公司报告 | 年报点评报告 北京人力（600861） 证券研究报告 24 年北京外企扣非净利+17%，25Q1 补贴到账积极 24 年超额完成业绩承诺 表观 24 全年：营收 430 亿/yoy+12%，归母净利 7.91 亿元/yoy+44%，扣非 归母净利 5.33 亿/yoy+107%，非经中政府补助 5.6 亿。毛利率 5.9%/yoy -1.0pct，归母净利率 1.8%/yoy+0.4pct。销售/管理/研发费用率 1.3%/2.1%/ 0.1%，yoy-0.2/-0.5/-0.4pct。24 年末员工总数 3721 人/yoy-9.6%，持续推进 降本增效。 北京外企 24 全年：归母净利 8.72 亿元/yoy+6%/业绩承诺实现率 147%，扣 非归母净利 5.75 亿元/yoy+17%/业绩承诺实现率 102%。 24 年拆分：①业务外包营收 360 亿/yoy+14%，毛利率 3.2%/yoy-0.05pct； ②人事管理营收 10 亿/yoy-9%，毛利率 82%/yoy-3.92pct；③薪酬福利营收 12 亿/yoy+5%，毛利率 18%/yoy-0.51pct；④招聘及灵活用工营 ...

Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861) with a target price based on the last closing price of 22.32 [1][7]. Core Insights - The company reported a revenue of 430.32 billion yuan for 2024, representing a year-on-year growth of 12.32%, and a net profit attributable to shareholders of 7.91 billion yuan, up 44.42% year-on-year [4][5]. - In Q1 2025, the company achieved a revenue of 108.37 billion yuan, a growth of 2.72% year-on-year, and a net profit of 5.91 billion yuan, which is a significant increase of 180.41% year-on-year [4][5]. - The outsourcing business is identified as the core driver of revenue growth, accounting for 83.77% of total revenue, with a year-on-year growth rate of 13.96% [4][5]. - The company is focusing on digital upgrades to enhance operational efficiency through collaborations with technology firms [6]. Financial Performance Summary - For 2024, the company expects to achieve a revenue of 430.32 billion yuan, with a growth rate of 12.32%, and a net profit of 7.91 billion yuan, reflecting a growth rate of 44.42% [8]. - The projected net profits for 2025, 2026, and 2027 are 10.98 billion yuan, 10.1 billion yuan, and 11.47 billion yuan, with growth rates of 38.69%, -7.94%, and 13.52% respectively [7][8]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.94 yuan, 1.78 yuan, and 2.03 yuan, with corresponding price-to-earnings (PE) ratios of 12X, 13X, and 11X [7][8]. Cost Management and Efficiency - The company has shown significant improvement in cost management, with a decrease in selling, administrative, and research expenses as a percentage of revenue [6]. - The overall gross margin for 2024 was 5.89%, down 1.00 percentage point year-on-year, primarily due to the increased proportion of lower-margin outsourcing business [5][6].

Performance Overview - In 2024, the company achieved revenue of 43.032 billion (yoy +12.32%) and a net profit attributable to shareholders of 0.791 billion (yoy +44.42%), with a non-recurring net profit of 0.533 billion (yoy +106.88%) [1] - The significant profit increase in 2024 was mainly due to a low base effect from asset disposals and related tax expenses from asset replacements [1] - In Q1 2025, the company reported revenue of 10.837 billion (yoy +2.72%) and a net profit attributable to shareholders of 0.591 billion (yoy +180.21%), with a non-recurring net profit of 0.145 billion (yoy -22.11%) [1] - The non-recurring gains in Q1 2025 included government subsidies of 0.42 billion and gains from subsidiary equity transfers and financial products totaling 0.36 billion [1] Business Performance - Beijing Foreign Enterprises achieved a net profit of 0.872 billion in 2024 (yoy +5.61%) and a non-recurring net profit of 0.575 billion (yoy +17.45%), fulfilling 146.78% and 102.24% of its annual performance commitments, respectively [2] - Revenue breakdown for 2024 includes: outsourcing services at 36.048 billion (yoy +13.96%), personnel management services at 0.099 billion (yoy -9.06%), compensation and benefits services at 0.12 billion (yoy +4.68%), and recruitment and flexible employment at 4.346 billion (yoy +12.60%) [2] - The company expects to benefit from pro-employment and pro-consumption policies, with a projected non-recurring net profit of no less than 0.662 billion in 2025, indicating a growth rate of no less than 9.66% [2] Long-term Outlook - In 2024, the company signed global cooperation agreements with Adecco Group and Huawei Technologies, which may accelerate the acquisition of large client labor needs overseas [3] - A subsidiary plans to establish a joint venture with Kunlun Wanwei to promote AI in recruitment, aiming to reduce costs and improve efficiency for enterprises [3] - Revenue projections for 2025-2027 are 48.636 billion, 55.477 billion, and 63.878 billion, with corresponding growth rates of 13.02%, 14.07%, and 15.14% [3] - Net profit projections for the same period are 0.898 billion, 1.025 billion, and 1.195 billion, with growth rates of 13.42%, 14.23%, and 16.50% [3] - Earnings per share (EPS) are expected to be 1.59, 1.81, and 2.11 yuan per share for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, with a reported revenue of 43.03 billion yuan in 2024, representing a year-on-year increase of 12.32%. The net profit attributable to the parent company reached 791.41 million yuan, up 44.42% year-on-year [8] - The company benefits from government subsidies, which have significantly boosted profit growth. The net profit for Q1 2025 was 5.9 billion yuan, reflecting a year-on-year increase of 180.4% [8] - The company continues to deepen its partnership with the Adecco Group, enhancing its service offerings for Chinese enterprises expanding globally [8] Financial Summary - Total revenue projections for the company are as follows: 43.03 billion yuan in 2024, 47.85 billion yuan in 2025, 52.47 billion yuan in 2026, and 56.70 billion yuan in 2027, with respective year-on-year growth rates of 12.32%, 11.19%, 9.67%, and 8.05% [1][9] - The net profit attributable to the parent company is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027, with year-on-year growth rates of 44.42%, 12.91%, 8.11%, and 8.61% respectively [1][9] - The latest diluted EPS is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1][9] Market Data - The closing price of the company's stock is 22.32 yuan, with a market capitalization of 12.64 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 15.97 for the current price and latest diluted earnings per share [1][5]

