attributable to shareholders is expected to be 270 million yuan, 340 million yuan, and 430 million yuan for the same years, with growth rates of 31%, 28%, and 24% [5].

❑ 业绩概览： 24 年：收入 117.9 亿（同比+21%），归母净利 2.05 亿（同比+2%），扣非归母 1.39 亿（同比+4%）。 25Q1：收入 33.0 亿（同比+25%），归母净利 5778 万（同比+42%），扣非归母 4620 万（同比+103%）。 ❑ 业绩拆分：灵工高增驱动增长，海外 24 年或已触底、拐点将至 24 年收入分业务看，灵活用工/猎头/招聘流程外包/技术服务分别为 111.4 亿元 （同比+22%）/3.7 亿元（同比-12%）/0.6 亿元（同比-18%）/0.6 亿元（同比 +44%），占比为 94.5%/3.2%/0.5%/0.5%，灵工仍为公司增长核心驱动，猎头业务 较中报时的 15%降幅进一步缩小。 科锐国际(300662) 报告日期：2025 年 05 月 15 日 三重驱动全线向好，25Q1 归母净利同比+42% ——科锐国际 2024 年年报及 25 年一季报点评报告 投资要点 分区域看，大陆营收同比+29%，欧美等区域受多重宏观因素影响招聘需求不活 跃，对应港澳台及海外收入同比下滑 4%，海外营收降幅较中报时的-6%亦呈收 窄趋势，伴随公司国内及海外业务 ...

Core Insights - The company, Core International, is leveraging a "four transformations" strategy—professionalization, internationalization, digitalization, and ecologicalization—to navigate global economic uncertainties and competitive labor markets [1] Financial Performance - In Q1 2024, Core International 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% [1] Growth Drivers - Key growth drivers include structural recovery in recruitment demand, emerging industries, and rapid growth in flexible employment services [1] - The company's digital transformation and AI technology adoption are also significant contributors to growth [1] AI Strategy - In 2024, Core International established an AI-First strategy, focusing on integrating AI models with mid-to-high-end recruitment scenarios [2] - The company has developed a Match System to enhance matching efficiency between job requirements and candidates, utilizing a large dataset accumulated over 30 years [2] Digital Transformation - The digital transformation is yielding performance improvements by enhancing internal collaboration, accelerating business processes, and reducing operational costs [3] - The new technology business has seen a revenue increase of 44.18% year-on-year, indicating effective conversion of R&D investments into business growth [3] AI Product Development - The company has launched the Voice Agent phone client, which automates candidate outreach and contact record generation [4] - Plans include upgrading the Voice Agent to enable AI-driven phone outreach and enhancing the Core Relationship Network model [4] Strategic Focus - Core International remains committed to its "four transformations" strategy, emphasizing professionalization, internationalization, digitalization, and ecologicalization [6] - The company aims to build a global service system while focusing on high-quality clients and emerging industries [6] Ecological Collaboration - The He Wa platform aims to create an ecosystem that promotes resource sharing and capability aggregation among industry partners [7] - The future competitive landscape will focus on collaborative efficiency rather than individual resource competition [7]

