\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Revenue splitting: overseas business recovered strongly, and flexible employment continued to grow at a high rate.
1) the income from flexible employment increased by 60% year-on-year, and the number of people dispatched in Q1 exceeded 90000, with a year-on-year increase of 37%; Medium and high-end business revenue increased by 31.51% year-on-year; RPO business increased by 10.2% year-on-year; Technical service revenue increased by 23% year-on-year.
2) overseas business recovered strongly. Investigoq1’s revenue was 495 million yuan, a year-on-year increase of 72%.
3) the products of the technology platform grew gratifying and effectively expanded the scope of customers: during the reporting period, hefrog and Yimai channel certified nearly 17000 enterprises, more than 3480 charging customers, and 54000 online operation posts (11617 in 2021).
Cost: the gross profit margin has improved year-on-year, and the cost rate has increased slightly.
1) gross profit margin: 22q1 gross profit margin was 9.81%, with a year-on-year increase of 0.38pct. The gross profit margin increased year-on-year for two consecutive quarters. The reasons may be: ① the gross profit margin of flexible employment stabilized; ② Improve the personnel structure and give play to greater efficiency. 22q1 company has 3338 employees, a decrease of 46 compared with the end of 2021.
2) expense side: 22q1 sales expense rate / management expense rate / R & D expense rate were 2.2%, 3.0% and 0.67% respectively, with a year-on-year increase of + 0.36pct, -0.21pct and + 0.28pct. The company continued to increase technical investment and the R & D technicians kept growing under the background of the reduction of total employees.
Future outlook
The closure and control of the recent epidemic may put some pressure on the company’s business, but with reference to historical data, the flexible employment toughness during the epidemic is strong, the headhunting and recruitment process outsourcing can rebound rapidly after the recovery of the epidemic, the traditional business still contributes a strong driving force to the company’s growth, and the cultivation of technical products is expected to enable the company’s rapid growth in the medium term.
Profit forecast and investment suggestions
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 makes forward-looking technical investment and key industrial layout. It is also a local human resources enterprise that takes the lead in realizing business globalization. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 340 million yuan, 450 million yuan and 560 million yuan respectively. Give a “buy” rating.
Risk tips
The spread of the epidemic exceeded expectations, the promotion of new technology products was less than expected, and the industry competition intensified.
