\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Event:
Beijing Career International Co.Ltd(300662) released the performance express: the company achieved a revenue of 6.999 billion yuan in 2021, a year-on-year increase of 78%; The net profit attributable to the parent company was 249 million yuan, a year-on-year increase of 33.66%; Net profit deducted from non parent company was 207 million yuan, with a year-on-year increase of 38.72%; In 2021q4, the revenue was 1.819 billion yuan, a year-on-year increase of 52.3%; The net profit attributable to the parent company was 61 million yuan, a year-on-year increase of 15.89%, which was in line with previous expectations.
Key investment points:
Flexible employment in the main business continued to increase, and the outsourcing business of headhunting and recruitment process resumed at an accelerated pace. The company's annual income has maintained a good growth, and its business resilience is strong under the epidemic situation. The high growth mainly comes from: 1) the volume of the main business is still small, which is far from meeting the demand of stock posts, and the supply of the business is in short supply; It is estimated that the annual flexible work business will increase by nearly 80% in 2021. 2) In 2021h1, the medium and high-end talent search and recruitment process outsourcing business increased by 33.6% and 28.9% year-on-year respectively under the low base effect in 2020. It is expected to achieve rapid restorative growth in 2021.
Overweight technology investment is the core factor affecting Q4 performance, and the trend of continuous high growth in the main industry remains unchanged. By quarter, the net profit attributable to the parent company from 2021q1-q4 was RMB 0.39/0.64/0.85/0.61 billion respectively, with a year-on-year increase of 47.2% / 35.4% / 41.9% / 15.9% respectively; In 2021q4, the growth rate of single quarter profit fell month on month, and technology investment is expected to be its core influencing factor. The company's total expenditure on digital transformation and technology products in 2021 was 110 million yuan. If the impact of temporary losses in new technology service business is excluded, the annual performance growth rate may exceed 40%. On the one hand, strengthen the group's information construction, focus on the infrastructure construction of technology middle office and digital middle office, and improve the human efficiency of offline diversified service products through digital management; On the other hand, we will continue to upgrade and optimize the construction and market promotion of a variety of new technology service products such as "vertical recruitment platform", "human resources industry interconnection platform", "regional talent brain platform", "Kerui talent to the cloud". 2022 is the core year of the company's digital transformation, and it is optimistic that the main business of technology empowerment will continue to grow at a high rate in the future.
Profit forecast and investment rating. We are optimistic about the high growth potential of the company's flexible employment. The short-term performance fluctuations brought by technology investment will not affect our core judgment on the company's competitiveness and the sustained high prosperity of flexible work business. The high growth trend in 2022 is expected. It is estimated that the revenue in 2021 / 2022 / 2023 will be 6.999 billion yuan / 10.450 billion yuan / 15.136 billion yuan, with a year-on-year growth rate of 78.0% / 49.3% / 44.8%, and the net profit attributable to the parent company will be 249 million yuan / 326 million yuan / 418 million yuan, with a year-on-year growth rate of 33.8% / 30.9% / 28.0%. The corresponding dynamic PE: 37 / 28 / 22x, maintaining the "buy" rating.
Risk tips: manage boundary and bottleneck risks; Cash flow risk caused by advance: business fluctuation risk of key customers; Brain drain risk of headhunting consultants; The risk of recurrent outbreaks.
