\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Core view: flexible employment mode itself has high commercial value. China’s linggong industry started late and has a broad space. We believe that the flexible employment industry will maintain a high outlook for a long time, and the investment is at the right time Beijing Career International Co.Ltd(300662) as a leading company in the industry, it is an extremely scarce investment target in the industry. It has sufficient competitive advantages and is expected to enjoy the dividend of industry development.
For the first time, give a “overweight” rating. Considering the wide space for flexible employment and the high demand growth rate of the company’s flexible employment business, we expect the revenue of Beijing Career International Co.Ltd(300662) 21-23 to be RMB 6.999/12.487/20.257 billion, with a growth rate of 78% / 78% / 62%, corresponding to the net profit attributable to the parent company of RMB 249 / 311 / 451 million, with a growth rate of 34% / 25% / 45%, corresponding to pe39.9% 0 / 31.2 / 21.5, covered for the first time and rated as “overweight”.
The flexible employment industry is in the high growth stage in the early stage of development and is expected to continue to maintain a high outlook. Compared with developed countries in Europe and America, the penetration rate of China’s flexible industry is only about 0.2%. The flexible work model started late in China and is still in the cognitive cultivation period with high growth rate. We believe that the core of this period is the growth of income scale. 2018 / 2019 / 2020 / 2021h1 Beijing Career International Co.Ltd(300662) the flexible labor business yoy is 130.5% / 82.9% / 12.5% / 80.6% respectively. We predict that the flexible labor revenue will grow 97.9% / 87.0% / 66.1% in the year of 21 / 22 / 23.
The flexible industry has been driven by demand for a long time, which tests the recruitment ability of human resources companies, and the industry concentration is expected to increase. The flexible labor market is in short supply, and the recruitment ability will become the core competitiveness. The stricter supervision of the labor market will eliminate non-conforming human resources companies. In the long run, the industry concentration is expected to continue to improve, Beijing Career International Co.Ltd(300662) as a leader, it will benefit.
Beijing Career International Co.Ltd(300662) currently has obvious leading advantages and will enjoy the development dividend of the industry Beijing Career International Co.Ltd(300662) as a leading company in the flexible labor industry, the current competitive advantage is reflected in: the company has accumulated a relatively leading scale, occupied a high-end track of flexible employment, adopted the organization mode of front store and back factory, and digital development to improve customer acquisition and management efficiency. Based on the above advantages, Beijing Career International Co.Ltd(300662) is a very scarce industry investment target in the current market.
Risk tips: (1) policy fluctuations in the human resources industry; (2) The growth rate of flexible employment business is lower than expected; (3) The company’s digital construction fails to achieve the purpose of reducing cost and increasing efficiency; (4) Risk of untimely update of data and information used in the Research Report
