\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Key investment points
Core view: the company’s performance meets expectations, which is confirmed by the prosperity of linggong business. The company’s digital technology products have achieved initial results and continue to lead high prosperity industries.
Raise the profit forecast and maintain the “overweight” rating. The company’s performance in 21 years is in line with the expectation. Considering the continuous confirmation of the prosperity of linggong business and the initial results of the company’s digital technology products, we raised the company’s profit forecast. It is expected that the net profit attributable to the parent company in 22-24 years will be RMB 327 / 451 / 594 million (previously expected to be RMB 311 / 451 million in 22 / 23 years), and the adjusted growth rate will be 30% / 38% / 32%, corresponding to pe28.8% 3 / 20.5 / 15.6, maintain the “overweight” rating.
The performance was in line with expectations, the business continued to boom, and the proportion of flexible work business increased to 85%. The company issued the annual report for 21 years, and the performance in 21 years was in line with expectations. The operating revenue of 21q4 was 1.831 billion yuan, a year-on-year increase of 53%, slightly lower than that of 21q2 / Q3, which is judged to be caused by the repeated epidemic of 21q3. The net profit attributable to the parent company in 21q4 was 64 million yuan, a year-on-year increase of 23%. The company’s three major businesses continued to prosper. The revenue of linggong business / headhunting business / RPO business was 5.93/6.99/146 billion yuan respectively, with a year-on-year increase of 90.58% / 51.67% / 31.09% respectively. In addition, the company’s new business, technical service business, realized an operating revenue of 26 million yuan, a year-on-year increase of 78.5%.
The basic flexible work business performed strongly, professional and technical posts broke out, overseas businesses benefited from the recovery of the epidemic and the growth rate increased. In 21 years, the business revenue of flexible labor was 5.93 billion yuan, of which the operating revenue of flexible labor in China increased by 115%, which was continuously confirmed by the prosperity of the flexible labor industry. The number of flexible workers managed by the company at the end of the period was 31678, with a year-on-year increase of 57%. The growth rate of professional and technical flexible workers was rapid, with a net increase of 90%, 91% and 61% respectively for it R & D posts, factory assembly line technicians and pharmaceutical R & D posts. Benefiting from the recovery of overseas epidemic, the revenue outside the mainland increased by 44%, accounting for 23% of the total operating revenue.
22 years of continuous scientific and technological empowerment and deep cultivation of the ecological model of “technology + platform + service”. In the past 21 years, the number of R & D personnel of the company has increased to 339, with a year-on-year increase of 75%, accounting for 10% of all its own employees. R & D investment continues, and the R & D expense rate increases year by year under the condition of continuous high growth of operating income. In 19 / 20 / 21 years, the R & D expense rate was 0.55% / 0.80% / 0.83%. Benefiting from this, new technology service products are emerging, and the business indicators of cloud SaaS, Hewa and regional talent brain platforms have continued to improve with the same medical pulse and Kerui, so as to reach more new customers for the company. In the past 21 years, there were 6196 b-end paying users served by various digital platforms, with a year-on-year increase of 17%, which will become the second curve of the company’s future development. We believe that the company is switching from the traditional offline consultant private domain to relying on the digital platform, and the efficiency will continue to improve. With the gradual establishment and improvement of the digital platform, the ecological model of “technology + platform + service” will be gradually established in the future. While ensuring the basic growth rate of key customers, more long tail customers will enter the company’s ecosystem and continue to consolidate their competitive advantage.
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 failed to achieve the purpose of reducing cost and increasing efficiency
