\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
The company released its 2021 annual report: 1) 2021: the company achieved revenue of 7.010 billion yuan / yoy + 78.29%, net profit attributable to parent company of 253 million yuan / yoy + 35.55% and net profit not attributable to parent company of 211 million yuan / yoy + 41.09% in 2021. 2) Cash flow: in 2020, the company realized net cash flow from operating activities of -43 million yuan / yoy-121.27%. 3) Dividend: cash dividend of 2.07 yuan (including tax) for every 10 shares.
Flexible employment continued to grow, with China increasing by 116% in 2021. Chinese mainland revenue increased by 44.34%, accounting for 22.53%, of which Investigo income YoY+44.18%, its recruitment YoY+82.79%, flexible employment YoY+29.15%. 1) Flexible employment business (accounting for 84.61% / + 5.46 pct of the overall revenue) achieved a revenue of 5.931 billion yuan / yoy + 90.58%, of which China's flexible employment increased by 116.1% year-on-year and the gross profit margin reached 8.06% / - 1.14 PCT; By the end of 2021, the number of registered outsourcing employees of the company was 31678 / yoy + 56.63%, with a month on month increase of 1678, with a corresponding growth rate of 56.63%. 2) The middle and high-end talent search business (accounting for 9.97% / - 1.75pct of the overall revenue) achieved a revenue of 699 million yuan / yoy + 51.67% and a gross profit margin of 37.22% / + 0.80pct. 3) Recruitment process outsourcing (accounting for 2.08% / - 0.74pct of the overall revenue) achieved a revenue of 146 million yuan / yoy + 31.09%; The gross profit margin is 43.23% / -1.34pct.
The proportion of flexible employment business revenue continued to increase, and the gross profit margin declined. 1) Overall gross profit margin: 11.52% / -2.05pct, which is the continuous growth of the proportion of flexible employment business; 2) Expense rate: sales expense rate 2.41% / - 0.12pct; The management expense rate is 3.08% / - 1.48pct; Financial expenses are 0.15% / + 0.25pct, mainly due to the increase of the company's loan interest and unrecognized financing expenses of lease liabilities; The R & D expense rate is 0.55% / + 0.19pct, which is mainly due to the company's continuous investment in information construction and digital transformation. 3) Net interest rate: 4.21% / -1.07pct.
Looking forward to 2022: 1) in 2021, the company's technology investment will exceed 110 million yuan and has more than 300 professional and technical personnel. In the future, it will continue to increase technology investment, improve the ecological model of "technology + platform + service", help the company reduce costs and improve efficiency, and cultivate new performance growth points;
2) continue to strengthen the mode of "thousands of people and thousands of Posts" and "vertical business circle", dig deep into regional and high Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) resources, and expand the business needs of new and old customers by providing one-stop human resources whole industry chain services; 3) Relying on "hefrog" and other platforms, continue to widely aggregate partner resources, actively embrace industrial interconnection and promote the sound development of the industry; 4) one belt, one road, and the other is to actively promote the layout of overseas enterprises.
Investment suggestion: give a Buy-A rating. We expect the revenue growth rate of the company from 2022 to 2023 to be 44.1% and 41.3% respectively. The net profit attributable to the parent company is 306 million yuan and 424 million yuan. Give 35 times PE in 2022, corresponding to the target price of 54.25 yuan.
Risk tips: the impact of macroeconomic fluctuations, the risk of intensified industry competition, the risk of changes in policies and regulations, etc.
