\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Performance overview: in 2021, the revenue increased by 78.3% year-on-year to 7.01 billion yuan, and the net profit attributable to the parent increased by 35.5% year-on-year to 250 million yuan. The company released its 2021 annual report. Fy2021 achieved a revenue of 7.010 billion yuan, a year-on-year increase of 78.29%, and a net profit attributable to the parent company of 253 million yuan, a year-on-year increase of 35.5%. Among them, 2021q4 achieved a revenue of 1.831 billion yuan, a year-on-year increase of 53.27%, and the net profit attributable to the parent company was 643908 million yuan, a year-on-year increase of 22.57%.
Strong revenue growth and excellent performance in all business lines. Flexible employment / medium and high-end talent search / recruitment process outsourcing / technical services achieved revenue of 5.931 billion yuan / 699 million yuan / 146 million yuan / 225735 million yuan respectively, with a year-on-year increase of 90.58% / 51.67% / 31.09% / 78.51%, and the growth was accelerated in the second half of the year. On the basis of existing business accumulation, the company significantly improved the matching efficiency of offline business recruitment through continuous investment in information construction and standardized process management of “front store and back factory”, Promote the sustained and high growth of the three offline main businesses. The revenue of linggong business in China increased by 115% at the same time + performed well. The visit of medium and high-end talents focused on business circles and job opportunities, made continuous breakthroughs in semiconductor, cloud computing, new energy, electronic manufacturing, artificial intelligence and other fields, and still achieved brilliant growth under the background of low industry prosperity. By the end of 2021, the number of management outsourcing personnel of the company was 31678, with a year-on-year increase of 56.6%. Among them, the proportion of personnel in professional and technical posts increased significantly. It R & D posts / factory assembly line technicians posts / pharmaceutical R & D Posts increased by 90%, 91% and 61% respectively, supporting the significant improvement of per capita contribution revenue and the improvement of income quality. In the whole year, 312000 people were outsourced, with a year-on-year increase of 64.1%. Overseas revenue reached 1.579 billion yuan (YoY + 44.34%), of which the UK investigo business recovered rapidly, and the recruitment business increased by 82.79% year-on-year.
The increase in the proportion of flexible employment led to the decline of gross profit, and the technical investment disturbed the performance of net profit. The gross profit margin of flexible employment / medium and high-end talent search / recruitment process outsourcing / technical services was 8.06% / 37.22% / 43.23% / 24.80% respectively, with a year-on-year change of – 1.14 / + 0.80 / – 1.34 / + 0.57pcts. As the proportion of flexible work business further increased to 84.9% (yoy + 5.7pcts), the overall gross profit margin decreased slightly to 11.52% (yoy-2.05pcts), of which the gross profit margin of 2021h2 was 12.29%, which was improved compared with H1, mainly due to the initial results of digital management and technology empowerment in the second half of the year. The sales expense rate / management expense rate / R & D expense rate were 2.41% / 3.64% / 0.55% respectively. The increase of operation efficiency superimposed the scale effect, and the expense rate showed a downward trend during the period, while the R & D expense rate further increased. The annual technical investment exceeded 110 million yuan, disturbing the profit performance. The net profit margin on sales fell to 4.21% (yoy-1.07pcts) year-on-year.
New technology service products have given play to their expertise and are emerging. During the reporting period, the structure of the company’s new technology service business segment was clear, and the company always adhered to the long tail customers with various platforms and technology products as the flow entrance and wider links with SaaS products through the technology platform, so as to expand the customer acquisition ability of the “front store” for the company, output professional and standardized products, and widely empower the government and enterprise intelligence of regional service partners. By the end of 2021, the same channel platform of medical pulse had gathered more than 5000 enterprise users such as pharmaceutical enterprises and medical institutions in key areas, and the number of enterprise users exceeded 11000; Kerui came to cloud SAAS and provided services to more than 200 enterprises; The transaction data of hefrog platform doubled during the reporting period, the business data increased about 8 times during the year, and the recommendation efficiency has been greatly improved. The number of customers of regional talent brain platform generating service fee income in the reporting period was 6196, an increase of 17% over the same period last year.
Profit forecast: we continue to be optimistic about the development space of the company’s technology driven overall talent solution service provider. Flexible employment and high growth support excellent performance. Technical products are expected to become a new growth engine in the future. According to the company’s annual report, we adjust the profit forecast. It is estimated that the net profit attributable to the parent company from fy2022 to fy2024 will be RMB 328 / 4.14 / 525 million respectively, with a year-on-year increase of 30.1% / 26.1% / 26.6% respectively, The corresponding EPS is 1.67/2.10/2.67 yuan / share respectively, maintaining the “buy” rating.
Risk tips: covid-19 has repeated epidemic, loss of business personnel, loss of customers and other risks.
