\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 62 Beijing Career International Co.Ltd(300662) )
The company released the first quarterly report of 2022: 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 not attributable to the parent was 48 million yuan / + 40.87%. The net operating cash flow was - 126 million yuan / + 40.87%, which was mainly due to the quarterly collection and payment of the human services industry. Under the background of the disturbance of Q1 epidemic, the cash flow was further better than that of 2021q1.
Flexible employment maintained a high growth and overseas business recovery accelerated. 1) Flexible employment: as of 2022q1, there were 31700 flexible employment outsourcing employees / + 35.64%, which was basically the same as that at the end of 2021, mainly because the first quarter was a traditional off-season. The company continued to work 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) to provide customers with efficient recruitment matching and personnel management services. 2) Split business segment: the revenue from flexible employment, headhunting recruitment and recruitment process outsourcing increased by 60.03%, 31.51% and 10.20% respectively year-on-year, and the revenue from technical services increased by 23.42% year-on-year. Investigo's revenue is 495 million yuan / + 71.88%.
The platform business continued to advance. By the end of 2022q1, hefrog platform had more than 7000 registered partners and more than 65000 registered and delivered recruitment consultants and labor brokers; The vertical recruitment platform Yimai Tongdao and hefrog platform have certified nearly 17000 enterprises, more than 3480 charging customers and more than 54000 online recruitment posts.
Looking forward to 2022: 1) in 2021, the company's technology investment will exceed 110 million yuan and has more than 300 professional and technical personnel. In the future, it will continue to increase technology investment, improve the ecological model of "technology + platform + service", help the company reduce costs and improve efficiency, and cultivate new performance growth points; 2) Continue to strengthen the mode of "thousands of people and thousands of Posts" and "vertical business circle", dig deep into regional and high Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) resources, and expand the business needs of new and old customers by providing one-stop human resources whole industry chain services; 3) Relying on "hefrog" and other platforms, continue to widely aggregate partner resources, actively embrace industrial interconnection and promote the sound development of the industry; 4) With the path of international development of "the Belt and Road" enterprise customers, the overseas layout is actively promoted.
Investment suggestion: give a Buy-A rating. We expect the revenue growth rate of the company from 2022 to 2023 to be 44.1% and 41.3% respectively. The net profit attributable to the parent company is 306 million yuan and 424 million yuan. Give 35 times PE in 2022, corresponding to the target price of 54.25 yuan.
Risk tips: the impact of macroeconomic fluctuations, the risk of intensified industry competition, the risk of changes in policies and regulations, etc.
