\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Beijing Career International Co.Ltd(300662) released the performance express for 2021: in the whole year, the company achieved an operating revenue of 6.999 billion yuan / yoy + 78% in 21 years; Operating profit of 351 million yuan / yoy + 44%; Total profit 388 million yuan / yoy + 43%; The net profit attributable to the shareholders of the listed company is 249 million yuan / yoy + 33.66%, and the growth rate is close to the upper limit of the notice (24.95% - 35.95%). The impact of non recurring profit and loss on net profit in the whole year is about 419176 million yuan. The cost of employee equity incentive in 2021 is 204374 million yuan. After deducting non recurring profit and loss and employee stock ownership cost, the net profit is 187 million yuan / yoy + 32.42%. In the single quarter of 21q4: in the single quarter of 21q4, the company achieved a revenue of 1.819 billion yuan / yoy + 52.30%, and a net profit attributable to the parent company of 60.88 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.
Increase investment in research and development, strengthen the team of technical talents, and focus on the long-term layout of digitization. The year of 21 is the year of digital transformation of the company: the total expenditure of digital and technical products reached 110 million yuan, and there were more than 480 technicians by the end of Q3 quarter. Since April 21, Mr. Liu Zhi, the former senior technical expert of Alibaba, has joined the company as CTO to strengthen talent reserve. The company adheres to the core strategy of "one body and two wings": on the one hand, strengthen the information construction of the group, focus on the infrastructure construction of technical middle stage and digital middle stage, 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". With the continuous maturity of the above digital / platform products, it is expected to open the second growth curve and fully stimulate the platform effect under technology empowerment.
Flexible employment grew steadily, and profitability stabilized and rebounded. Since 2020q3, Kerui's flexible employment business has continued to increase rapidly, with an increase of 117% in 2021h1 after deducting the flexible employment business in the UK. As of 2021q3, there were more than 30000 registered outsourcing employees, with a year-on-year increase of nearly 70%, and they were mainly concentrated in white-collar positions, driving the company's 21q1-3 revenue + 89% and performance + 42% year-on-year. In Q4, the company's flexible work business is expected to continue to maintain high growth. In addition, the gross profit margin of the company in Q3 rebounded month on month, and the gross profit margin in 21q3 was 11.95% / -3.32pct, month on month + 0.38pct; The net interest rate was 4.99% / -1.6pct, with a month on month increase of + 0.72pct. In the long run, under the company's vertical and horizontal strategic deployment, the bargaining power in key vertical fields is expected to be improved, driving the stabilization and recovery of gross profit margin.
Investment suggestion: the company is the leader of human resources service in China: 1) the main business of flexible workers has large growth space, which meets the needs of employees / enterprises at both ends under the current employment situation, and is expected to continue to increase. 2) The infrastructure construction of technology middle office and digital middle office is promoted, which is expected to reduce costs and increase efficiency; 3) The company's digital / platform transformation is expected to open the second growth curve relying on new business, and give full play to the platform effect in the long term driven by technology. It is estimated that the net profit attributable to the parent company in the years of 21, 22 and 23 will be RMB 250, 33 and 410 million respectively, and the corresponding PE will be 40x / 30x / 24x respectively, maintaining the "recommended" rating.
Risk tip: covid-19 epidemic is repeated, the macroeconomic growth rate is lower than expected, and the R & D progress is lower than expected
