\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
The performance continued to shine and maintained a high growth trend: in 2021, the revenue was 7.010 billion / + 78.29%, the net profit attributable to the parent was 253 million / + 35.55%, the net profit deducted from non attributable to the parent was 211 million / + 41.09%, the net profit deducted from non attributable to the parent after deducting the cost of equity incentive was 226 million / + 34.45%, and the non recurring profit and loss was mainly the government subsidy of 59.57 million. In Q4 of 2021, the revenue was 1.831 billion / year-on-year + 53.27%, the net profit attributable to the parent was 64 million / year-on-year + 22.57%, and the net profit attributable to the parent after deduction was 43 million / year-on-year + 5.35%. In the whole year of 21, the gross profit margin was 11.52%, a year-on-year decrease of 2.05pcts, and the gross profit margin in the fourth quarter was 12.67%, a year-on-year increase of 0.21pct. The company’s expense rate is well controlled. In the 21st year, the sales expense rate / management expense rate were 2.41% / 3.08% respectively, with a year-on-year decrease of 0.12pct/1.48pct, which is reflected in the improvement of operation efficiency caused by the investment in technical means. On the R & D side, the company has invested 110 million yuan in the development of technology platform in 2021. In 2021, the net service fee is 1.606 billion, and the net service rate is 22.91%.
Each branch business continued its high boom, and the overseas business recovered significantly: under the multiple effects of the continuous technical empowerment of the service center and the technology center, and the continuous improvement of the matching efficiency of post factory recruitment, the revenue of flexible employment business increased by 90% year-on-year, especially in China, with a year-on-year increase of 115%. The medium and high-end talent search business continued to make breakthroughs in the fields of semiconductor, cloud computing, new energy, electronic manufacturing, artificial intelligence and so on, and the overall revenue increased by 50% year-on-year. The recruitment process outsourcing business continued to implement the guidance of key customers, strengthened the ability to integrate the resource advantages of a variety of internal and external products, and the revenue increased by 30% year-on-year. By the end of the 21st century, the company had 3384 employees, an increase of 716 compared with 2020; The number of outsourcing employees was 31678, with a net increase of more than 3175 / 5100 / 1500 / 1678 in Q1 / Q2 / Q3 / Q4 respectively, far exceeding the net increase of 5625 in 2020. In addition, with the effective control of the epidemic, the branches in Southeast Asia, the United States and the United Kingdom recovered rapidly. The overseas business revenue in the 21st year was about 1.579 billion yuan, accounting for 22.53% of the total revenue, with a year-on-year increase of 44.34%.
Increase technology investment and link the long tail market: the company attaches importance to technology development, adheres to digital transformation internally, upgrades and updates internal systems, and escorts its main business; Continue to develop technical platforms externally, strengthen the upgrading and iteration of SaaS cloud products, and continuously link the long tail market. By the end of 21 years, the number of enterprise users of medical pulse conglomeration has exceeded 11000, the monthly life of the platform has reached more than 300000, there are more than 6419 registered partners of hefrog platform (nearly 3500 in 2020), 57895 consultants have settled in the platform, the business data has increased about 8 times during the year, and the recommendation efficiency has been greatly improved. 34.9% of the company’s customers in China are foreign-funded / joint ventures (40% in 2020), 50.7% are fast-growing private enterprises (47.3% in 2020), and 14.4% are government and central / state-owned enterprise customers (12.70% in 2020). The proportion of state-owned enterprises and private enterprises is gradually increasing. In 2021, the company provided customers with medium and high-end jobs and recruited more than 35000 people, with a year-on-year increase of 40%; A total of 311750 outsourcing employees were dispatched, with a year-on-year increase of 64%.
Profit forecast, valuation and rating: considering the impact of the epidemic on enterprise employment, we lowered the EPS 11% / 19% in 22-23 years to 1.68/2.07 yuan, increased the EPS forecast for 24 years to 2.6 yuan, and maintained the “overweight” rating.
Risk tip: the employment demand of enterprises is less than expected, the epidemic relief is less than expected, and the economic recovery is less than expected.
