BURTC(600861) 太平洋证券·2025-04-26 08:14Investment 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]