Investment Rating - The report maintains a "Buy" rating for Beijing Renli (600861) with a target price based on the last closing price of 22.32 [1][7] Core Insights - The company achieved a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, and a net profit attributable to shareholders of 791.4 million yuan, up 44.42% [4][8] - In Q1 2025, the company reported a revenue of 10.84 billion yuan, a 2.72% increase year-on-year, and a net profit of 591 million yuan, showing a significant growth of 180.41% [4][5] - The outsourcing business is identified as the core driver of revenue growth, accounting for 83.77% of total revenue, with a growth rate of 13.96% for the year [4][5] Financial Performance Summary - The company’s gross margin for 2024 was 5.89%, a decrease of 1.00 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin outsourcing business [5][6] - The net profit margin for 2024 was 1.84%, slightly up by 0.41 percentage points year-on-year, while the gross margin further declined to 5.63% in Q1 2025 [5][6] - The company plans to distribute a cash dividend of 0.6990 yuan per share, with a cash dividend ratio of 50% for 2024 [6] Future Projections - The company is expected to achieve net profits of 1.1 billion yuan, 1.01 billion yuan, and 1.15 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 38.69%, -7.94%, and 13.52% [7][8] - Earnings per share (EPS) are projected to be 1.94 yuan, 1.78 yuan, and 2.03 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 12X, 13X, and 11X [7][8]

Core Viewpoint - Beijing Renli announced its 2024 annual distribution plan, proposing a cash dividend of 6.99 yuan per 10 shares (including tax), with a total cash payout of 396 million yuan, representing 50% of net profit and a dividend yield of 3.86% based on the average trading price for 2024 [2][3]. Company Financial Performance - For the year 2024, the company reported operating revenue of 43.032 billion yuan, a year-on-year increase of 12.32%, and a net profit of 791 million yuan, up 44.42% year-on-year. The basic earnings per share were 1.398 yuan, with a weighted average return on equity of 12.61% [3][4]. Dividend History - The company has a history of consistent dividend payouts, marking its 27th distribution since its listing. The cash dividends over the years have shown a significant increase, with the latest payout of 396 million yuan compared to previous years [2][3]. Industry Comparison - In the social services sector, 40 companies announced their 2024 distribution plans. Beijing Renli's cash payout ranks fifth among these companies, with the highest payout being from Foreign Service Holdings at 548 million yuan [4][5]. Recent Market Activity - The stock experienced a net outflow of 148,500 yuan from main funds today, with a total outflow of 7.5077 million yuan over the past five days [4].

证券代码：600861 证券简称：北京人力 公告编号：临 2025-017 号 北京国际人力资本集团股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 19 日 15:00 点 召开地点：北京市朝阳区广渠路 18 号院世东国际大厦 B 座 (五) 网络投票的系统、起止日期和投票时间。 网络 ...

证券代码：600861 证券简称：北京人力 公告编号：临 2025-010 号 北京国际人力资本集团股份有限公司 第十届监事会第十二次决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届监事会第十二次 会议通知于 2025 年 4 月 14 日以电子邮件方式发出，会议于 2025 年 4 月 24 日以现场 结合通讯方式召开。会议应到监事 3 名，实到监事 3 名。会议的召集召开符合《中华 人民共和国公司法》和《北京国际人力资本集团股份有限公司章程》（以下简称《公司 章程》）的有关规定，会议合法有效。本次会议由监事会主席王禄征先生主持，公司 部分高级管理人员列席会议，会议审议通过如下事项： 一、审议《关于<公司 2024 年度监事会工作报告>的议案》 会议审议通过《北京人力 2024 年度监事会工作报告》，并同意提交公司股东大会 审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为，公司 2024 年年度利润分配预案符合《公司章程》的规定，充分 ...

北京国际人力资本集团股份有限公司 第十届董事会第十八次会议决议公告 证券代码：600861 证券简称：北京人力 公告编号：临 2025-009 号 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届董事会第十八 次会议通知于 2025 年 4 月 14 日以电子邮件方式发出，会议于 2025 年 4 月 24 日在公 司以现场结合通讯方式召开。本次会议应到董事 8 名，实到董事 8 名。会议的召集召 开符合《中华人民共和国公司法》《北京国际人力资本集团股份有限公司章程》以及 《北京国际人力资本集团股份有限公司董事会议事规则》的有关规定，会议合法有效。 本次会议由董事长王一谔先生主持，公司监事及高级管理人员列席会议。会议审议通 过如下事项： 一、审议《关于<公司 2024 年度董事会工作报告>的议案》 会议审议通过《北京人力 2024 年度董事会工作报告》，并同意提交公司股东大会 审议。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 ...