首次覆盖给予"优于大市"评级。我们预计公司 2026-2028 财年营收分别为11.35/13.35/15.63 亿元，同比 增长20.1%/17.6%/17.1%；归母净利润分别为-0.61/0.55/2.00 亿元，EPS 分别为-0.08/0.08/0.27 元。 采用PS 和FCFF 估值方法，谨慎取低，给予公司目标价11.86 港元（按1 港元=0.92 元换算），首次覆 盖，给予"优于大市"评级。 一体化HCM SaaS 领军，打通人力资源全流程。北森成立于2002 年，坚守"一体化HCM SaaS"战略，已 累计服务超过6000 家中大型企业。 机构：海通国际 研究员：Lin Yang/Liang Song 本报告导读： 一体化HCM SaaS 领军，经营业绩稳健，SaaS 模式下盈利拐点有望实现。2025 年公司并购与 AI产品商 业化进展顺利，公司发展迎新增长机遇。 投资要点： 订阅收入占比高，稳健经营盈利拐点将至。公司营业收入稳健增长，2025 财年实现营业收入9.45 亿 元，同比增长10.6%，云端HCM 实现收入7.22 亿元，同比增长14.2%，是增长的主要驱动力，我们认为 并购、 ...

Market Overview - The market size of China's human resources digitalization is expected to reach approximately 30.3 billion yuan in 2024, with a year-on-year growth of 13.2%. By 2027, the market size is projected to reach 48.4 billion yuan, with an average compound annual growth rate of 16.9% over the next three years [1][3]. Product Iteration - Leading integrated vendors are inclined to utilize PaaS platforms to build flexible development frameworks that support on-demand customization and rapid iteration [2][35]. - AI applications are expanding from recruitment and assessment to training scenarios, evolving from intelligent interaction to smart suggestions, and from industry models to proprietary enterprise models [2][45]. Current State of Human Resource Management - Most enterprises view their HR departments as the main drivers of transformation, shifting the focus towards maximizing human capital value [6][7]. Digital Transformation Planning - Currently, 97% of enterprises have begun digital transformation efforts, primarily initiated by HR departments. There is a gradual shift from bottom-up to top-down transformation approaches, indicating a strategic shift towards human capital management [7][9]. Focus Areas in Digitalization - The core focus of human resources digitalization is on top-level design and technological implementation, with an emphasis on process innovation and iteration [9][62]. Globalization of HR Systems - For companies expanding overseas, safety and compliance are critical, including personal information protection and adherence to local labor laws. The digitalization of HR should be phased, starting with team expansion and moving towards integrated global talent management [12][51]. Industry-Specific HR Needs - Retail: High turnover and seasonal fluctuations necessitate flexible scheduling and real-time training. The focus is on mobile, automated, and intelligent workforce management systems [18][20]. - Manufacturing: Emphasizes rapid onboarding and performance calculation for blue-collar workers, alongside the need for advanced training for R&D personnel [24][25]. - Internet: Requires agile, integrated talent systems supported by a mature digital infrastructure to facilitate rapid talent acquisition and development [28][29]. Competitive Strategies of HR Vendors - HR digitalization vendors are focusing on mid-sized enterprises, while integrated solutions target larger companies. Niche vendors leverage specific scenarios to gain market entry [38][65]. AI Integration in HR - The application of AI in HR is evolving from isolated implementations to comprehensive integration, focusing on automation and personalization to enhance efficiency and employee experience [62][65].

Group 1 - S&P Global's "Sustainable Development Yearbook (China Edition) 2025" recognized Beisen Holdings for its outstanding management and practices in sustainability, achieving a high score of 42 points in its first year of reporting [1] - Beisen Holdings is the only human resource management software company included in the yearbook, highlighting its proactive layout in low-carbon transformation and gaining international recognition for its efforts in sustainable development [1] - The S&P Global Corporate Sustainability Assessment (CSA) is one of the most influential ESG assessment systems globally, with only 164 out of 1662 Chinese companies making it into the annual yearbook [1] Group 2 - The company emphasizes long-termism and places high importance on its performance in environmental, social, and governance (ESG) management, integrating ESG principles into all operational and developmental aspects [1] - Beisen Holdings is the largest cloud-based Human Capital Management (HCM) solution provider in China, offering a unified and open PaaS infrastructure [3] - The iTalentX platform provides a comprehensive cloud-native SaaS product to help enterprises efficiently recruit, assess, manage, develop, and retain talent, leading the industry in intelligent and optimized human resource management [3] Group 3 - The company continuously innovates product development with a focus on "designing for employees," leveraging advanced technologies like AI to support resilient talent management systems and diverse talent cultures [2] - Beisen Holdings aims to help clients achieve a win-win situation between commercial and social value, empowering their sustainable development capabilities [2]