\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
Event overview: the company announced that the revenue in Q1 of 22 years was 2.192 billion yuan / + 50.92%, of which the revenue of China / investigo was 1.697495 billion yuan, with a year-on-year increase of 45.7% / 71.9%; The net profit attributable to the parent company is 53 million yuan / + 35.57%, and the net profit not attributable to the parent company is 48 million yuan / + 40.87%. The revenue performance in the first quarter was slightly higher than expected, mainly driven by overseas recovery, and the forecast of the performance department was medium and in line with expectations. The gross profit margin of Q1 in 22 years was 9.81%, with a year-on-year increase of + 0.39pct and a month on month increase of -2.86pct, which was in line with the off-season performance; The sales / management / R & D / financial expense ratio is 2.23% / 2.28% / 0.67% / 0.05% respectively, with a year-on-year change of + 0.36pct / – 0.49pct / + 0.27pct / – 0.05pct. The increase in sales expense ratio is mainly due to the increase in market expansion and product operation. The increase in R & D expense ratio is mainly due to the continuous investment in informatization and digital transformation. At present, there are 350 production and research teams. The net cash flow from operating activities in Q1 of 22 was – 126 million yuan (21q1-4 were – 3.01/0.36 / – 0.47/269 million yuan respectively), the cash inflow from sales of goods and services / total revenue was 107%, the turnover days of accounts receivable were 65.82 days, and the annual average of 21 was 62.18 days, which strengthened the overall cash flow control.
Sub business performance: the growth rate of flexible employment and recruitment revenue in 22q1 reached 60%, highlighting the business toughness and comparative advantage. Flexible employment / medium and high-end recruitment / recruitment process outsourcing / technical service revenue increased by 60.03% / 31.51% / 10.20% / 23.42% year-on-year. As of the end of the first quarter, 31741 people were employed in flexible employment, with a year-on-year increase of 36%. In the first quarter, 91680 people were dispatched in flexible employment, with a year-on-year increase of 37%. The rapid growth over the same period shows the business toughness provided by the cumulative effect of flexible employment The stable month on month growth is mainly due to the off-season in the first quarter and the superposition of the impact of the epidemic. The post outsourcing business continues to be deeply cultivated in professional and technical posts (such as technology R & D, technology operation and maintenance) and white-collar general posts (such as financial, strategic, personnel, administration, legal and other functional posts). Technical service revenue increased by 23.42% year-on-year. By the end of the first quarter, there were more than 7000 registered partners of hefrog platform, more than 581 new partners in the quarter, and more than 65000 registered and delivered recruitment consultants and labor brokers; Nearly 17000 enterprises have been certified by the vertical recruitment platform Yimai Tongdao and hefrog platform; During the reporting period, the company had more than 3480 charging customers and more than 54000 online recruitment posts.
Profit forecast and investment suggestions: the company insists on continuously seizing the market with “front store and back factory”, “thousands of people and thousands of Posts”, “vertical business district” and “science and technology empowerment”. The technology investment in 21 years has exceeded 110 million yuan, laying the foundation for the future technical effect. We expect to maintain the performance growth of 25% – 35% on the basis of continuous R & D investment in 22 years. We estimate that the company’s net profit attributable to the parent company in 22-24 years is RMB 325 / 421 / 547 million, with a year-on-year growth rate of 28.7% / 29.7% / 29.9%, corresponding to 27 / 21 / 16 times of PE in 22-24 years and maintaining the “buy” rating.
Risk tips: mode conversion risk, brain drain and training risk, policy and regulation change risk