Core Insights - The company reported a revenue of 11.79 billion in 2024, representing a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 205 million, up 2.4% [1] - In Q1 2025, revenue reached 3.3 billion, marking a 25.1% increase, while net profit attributable to shareholders surged by 42.2% to 577.8 million [1] - The flexible workforce business showed steady growth, although recruitment-related revenue experienced a slight decline, which is narrowing each quarter [1] Revenue Breakdown - For 2024, the flexible workforce segment generated 11.14 billion, up 22.4%, with a gross margin of 5.47%, down 0.76 percentage points [1] - The headhunting segment saw revenue of 370 million, down 11.6%, with a gross margin of 26%, down 0.58 percentage points [1] - The process outsourcing segment reported revenue of 60 million, down 18.3%, but with a gross margin of 18.2%, up 4.61 percentage points [1] Geographic Performance - Revenue from mainland China reached 9.49 billion in 2024, up 28.7%, while overseas revenue was 2.3 billion, down 4.4%, primarily due to macroeconomic factors affecting recruitment demand in Europe and the U.S. [2] - The client structure showed an increase in private enterprise clients, with 72% of service fee revenue coming from private enterprises, 16% from foreign/ joint ventures, and 12% from government/state-owned entities [2] Technology and Innovation - The technology segment experienced rapid growth, with revenue of 60 million in 2024, up 44%, and technology investment of 169 million [3] - The "He Wa" platform has been a key driver, with 16,200 registered partners and 156,000 registered consultants as of Q1 2025, reflecting increases of 22% and 31% respectively [3] - The company launched an AI resume screening assistant and upgraded its pre-trained language model, enhancing its operational efficiency [3] Financial Metrics - The company's gross margin was 6.36% in 2024, down 0.95 percentage points, while the net profit margin in Q1 2025 was 2.07%, up 0.58 percentage points [3] - Sales, management, R&D, and financial expense ratios were 1.41%, 2.35%, 0.35%, and 0.24% respectively, with some costs decreasing while interest expenses increased due to new borrowings [3] Investment Outlook - The flexible workforce business is expected to continue stable growth, with projected net profits of 260 million, 310 million, and 360 million for 2025-2027, representing year-on-year growth of 27%, 20%, and 16% respectively [4] - The company is assigned a price-to-earnings ratio of 26, 21, and 18 for the respective years, with an initial coverage rating of "Buy" [4]

证券代码：300662 证券简称：科锐国际 北京科锐国际人力资源股份有限公司 5.2024年海外业务受宏观环境影响较大，公司目前还处在市场开拓 阶段，长远看如何进一步拓展海外市场，机遇和挑战有哪些？ 投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年年度业绩网上说明会的全体投资者 | | 时间 | 2025年05月08日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长兼总经理 高勇 | | | 董事会秘书 张宏伟 | | | 财务总监 尤婷婷 | | | 独立董事 邢世鸿 1.公司本期盈利水平如何？ | | | 答:感谢您的关注，公司2024年营业总收入和归属于上市公司股东 | | 投资者关系活动主要内容 | 的净利润实现 ...

2025 年 4 月 30 日 投资要点： 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn 主要数据 | 2025 年 4 月 29 日 | | | --- | --- | | 收盘价(元) | 32.91 | | 总市值（亿元） | 64.77 | | 总股本(亿股) | 1.97 | | 流通股本(亿股) | 1.96 | | ROE（TTM） | 10.91 | | 12 月最高价(元) | 38.60 | | 12 月最低价(元) | 12.54 | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 证 券 研 究 报 告 增持（维持） 灵活用工表现亮眼，线上业务加速扩张 科锐国际（300662）2024 年年报及 2025 年一季报点评 事件：科锐国际发布2024年年报及2025年一季报。 点评： 消费者服务行业 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 ◼ 国内招聘 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Summary] 事件概述 公司发布 2024 年年报及 2025 年一季报。2024 年公司实现总营 业收入 117.88 亿元，同比增长 20.55%；利润总额达到 2.75 亿 元，同比减少 3.96%；实现归母净利润 2.05 亿元，同比增长 2.42%。2025 年一季度公司实现总营业收入 33.03 亿元，同比 增长 25.13%；实现归母净利润 0.58 亿元，同比增长 42.15%， 实现扣非归母净利润 0.46 亿元，同比增长 103%。 分析判断: ► 灵活用工需求韧性强，带动收入稳步增长 2024 年公司营业收入 118 亿元，同比增长 21%。分拆业务来看， 2024 年灵活用工、中高端人才访寻、招聘流程外包、技术服务收 入分别同比增长 22%、-12%、-18%、+44%，灵活用工收入占比达 到 94.5%。2025Q1 公司收入同比增长 25%，我们认为主要靠灵活 用工业务拉动，25Q1 公司灵活用工累计派出人次 14.6 万人次， 同比增长 26%。2025 年一季度末灵活用工在 ...