BURTC(600861) 东吴证券·2025-04-26 14:35Investment 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]