\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
The company released the performance express. The annual revenue increased by 78% and the performance increased by 33.66%, which is in the upper limit of the forecast: the company achieved a revenue of 6.999 billion yuan, yoy + 78.00%, and the net profit attributable to the parent company was 249 million yuan, yoy + 33.66%; Deduct 207 million yuan of non net profit, yoy + 38.72%; Non recurring profit and loss is about 42 million yuan, yoy + 13.26%, mainly due to various government subsidies; The cost of employee equity incentive in 21 years is about 20.44 million yuan. After deducting the cost of employee stock ownership and non profit and loss, the net profit attributable to the parent company is expected to be yoy + 32.42%. With the gradual stabilization of the epidemic and the recovery of economic indicators, the human resources market outside China has been fully active, and the company's revenue and net profit attributable to its parent company have increased in the past 21 years.
The performance of 21q4 was yoy + 15.89%, and the month on month slowdown was mainly due to the increase in the provision of R & D Investment: 21q4 achieved a revenue of 1.819 billion yuan, yoy + 52.30%; Net profit attributable to parent company: 61 million yuan, yoy + 15.89%; Deduct 40 million yuan of non net profit, yoy-3.25%. Q4 performance is expected to slow down month on month, mainly due to increased R & D investment and more expense provision.
In the past 21 years, the business boom of flexible employment continued and the technical layout continued to increase: the company accelerated the construction of digital and technical platform. As of the end of Q3, there were more than 480 technicians. It was recently announced that Alibaba senior technical experts were newly appointed as CTO. The total expenditure of digital transformation and technical products in 2021 was 110 million yuan—— 1) Internal digitization helps improve efficiency; 2) For foreign products, firstly, the industrial interconnection platform hefrog expects that GTV will continue to grow; secondly, the development of vertical recruitment platform is in the same vein; thirdly, hrsaas cooperation Wumart and other enterprises continue to promote.
Investment suggestion: the company continues to seize the market with the advantages of thousands of people and thousands of Posts + front store and back factory + technology empowerment. In the future, the revenue is expected to continue to grow high and the performance is expected to grow steadily. It is expected to maintain a performance growth of 25% - 30% in 22 years under the condition of high R & D investment. It is expected that the net profit attributable to the parent company in 22-23 years will be 318 / 415 million yuan, and the current share price corresponds to 31 / 24 times of PE in 22 / 23 years, Phased investment will be increased to store power for the future and maintain the "buy" rating.
Risk tip: the performance express is the preliminary calculation result, and the specific disclosure data shall be subject to the company's annual report; Macroeconomic downside risk and repeated epidemic risk; Key customer churn risk
