\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Key investment points
The company released its annual report for 21 years. The high growth of business in China continued, and the cash flow improved significantly month on month. 1) In the whole year, the company achieved a revenue of 7.010 billion yuan / + 78.29%, and the net profit attributable to the parent company was 253 million yuan / + 35.55%, higher than the previous express guidance of 249 million yuan; After deducting the cost of non & employee stock ownership, the performance was 226 million yuan / + 34.45%. As China’s overseas epidemic control and control relaxed, the Chinese mainland achieved a better recovery of 1 billion 579 million yuan /+44.34%, and China achieved a revenue of 5 billion 431 million yuan /+91.4%. 2) 21q4: revenue of 1.831 billion yuan / + 53.27%, performance of 64 million yuan / + 22.57%, deduction of non performance of 43 million yuan / + 5.3%. 3) Cash flow: the net cash flow from operating activities in the whole year was – 43 million yuan / – 121.27%, of which the net cash flow from Q4 was 269 million yuan, which was significantly improved compared with the net outflow from Q3 of 47 million yuan. 4) A cash dividend of 2.07 yuan (including tax) will be distributed for every 10 shares.
China’s flexible employment revenue + 116%, and new technology service products are emerging. In the past 21 years, the company’s flexible employment business has achieved a revenue of 5 billion 931 million yuan /+90.58%, of which 116.10% of the Chinese mainland has been flexible in its industrial services compared with the same period last year. The recruitment business in China recovered by 51.09% year-on-year, and the recruitment business in China recovered by 67.09% year-on-year; In addition, the new technology service business achieved rapid growth, with an annual revenue of 22.57 million yuan / + 78.51%.
At the end of the 21st century, the number of outsourcing employees reached 31678, and professional technology R & D Posts increased significantly. The company’s flexible employment posts continue to focus on professional technology R & D posts such as it R & D, industrial R & D, factory assembly line technology posts and pharmaceutical R & D. among them, it R & D posts, factory assembly line technician posts and pharmaceutical R & D posts have a net increase of 90%, 91% and 61% respectively in 21 years. The company continues to focus on high-end jobs. Under economic pressure, the impact of layoffs on relevant jobs is relatively weaker than that of general-purpose jobs, which provides help for the growth of the company.
Technology investment continued to enable the main business, the efficiency of the middle and back office was significantly improved, and the incubation results of the technology platform were brilliant. The number of R & D personnel of the company has reached 339 in 21 years, an increase of 145 over 20 years; A total of 110 million yuan has been invested in technology in the past 21 years. The main projects of R & D investment include internal information construction (such as the upgrading of post factory CTS, ERP and other systems) and the product construction and integration of technology platform (hefrog + talent + medical pulse), enabling the main industry to improve quality and efficiency, and improving the ecology of “technology + platform + service”. The efficiency of the company’s main business improved significantly, and the gross profit margin in the second half of the year increased by 0.94% compared with that in the first half of the year. In addition, the technology platform products also show good growth potential. There are more than 5000 enterprise users of pharmaceutical enterprises and medical institutions in the same way, and the number of enterprise users is more than 11000. The follow-up transaction flow is expected to be gradually opened to contribute revenue; Hefrog further integrated instant box, with 6419 registered partners in 21 years, 57895 registered delivery consultants and 4261 partners participating in the cooperation, with a delivery conversion rate of about 4.59%; Just arrived in the cloud, SaaS has provided services to more than 200 enterprises, and the “recruitment integration” SaaS has served more than 800 customers.
Investment suggestion: at present, the epidemic situation in China is under control, the impact on offline employment is gradually weakened, and the number of Q2 outsourcing employees is expected to increase significantly; In the case of great economic and employment pressure in the future, the willingness of enterprises and job seekers to use flexible employment will increase accordingly, and the high growth of the main industry is expected to continue. It is estimated that the performance in 22-24 years will be RMB 328 / 420 / 530 million, with growth rates of 30% / 28% / 26% respectively. At present, it corresponds to pe28x in 22 years, which will continue to be recommended.
Risk tip: the epidemic situation is repeated, the macro-economy fluctuates, the industry competition intensifies, and the R & D progress is less than expected
