\u3000\u3000 Beijing Career International Co.Ltd(300662) (300662)
Fy2021 is expected to realize a net profit attributable to the parent company of 233 ~ 253 million yuan. The company released the performance forecast for 2021. It is estimated that fy2021 will achieve a net profit attributable to the parent company of 233 ~ 253 million yuan, a year-on-year increase of 24.95% ~ 35.95%, deducting a net profit not attributable to the parent company of 192 ~ 212 million yuan, a year-on-year increase of 28.28% ~ 42.00%. The performance is basically in line with market expectations.
The annual revenue is expected to increase by more than 80%, benefiting from the brilliant performance of various businesses such as flexible employment.
Fy2021q1 ~ Q3 company achieved a revenue of 5.18 billion yuan, a year-on-year increase of 89.2%. Fy2021h1 achieved revenues of 2.52 billion yuan, 320 million yuan and 68.166 million yuan respectively for flexible employment, headhunting and RPO, with a year-on-year increase of 80.6%, 33.6% and 28.9% respectively. We expect the main revenue of fy2021 to increase by 80% +, mainly benefiting from the deep excavation of key customer demand and the sinking of vertical regional market to expand long tail customers. All businesses have achieved excellent performance. Among them, the flexible employment business is expected to achieve 80% + bright growth, the outsourcing of R & D posts and other high recruitment value-added Posts continues to make efforts, and headhunters and rpoS are also expected to rebound strongly.
The technology input increases or disturbs the profit performance, and the technical service income gradually reflects the results. The company continued to increase the scale of investment in technology R & D. in July 2021, the fixed increase again reflected the determination and confidence in the development of technical services, and raised 330 million yuan for the construction project of digital transformation human capital platform – continuous upgrading and optimization of “vertical recruitment platform”, “human resources industry interconnection platform” and “regional talent brain platform” For the construction and market promotion of various new technology service products such as “Kerui talent to the cloud”, 230 million yuan will be used for the group’s information upgrading construction project – focusing on the infrastructure construction of technology middle office and digital middle office, and improving the human efficiency of offline diversified service products through digital management. It is expected that the scale of technology R & D investment in the whole year will reach a new high, disturbing the company’s performance to a certain extent. Fy2021h1 disclosed the revenue from technical services for the first time (8.91 million yuan). We expect to achieve a revenue scale of about 20 million in 2021.
Growth significantly outperformed the industry, and the leading Matthew effect continued to appear. With the effective control of the epidemic situation in China and the gradual stability of the overseas epidemic situation, the gradual recovery and development of economic indicators have driven the overall activity of the human resources market outside China. As a high-quality leader in the human services industry, the company has significantly improved the matching efficiency of offline business recruitment through continuous investment in information construction and standardized process management of “front store and back factory”, Promote the sustained and high growth of the three main offline businesses, improve the stickiness of key customers and smooth expansion of new customers. On the one hand, the investment in technical products can cultivate the online business model, on the other hand, it can drain the offline business, with considerable medium and long-term development space. Overall, the growth of the company is significantly better than that of the industry, and the Matthew effect continues to be reflected.
Profit forecast. We continue to be optimistic about the development space of the company’s technology driven overall talent solution service provider. Flexible employment and high growth support excellent performance. Technical products are expected to become a new growth engine in the future. According to the company’s performance forecast, we adjust the company’s profit forecast. It is estimated that the net profit attributable to the parent company from fy2021 to fy2023 will be 246 / 319 / 417 million yuan respectively, Year on year growth of 32.0% / 29.6% / 30.7% respectively, corresponding to EPS of 1.35/1.74/2.28 respectively, maintaining the “buy” rating.
Risk warning: risk of epidemic recurrence; Macroeconomic recession risk; Customer churn risk, etc.
