\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Performance overview: in 2022q1, the revenue increased by 50.92% to 2.192 billion yuan, and the net profit attributable to the parent increased by 35.57% to 52.569 million yuan. The company released the first quarterly report of 2022. Fy2022q1 achieved a revenue of 2.192 billion yuan, a year-on-year increase of 50.92%, the highest quarterly revenue in the company’s history, and the net profit attributable to the parent company was 52.569 million yuan, a year-on-year increase of 35.57%. Among them, 2021q4 achieved a revenue of 1.831 billion yuan, a year-on-year increase of 53.27%, and the net profit attributable to the parent company was 643908 million yuan, a year-on-year increase of 22.57%.
In the off-season, it achieved year-on-year growth against the trend, forming a good supplement to the international layout. In the first quarter, due to the Spring Festival and other factors, the employer usually started work for a short time. It is a low-season for recruitment. The net profit attributable to the parent company in the first quarter of the past three years accounted for about 15% of the whole year, and the income accounted for about 20% of the whole year. In 2022q1, under the background of low industry off-season and low macroeconomic prosperity, the company continued to grow at the revenue end. We believe that it mainly benefited from the continuous investment in information construction and standardized process management of “front store and back factory” on the basis of existing business accumulation. The matching efficiency of offline business recruitment was significantly improved, which promoted the sustained and high growth of the three offline main businesses. It is expected that: ① flexible employment business will deeply cultivate key customers vertically + expand new customers horizontally. The proportion of professional and technical posts has increased significantly, and will continue to maintain high growth. The growth rate is expected to continue to exceed 70%; ② Medium and high-end talent visits focus on business districts and job opportunities, make continuous breakthroughs in semiconductor, cloud computing, new energy, electronic manufacturing, artificial intelligence and other fields, and still achieve bright growth against the background of low industry prosperity, which is expected to increase; ③ The overseas business sector performed well, forming a good supplement for the Chinese business.
The operation efficiency continued to improve and the profitability improved year-on-year. During the reporting period, the cost scale effect was reflected. The gross profit margin increased by 0.38pcts to 9.81% year-on-year. Due to the increase of market expansion and product operation, the sales expense increased by 79.96% to 48.82 million yuan year-on-year. At the same time, due to the continuous investment in information construction and digital transformation, the R & D expense increased by 156.43% to 146407 million yuan year-on-year. The sales / management / Finance / R & D expense rates in 2022q1 were 2.23% / 2.95% / 0.05% / 0.67% respectively, On a year-on-year basis, + 0.36 / – 0.21 / – 0.05 / + 0.28pcts respectively, the overall operating efficiency of the expense side was improved, the profitability was improved, and the net profit margin on sales was increased by 0.14pcts to 3.34% on a year-on-year basis.
Driven by technology, improve the layout of the ecosystem, and the leading Matthew effect is expected to continue to strengthen. The company continues to increase the scale of investment in technology R & D, actively develop new functions in big data, AI and other fields, and enable internal operations and external customers. In July 2021, the fixed increase is mainly invested in technology R & D as the core. In the short term, the relevant R & D expenditure has caused a certain disturbance to the profits. In the medium and long term, the ecosystem layout is becoming more and more perfect, which continues to support the high growth of the company. The improvement of the quality of income growth has been reflected, and the Matthew effect is expected to continue to strengthen.
Profit forecast: we continue to be optimistic about the development space of the company’s technology driven overall talent solution service provider. Flexible employment and high growth support excellent performance. Technical products are expected to become a new growth engine in the future. According to the company’s annual report, we adjust the profit forecast. It is estimated that the net profit attributable to the parent company from fy2022 to fy2024 will be RMB 328 / 4.14 / 525 million respectively, with a year-on-year increase of 30.1% / 26.1% / 26.6% respectively, The corresponding EPS is 1.67/2.10/2.67 yuan / share respectively, maintaining the “buy” rating.
Risk warning: covid-19 epidemic situation is repeated, business personnel loss, customer loss and other risks
