➢ 盈利预测与投资建议：23 年受国内外宏观经济的影响，招聘业务下滑 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|------------------------------------------|-------|-------|-------| | [Table_Profit 重要财务指标 ] 营业总收入 ( 百万元 ) | 2022A | 2023A 9,092 9,778 11,160 13,147 15,232 | 2024E | 2025E | 2026E | | 增长率 YoY % | 29.7% | 7.5% | 14.1% | 17.8% | 15.9% | | 归属母公司净利润 百万元 ) | | 291 201 262 328 399 | | | | | 增长率 YoY% | 15.1% | -31.0% | 30.8% | 25.2% | 21.5% | | 毛利率 % | 9.7% | 7.3% | 7.9% | 8. ...

上 市 公 司 ——24Q1 业绩符合预期，关注招聘市场复苏 | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 9.31 | | 资产负债率 % | 48.49 | | 总股本/流通 A 股（百万） | 197/197 | | 流通 B 股/H 股（百万） | -/- | 相关研究 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 曹敦鑫 A0230523070005 caodx@swsresearch.com 联系人 曹敦鑫 (8621)23297818× caodx@swsresearch.com 公 司 研 究 / 公 司 点 评 资料来源：公司公告，申万宏源研究 【投资收益及其他】包括投资收益、其他收益、净敞口套期收益、公允价值变动收益、资产处置收益等 【营业外净收入】营业外收入减营业外支出 2024 年 04 月 29 日 科锐国际 (30 ...

毛利率承压边际走低,期间费用管控良好。2023年,公司毛利率为 7.3%/-2. 4pct, 图8: 2021Q4-202401 各季度末公司灵活用工期末在册人数 请务必阅读正文之后的免责声明及其项下所有内容 3 证券研究报告 投资建议：回顾 2023 年，国内用工需求并未出现年初市场所预期的强复苏，公司经 营也不可避免受到外部环境影响。其中公司灵活用工虽逆势增长、但增速及毛利率均 边际下滑，猎头业务则承压更为严重。但 2024 年以来公司通过精简猎头团队控制成 本、持续在技术研发类岗位深化布局，各管线业务盈利能力均有改善。结合最新运营 变化，我们维持公司 24-25 年归母净利润预测为 2.73/3.51 亿元，新增 2026 年预测 为 4.32 亿元，对应估值为 14/11/9x。借助内部的降本增效，公司 2024Q1 盈利能力已 经呈现边际改善趋势，后续伴随外部环境稳步复苏，新财年有望成为公司经营新一轮 成长元年，综合考虑公司民企灵活机制下中线成长逻辑以及估值性价比，我们拟提升 公司评级至"买入"，期待公司用工需求改善后的经营弹性。 资料来源: Wind、国信证券经济研究所整理 注：货币单位均为人民币 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Insights - The company's performance in Q1 2024 met expectations, with domestic business recovering faster than overseas operations [1][11]. - In 2023, the company achieved a revenue of 9.778 billion yuan, a year-on-year increase of 7.55%, while the net profit attributable to shareholders was 201 million yuan, a decrease of 31.05% [11]. - The report highlights a significant improvement in headhunting business and continuous growth in flexible employment services [11]. - The company has a high proportion of private enterprise clients, with 65% of domestic client revenue coming from private enterprises [11]. Financial Forecasts - Revenue projections for 2024-2026 are as follows: 12.12 billion yuan in 2024, 14.85 billion yuan in 2025, and 18.66 billion yuan in 2026, with growth rates of 23.9%, 22.5%, and 25.7% respectively [4][11]. - The net profit attributable to shareholders is expected to be 264 million yuan in 2024, 348 million yuan in 2025, and 461 million yuan in 2026, with growth rates of 31.5%, 32.1%, and 32.2% respectively [4][11]. - The report anticipates a recovery in the company's performance due to cost reduction and efficiency improvements, alongside growth in flexible employment services [11].

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------|------------------------------------------------|-----------------------|----------------------|---------------------|----------------------------------------------|------------|-------------------| | [Table_MainInfo] | [Table_Titl ...

