Career International(300662) 太平洋·2025-04-27 03:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 34.06 [1][15]. Core Insights - The company achieved a total revenue of 11.788 billion yuan in 2024, representing a year-on-year growth of 20.55%. The net profit attributable to shareholders was 205 million yuan, up 2.42% year-on-year [4][9]. - In Q1 2025, the company reported a revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a significant net profit growth of 42.15% [4][5]. - The flexible employment business remains the core driver of revenue growth, with the number of outsourced positions increasing to 47,400 by the end of March 2025, contributing to a revenue growth rate of 22.42% in this segment [5][6]. Financial Performance - The company's total assets reached 4.025 billion yuan at the end of 2024, a 7.37% increase from the beginning of the year. The equity attributable to shareholders was 2.055 billion yuan, up 10.93% [4][6]. - The gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year, primarily due to the rapid expansion of lower-margin businesses [6][8]. - The net profit margin for 2024 was 1.74%, down 0.31 percentage points year-on-year, but the company effectively controlled various expense ratios [6][8]. Business Strategy - The company focuses on structural demand in the recruitment market, leveraging technological innovation and industry integration, particularly in high-end manufacturing, artificial intelligence, and digitalization [7][8]. - The report emphasizes the integration of platform products and the enhancement of AI-driven recruitment matching systems to improve operational efficiency [8][9]. - The company is expected to achieve net profits of 271 million yuan, 336 million yuan, and 395 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 31.99%, 24.03%, and 17.42% [8][9].