\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Core conclusion
Flexible employment and headhunting business grew strongly, and Q4 cash flow improved significantly: the company’s revenue and net profit attributable to the parent company in the whole year of 21 years were 7.010 billion yuan and 253 million yuan respectively, with a year-on-year increase of 78.29% and 35.55%, deducting 211 million yuan of non net profit, with a year-on-year increase of 41.09%. Non recurring profits and losses are mainly government subsidies. In Q4 alone, the realized income and net profit attributable to the parent company were 1.831 billion yuan and 64.39 million yuan respectively, with a year-on-year increase of 53.27% and 22.57%. The overall performance is in line with expectations. The company’s performance continues to maintain strong growth, mainly due to the continuous release of flexible employment dividends in its core business. With the continuous implementation of the vertical business circle strategy and the superposition of 20-year low base, the headhunting business also ushered in significant growth. In addition, with the continuous promotion of overseas resumption of work and production, investigo’s business growth is more obvious. In the whole year, the company realized an operating net cash flow of – 42.73 million yuan, a year-on-year decrease of 121.27%, mainly due to the rapid increase of accounts receivable due to the rapid growth of business in the whole year and the slowdown of customer collection caused by the sorting of internal processes of individual major customers. However, looking at Q4 alone, the net operating cash flow was 26900 yuan, significantly improved compared with q1-q3 (- 311 million yuan), and the cash flow improved significantly.
The technology input has gradually entered the harvest period, and the platform capacity has been continuously improved. Throughout the year, the company’s investment in technology and information technology increased significantly, with an annual technical investment of more than 110 million yuan. By the end of the year, the company had more than 300 professional and technical personnel. Technology continues to support the ecological layout, digital transformation and the development of new technology products, which will become the second curve of the company’s future development. In 21 years, the company disclosed the income of technical service business for the first time. The annual income was 22.57 million yuan, with a year-on-year increase of 78.51% and a gross profit margin of 24.80%. Technical products and services gradually entered the harvest period.
Investment suggestion: we continue to be optimistic about the company’s “one body and two wings” development strategy, flexible employment, continuous and large-scale, significant anti cyclical ability, high certainty of short-term growth, technology overweight investment, construction of long-term development momentum, and continuous improvement of human resource ecology. It is estimated that the EPS of 22-24 years will be 1.70/2.20/2.77 yuan respectively, and the corresponding latest PE will be 28 / 21 / 17 times respectively. The PE of 22 years will be 35 times, and the target price will be 59.5 yuan, maintaining the “buy” rating.
Risk warning: flexible employment policy risk; The pressure of macroeconomic growth slowdown; Recurrent epidemic