增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 ◼ 灵活用工板块业务贡献主要收入，招聘板块需求较弱，对整体盈利有一 定影响： 分业务板块来看，公司灵活用工 2023 年收入 89.8 亿元，同比 +11.7%，中高端人才访寻收入 4.2 亿元，同比-37.8%，招聘流程外包收 入 6745 万元，同比-38.4%，招聘类业务同比下滑主要由于市场整体招 聘需求的影响所致。分区域来看，公司大陆业务收入 73.8 亿元，同比 +9.2%，港澳台及海外业务收入 24 亿元，同比+2.8%。2023 年公司完成 了对英国子公司 Investigo 37.5%股权的股权收购，实现了全资控股。 相关研究 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任 ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-038 欢迎广大投资者积极参与本次网上说明会。 北京科锐国际人力资源股份有限公司 关于举行2023年年度业绩网上说明会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 北京科锐国际人力资源股份有限公司(以下简称"公司"、"本公司")定于 2024 年 5 月 8 日（周三）15:00-17:00 在全景网举办 2023 年度业绩说明会，本次 年度业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投资者关系 互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长高勇先生、总经理李跃章先生、董 事会秘书陈崧女士、财务总监尤婷婷女士、独立董事邢世鸿女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 7 日 15:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专 题页面。敬请广大投资者 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-over-year increase of 15%[20]. - The company's operating revenue for 2023 was ¥9,778,499,800, representing a 7.55% increase compared to ¥9,092,062,280 in 2022[30]. - The net profit attributable to shareholders decreased by 31.05% to ¥200,501,198 in 2023 from ¥290,693,988 in 2022[30]. - The net profit after deducting non-recurring gains and losses was ¥134,072,719, down 43.03% from ¥235,249,265 in the previous year[30]. - The gross margin improved to 35%, up from 32% in the previous year, reflecting better cost management[20]. - The company provided a revenue guidance for 2024, projecting a growth rate of 10% to 12%[21]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB in 2023, representing a year-over-year growth of 20%[194]. Market Expansion and Strategy - The company is expanding its overseas market revenue share, which may be affected by changes in the international economic environment[3]. - The company is exploring market expansion strategies and potential mergers and acquisitions to strengthen its position in the industry[9]. - The company expanded its market presence by entering two new regions, increasing its operational footprint by 25%[21]. - Market expansion plans include entering three new provinces, projected to increase market share by 5%[177]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 300 million RMB for potential deals[177]. - The company plans to expand its asset scale, personnel scale, and business product types, which may introduce management risks if not properly addressed[143]. Research and Development - The company is actively involved in research and development of new products and technologies to drive future growth[9]. - The company invested RMB 50 million in R&D for new technologies to improve service delivery and client engagement[21]. - The total investment in technology for the year was 193 million yuan, an increase of 10% year-on-year, with 51.98% allocated to internal information technology construction[60]. - The company has invested 138.7 million in R&D, focusing on AI-driven recruitment solutions, aiming for a 50% improvement in candidate matching accuracy[161]. - Research and development expenses increased by 30% in 2023, totaling 150 million RMB, focusing on new technology innovations[192]. Human Resources and Employee Management - High employee turnover in the human resources service industry poses a risk to the company's growth, as the industry has a low concentration of firms and high personnel mobility[4]. - Employee headcount increased by 10% to support the growing business demands, totaling 1,200 employees by year-end[20]. - The company emphasizes the importance of human efficiency as a measure of human resource value and profitability[22]. - The company has established a dedicated talent development department to enhance employee training and retention, including programs like the "New Talent Training Camp" and "Future Leaders Acceleration Camp" to support skill development[144]. - The total number of employees at the end of the reporting period was 2,647, including 763 at the parent company and 1,884 at major subsidiaries[197]. Risk Management - The company faces risks from macroeconomic fluctuations, with a potential negative impact on operations due to a downturn in the domestic economy and geopolitical factors affecting foreign direct investment[3]. - The company is focusing on risk management, addressing employment, safety, data security, and public opinion risks as its workforce grows[141]. - The company has implemented measures to analyze and control risks associated with derivative investments[125]. - The company aims to enhance its risk control measures in response to significant changes in the foreign exchange market[126]. Corporate Governance - The company has a governance structure that complies with relevant laws and regulations, ensuring equal treatment of all shareholders and maintaining operational independence from its controlling shareholder[149]. - The board of directors consists of four members, including three independent directors, ensuring compliance with legal requirements and effective oversight[150]. - The company has established various internal management systems to ensure the quality and transparency of information disclosure, including the "Information Disclosure Management Measures" and "Investor Relations Management System"[152]. - The company has a complete governance structure with independent operational management institutions, including a shareholders' meeting, board of directors, and supervisory board[155]. Technology and Innovation - The company is focusing on digital transformation and enhancing its "technology + service + platform" ecosystem to provide comprehensive human resources solutions[44]. - The company is leveraging big data and artificial intelligence to innovate and enhance service quality in response to evolving market demands[43]. - The company launched a pre-trained language model for recruitment, transitioning from label-based matching to deep learning-based matching[68]. - The company aims to enhance its digital platform, expecting a 25% increase in user engagement through new features[179]. Financial Management - The company is committed to ensuring the accuracy and completeness of its financial reports, with key personnel affirming the integrity of the annual report[3]. - The company has a strong emphasis on talent management strategies, providing insights and practices for businesses at different stages of their lifecycle[164]. - The company has established an independent financial management system and internal audit department, ensuring compliance with financial regulations and independent accounting practices[155].

北京科锐国际人力资源股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并所有者权益变动表 | 9-10 | | — | 母公司所有者权益变动表 | 11-12 | | — | 财务报表附注 | 13-128 | 审计报告 XYZH/2024BJAA2B0216 北京科锐国际人力资源股份有限公司 北京科锐国际人力资源股份有限公司全体股东： 我们审计了北京科锐国际人力资源股份有限公司（以下简称科锐国际）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计 ...

证券代码：300662 证券简称：科锐国际 公告编号：2024-030 北京科锐国际人力资源股份有限公司 关于 2023 年年度利润分配预案的公告 1 诺，兼顾了股东的即期利益和长远利益，充分考虑了广大投资者的利益和合理诉 求，与公司经营业绩及未来发展相匹配，符合公司的发展规划。故同意本次利润 分配预案。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京科锐国际人力资源股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第四届董事会第三次会议，审议通过了《2023 年年度利润分配预案》， 现将具体情况公告如下： 一、利润分配预案基本情况 经信永中和会计师事务所（特殊普通合伙）审计，公司 2023 年度实现归属 于上市公司所有者的净利润 200,501,198.39 元，2023 年度实现归属于母公司净 利润 156,759,770.89 元。公司 2023 年生产经营状况良好，业绩符合预期，在符 合利润分配原则，保证公司正常经营和长远发展的前提下，公司 2023 年度利润 分配预案为：拟以公司总股本 196,806,359 为基数，向全体 ...