\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Core view
The operating performance of the whole year was slightly better than the guidelines of the express report. Q4 increased R & D investment, and the growth rate slowed down month on month. In 2021, the company’s revenue was 7.010 billion yuan / + 78.29%; Performance attributable to parent company: RMB 253 million / + 35.55%; The non performance of parent company deduction is 211 million yuan / + 41.09%; The deduction of non performance (excluding equity incentive) was 226 million yuan / + 34.45%, and all operating indicators slightly exceeded the express guidelines. In 2021q4, the company achieved revenue of 1.831 billion yuan / + 53.27%; Performance attributable to parent company: 64 million yuan / + 22.57%; Deduct non parent performance of RMB 43 million / + 5.35%; Deduction of non performance (excluding equity incentive) is 48 million yuan / + 4.66%, and the growth rate slows down month on month. It is expected to be caused by 21h2’s increased investment in R & D of new platforms (the overall investment in technology is 110 million yuan).
The growth of traditional offline business is strong, especially flexible employment, and the investment in new technology platforms continues to increase. In 2021, the overall income of headhunting business was 699 million yuan / + 52%, and the gross profit margin was 37% / + 0.8pct, of which investigo headhunting income was 217 million yuan / + 83%, and China headhunting income is expected to be + 41% year-on-year. During the period, 35000 middle and high-end managers and professional technicians were recommended / + 40%; The overall income of flexible employment is 5.931 billion yuan / + 91%, and the gross profit margin is 8% / – 1.1pct, of which the income of investigo is + 29% year-on-year and that of China is + 116% year-on-year. By the end of 2021, 31700 employees / + 57% have been dispatched for the outsourcing business of registered flexible employment posts, and 311800 employees / + 64% have been dispatched in total; RPO realized revenue of 146 million yuan / + 31%, gross profit margin of 43% / – 1.3pct. The new technology service business income is 22.57 million yuan / + 79%, the gross profit margin is 24.80%, and the number of paying customers during the period is 6196 / + 17%. In 2021, the company’s period expense rate was 6.2% / – 1.2pct, of which the sales / management / Finance / R & D rate was – 0.1 / – 1.5 / + 0.3 / + 0.2pct year-on-year, the gross profit margin was 11.5% / – 2.1pct, and the net profit margin was 4.2% / – 1.1pct, which was due to the adjustment of business product structure.
The short-term epidemic disturbance does not change the growth logic and looks forward to the empowerment and efficiency of the new technology platform. Recently, the epidemic in China has spread again, and regional economic activities have been restricted for a short time. However, Kerui 20q1 dispatched 14800 flexible workers / + 24%, which still showed resilience under the epidemic, while the headhunting and RPO business declined. However, with the resumption of work and production, the business also showed a good recovery trend. On the basis of the traditional product “front store and back factory” mode, the company improves the operation efficiency through digital management and technology empowerment, and makes great efforts to develop new technology products such as the same medical pulse, Kerui talent to cloud, hefrog and regional talent brain platform, reaching regional long tail customers. With the continuous exploration of science and technology, the company is expected to further optimize the operation efficiency and improve the growth space.
Risk tips: macro, epidemic and other systemic risks; Brain drain risk; Intensified market competition; Business growth is less than expected.
Investment suggestion: short-term view of flexible employment, medium-term view of growth potential under technology empowerment, maintenance of “overweight” rating, short-term impact on daily operation, comprehensive consideration of appropriate countercyclical attribute of flexible employment and cost input rhythm of new platform, temporarily maintain EPS of 1.63/2.11/2.65 yuan in 22-24 years (New 24-year performance forecast), corresponding to pe29 / 22 / 18x. Flexible employment is still maintained, while RPO & headhunting business needs to track the epidemic and macro changes to maintain the company’s “overweight” rating.
