Career International(300662) 东吴证券·2025-04-27 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with a 20.55% year-on-year increase in 2024 revenue, reaching 11.79 billion yuan, and a slight increase in net profit by 2.42% to 205.35 million yuan [7] - The flexible employment model has driven revenue acceleration, with a 22.4% increase in this segment, while traditional recruitment services have seen a decline [7] - The integration of AI technology is expected to enhance operational efficiency and broaden business opportunities, with a notable increase in the number of outsourced positions in technical roles [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 9.779 billion yuan, 2024A: 11.788 billion yuan, 2025E: 13.965 billion yuan, 2026E: 16.055 billion yuan, and 2027E: 18.299 billion yuan, with respective growth rates of 7.55%, 20.55%, 18.47%, 14.96%, and 13.98% [1] - Net profit forecasts indicate a recovery, with 2024A at 205.35 million yuan, 2025E at 268.04 million yuan, 2026E at 316.53 million yuan, and 2027E at 355.41 million yuan, reflecting growth rates of -31.05%, 2.42%, 30.53%, 18.09%, and 12.29% [1] - The latest diluted EPS is projected to be 1.04 yuan for 2024, increasing to 1.81 yuan by 2027, with corresponding P/E ratios decreasing from 32.64 to 18.86 over the same period [1] Business Segment Analysis - The flexible employment segment generated 111.4 billion yuan in 2024, with a 22.4% year-on-year increase, while mid-to-high-end talent search revenue decreased by 11.6% to 3.75 billion yuan [7] - The number of outsourced employees in flexible employment reached over 50,000, a 30% increase from the previous year, with a significant focus on IT development roles [7] - The company has accelerated the application of AI technology, leading to a 120% year-on-year increase in job placements through its digital platform [7]