Career International(300662) 民生证券·2024-11-01 07:02Investment Rating - The report maintains a "Recommended" rating for the company, with a reference to the closing price of 19.66 yuan on October 31, 2024 [4]. Core Insights - The company achieved a revenue of 8.516 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.77%. However, the net profit attributable to shareholders decreased by 10.96% to 135 million yuan [2]. - The domestic business shows a positive recovery trend, while overseas operations are under pressure due to various macroeconomic factors [2]. - The flexible employment model has driven revenue growth, with a 20.59% increase in flexible employment income year-on-year [2]. - The headhunting business has shown signs of recovery, with a 2.33% year-on-year growth in Q3 2024 [2]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 6.75%, down 1.02 percentage points year-on-year, with a net profit margin of 1.59%, down 0.53 percentage points year-on-year [2]. - In Q3 2024, the company achieved a revenue of 2.975 billion yuan, a year-on-year increase of 23.12%, with a net profit of 49 million yuan, down 9.60% year-on-year [2]. - The company expects net profits for 2024-2026 to be 204 million, 286 million, and 394 million yuan respectively, corresponding to PE ratios of 19X, 14X, and 10X [2][3].