科锐国际(300662)：灵活用工高增 AI拓宽想象空间

Core Insights - The company reported a revenue of 11.79 billion in 2024, representing a year-on-year increase of 20.55%, with a net profit attributable to shareholders of 205 million, up 2.42% year-on-year [1] - In Q1 2025, the company achieved a revenue of 3.303 billion, marking a 25.1% year-on-year growth, with a net profit of 57.78 million [1] - The increase in revenue and net profit in Q4 2024 and Q1 2025 is attributed to increased government subsidies and improved operational performance [1] Revenue Growth - The flexible employment segment generated 11.14 billion in 2024, a 22.4% increase year-on-year, while the mid-to-high-end talent search revenue decreased by 11.6% to 375 million [2] - The number of flexible employment placements reached 500,000, a 30% increase from the previous year, with IT R&D positions being the main growth driver [2] - By the end of 2024, the company had over 45,500 outsourced employees in flexible employment, a 28.16% increase year-on-year, with technical R&D positions making up 68.2% of the total [2] AI and Digital Transformation - In Q1 2025, the company placed 145,700 flexible workers, with over 47,400 outsourced employees, a 31% year-on-year increase, and technical R&D positions reaching a new high of 68.3% [2] - The company is accelerating the application of AI technology and digital transformation, enhancing delivery efficiency and management effectiveness [2] - The interconnectivity platform "He Wa" delivered 15,000 positions, a 120% year-on-year increase [2] Profit Forecast and Investment Rating - The trend of industrial upgrading is driving a structural recovery in the domestic recruitment market, leading to accelerated revenue growth for the company [3] - The net profit forecast for 2025-2026 has been raised to 268 million and 317 million respectively, with a new forecast for 2027 at 355 million [3] - The latest closing price corresponds to a price-to-earnings ratio of 25, 21, and 19 for 2025-2027, maintaining a "buy" rating [3]