人力资源服务行业龙头，灵活用工市场前景广阔

Beijing Career International（300662） Equity Research·Company Research·Professional Services 1 / 9 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] Leader in the HR service industry, with vast prospects in the flexible employment market Buy (Initiation) Forecast & Valuation 2021A 2022E 2023E 2024E Revenue (RMB mn) 7,010 9,093 12,669 16,834 Growth (YoY %) 78% 30% 39% 33% Net profit (RMB mn) 253 291 382 499 Growth (YoY %) 36% 15% 31% 31% EPS (RMB) 1.28 1.48 1.94 2.53 P/E (X) 33.30 28.92 22.02 16.86 Key words: # Scarce assets Investment Thesis ◼ After 27 years of deep cultivation in the human resources service industry, Beijing Career International (BJCI) gradually expands from headhunting to recruitment process outsourcing (RPO) and flexible employment business. With rich resources and experience in the entire human resources industry, BJCI currently focuses mainly on the flexible employment business. Since listed, the company's revenue and profits have maintained a high-speed growth trend. In 2022, BJCI achieved operating income of RMB9.1bn (+30% YoY), and net profit of RMB290mn (+15% YoY). As of the end of Sep 2022, BJCJ had 32,000 outsourced employees registered, and a total of 270,000 outsourced employees had been dispatched from Jan to Sep 2022. ◼ Prospects for flexible employment are promising as companies re-enter the expansion cycle in the post-pandemic recovery. With the growth of business scale, most mature companies choose to outsource some non-core businesses to maintain stable operating efficiency and reduce personnel management costs. Demand for flexible employment exists universally at different stages of firm development, especially in white-collar positions such as IT R&D, factory assembly lines, finance, law, and administrative personnel. According to data from the Ministry of Human Resources and Social Security, China's human resources service industry reached a scale of RMB2.5tn (+21% YoY) in 2021. According to iResearch, CAGR of the industry has maintained 30%+ since 2019. In addition, the HR service industry has a clear pro-cyclical characteristic. We also find that in the post-pandemic recovery, the demand for human resources services also rebound significantly as companies re-enter the expansion period in Europe and the U.S. ◼ BJCI has obvious first-mover advantages and accumulated rich industry experience and resources, with well-continued orders. Though the HR service industry has a low barrier to entry, it is difficult to grow into a leading enterprise. BJCI entered the industry in the 1990s, familiar with the domestic market, and has established a scientific, stable, and efficient operating mechanism from order taking to delivery in the flexible employment field. BJCI's product delivery is stable, and enjoys an excellent customer reputation, with stable large customer orders. In 2021, its sales to the largest customer accounted for 24% of total sales, and sales to the top five customers accounted for 37%. ◼ Ea