\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
The company released 22q1 performance report: in the first quarter, the revenue was 2.192 billion yuan / + 50.92%, the net profit attributable to the parent was 53 million yuan / + 35.57%, and the net profit deducted from non attributable to the parent was 48 million yuan / + 40.87%, which was in line with the previous express guidelines (falling in the median). The net cash flow from operating activities was – 126 million yuan, mainly due to the company’s business growth and the payment of bonuses to employees in the first half of the year, with a net outflow of 301 million yuan in the same period of 21 years.
The number of outsourcing employees of 22q1 company reached 31700, and the income of flexible employment business increased by 60.03% over the same period last year. The flexible labor business outside China continued to maintain a high growth rate. The number of outsourced employees reached 31741 at the end of the first quarter, a slight increase over 31678 at the end of the 21st century, an increase of 35.6% year-on-year in 21q1. The company’s 22q1 overall flexible employment business revenue increased by 60.03% over the same period, including strong growth in overseas business. The revenue of investigo in the UK was 495 million yuan / + 71.88%. By the end of the 21st century, the company’s flexible employment industry + medicine + IT R & D posts are expected to account for 30% +, factory assembly line technology is expected to account for about 19% +, and financial and regulatory compliance is expected to account for 7% +. It has continued to cultivate in professional and technical posts and white-collar general posts to provide customers with efficient recruitment matching and personnel management services. The revenue of medium and high-end headhunting business increased by 31.51% year-on-year, the revenue of recruitment process outsourcing business increased by 10.20% year-on-year, and the revenue of technical services increased by 23.42% year-on-year.
The gross profit margin increased by 0.39pct year-on-year, the results of efficiency improvement in the middle and back offices showed, and the management rate decreased by 0.49pct year-on-year. The company’s 22q1 gross profit margin was 9.81%, year-on-year + 0.39pct; The net interest rate was 3.34%, year-on-year + 0.14pct; The turnover days of accounts receivable in the first quarter were 65.82 days, a slight increase over the same period. The company’s rate during the period is 5.23% / + 0.1pct, of which the sales rate is 2.23% / + 0.36%. The sales rate has increased, mainly for the company to increase market expansion and product operation; The R & D rate is 0.67% / + 0.28pct, mainly due to the company’s continuous investment in information construction and digital transformation; The management rate is 2.28% / -0.49pct, the company’s technology continues to upgrade, the personnel post matching efficiency and the candidate delivery and conversion efficiency continue to improve, and the efficiency improvement results of the company’s middle and back offices appear; The financial rate is 0.05% / -0.05pct.
The number of production and research technicians increased by 350, and the product activity of the technology platform continued to increase. As of 22q1, the company has 350 production and research technicians, which is expected to increase compared with the end of 21 (the annual report at the end of 21 disclosed more than 300). The number of registered partners of hefrog platform reached more than 7000 (an increase of more than 580 at the end of the month 21), the number of registered and delivered recruitment consultants and labor brokers reached more than 65000 (an increase of more than 7100 at the end of the month 21), the number of enterprises certified by the vertical recruitment platform Yimai Tongdao and hefrog platform was nearly 17000, the company had more than 3480 charging customers and more than 54000 online recruitment posts during the reporting period, and the activity and transaction volume of the platform increased significantly.
The social aspect of the epidemic in Shanghai is cleared, and it is expected to resume work and production, and the number of outsourcing employees of the company is expected to increase gradually; Employment pressure has increased, and flexible employment has improved. On April 26, 12309 cases were actually added in Shanghai, which fell for four consecutive days after rebounding on April 22. Among the new positive cases in Shanghai, 171 cases were added in the social area, 217 cases in the former value, 12138 cases in the control area, and 15795 cases in the former value. There are 200 new positive cases in the city’s society. It is expected to resume work and production in the future. The impact on the entry of outsourcing employees will be gradually weakened, and the number of employees may increase steadily. In addition, according to the economic data released in March and the first quarter, the impact of the epidemic is superimposed under the downward cycle of real estate, and consumption and employment bear the brunt. The macro employment pressure is increasing, and the willingness of enterprises & job seekers to use flexible employment is expected to increase accordingly.
Investment suggestion: the impact of the epidemic may gradually weaken, and the main industry is expected to continue to maintain high growth. The company adheres to R & D investment and continuously improves human efficiency + operation efficiency; The second growth curve of technical product incubation, Rana gtv22 is expected to grow rapidly to 150 million (about 18 million in 21 years). It is estimated that the performance in 22-24 years will be RMB 328 / 420 / 530 million, with growth rates of 30% / 28% / 26% respectively. At present, the corresponding PE in 22 years is only 24x, which is at the bottom of history and continues to be optimistic.
Risk tip: the epidemic situation is repeated, the macro-economy fluctuates, the industry competition intensifies, and the R & D progress is less than expected
