\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Events
On April 21, the company released its 2021 annual report. In 2021, the company achieved a revenue of 7.01 billion yuan, a year-on-year increase of 78%, and a net profit attributable to the parent company of 2.53 billion yuan, a year-on-year increase of 36%.
Key investment points
Revenue splitting: the traditional business has grown strongly, and the technical products are emerging.
1) traditional business: in 2021, the revenue of medium and high-end talent search / flexible employment / recruitment process outsourcing increased by 51.7% / 90.6% / 31.1% respectively year-on-year, which achieved brilliant performance, and the growth was accelerated compared with the first half of the year. By the end of 2021, the company's employees had increased by 27% year-on-year, and the human efficiency had been continuously improved. With the support of hefrog platform, it is expected that the per capita output of consultants will continue to improve; In the year of flexible employment, the cumulative number of expatriates exceeded 310000, with a year-on-year increase of 64%. Due to the obvious increase in the proportion of professional posts, the payment level was improved, and the growth rate of flexible employment income was much higher than that of expatriates.
2) technical service: the income from technical service in 21 years was 22.57 million yuan, with a year-on-year increase of 78.5%. The company's technical products and platform have brought more diversified tentacles to the company's "front store", reaching a wider range of long tail customers and improving the ability of obtaining customers. In 2021, the number of paying customers of the company increased by 17% year-on-year, and the proportion of private enterprise customers continued to increase. Medical pulse channel: a vertical recruitment platform in the field of great health, with a monthly life of more than 300000 and more than 11000 enterprise users; SaaS: in order to improve product flexibility, the company "LEGO" sells various service modules to provide strong support for customer attendance, salary and tax automation, human resource management compliance, human capital digitization and employee welfare management digitization; Hefrog: human resources recruitment industry internet platform, focusing on improving resource information sharing between hunting enterprises and improving the overall delivery capacity and efficiency of the industry. With the continuous growth of registered users, the transaction data doubled in 2021 and the business data increased about 8 times in the year; Regional talent brain: it mainly serves local governments and establishes talent brain application service system platform products through the application of big data technology. At present, Beijing Yizhuang and Tianjin Jinnan District projects have been in operation, and Chongqing and Anhui talent brain platform projects have been newly signed in 21 years. In the future, planning and deployment will continue around core metropolitan areas such as Beijing Tianjin Hebei, Chengdu Chongqing and the Yangtze River Delta. In the 21st year, the total technical investment is 110 million yuan, and the technical service will gradually enter the harvest period.
Cost: the gross profit margin of flexible employment is expected to stabilize, and the increase of technology investment leads to the increase of cost rate.
1) gross profit margin: in 2021, the comprehensive gross profit margin was 11.5%, down 2pct year on year. Mainly due to the increase in the proportion of flexible employment income, the gross profit margin of each segment business was roughly the same as that of the same period last year. The gross profit margin of flexible employment in the second half of the year was 8.5%, and the decline was narrowed.
2) expense side: in 2021, the sales expense rate / management expense rate / R & D expense rate were 2.4%, 3.1% and 0.55% respectively, with a year-on-year increase of -0.28pct, - 1.77pct and + 0.16pct. In 2021, the company's R & D expense increased by 167% year-on-year, with a total annual technical investment of more than 110 million yuan and a capitalization rate of about 40%.
Future outlook: in the short term, the prosperity of flexible labor and high technology continues, and in the medium and long term, the empowerment of technical products
Human resources service is of great significance to stabilizing employment, and the high boom of the industry is expected to continue. As a leading human resources service enterprise, the company has advantages in delivery ability and recruitment ability. It is also a local human resources enterprise that takes the lead in realizing business globalization by making forward-looking technical investment and key industrial layout. In the short term, the traditional business still contributes a strong driving force to the company's growth. The cultivation of technical products is expected to empower the company's traditional business in the medium term and open a new business territory for the company at the same time
Profit forecast and investment suggestions
We expect the company to achieve revenue of 10.54 billion yuan, 14.22 billion yuan and 19.16 billion yuan respectively from 2022 to 2024, with a year-on-year increase of 50%, 35% and 35% respectively; From 2022 to 2024, the net profit attributable to the parent company was 340 million yuan, 450 million yuan and 560 million yuan respectively. Give a "buy" rating.
Risk tips
The epidemic spread more than expected, the promotion of new technology products is less than expected, and the industry competition is intensified
