華西證券:維持人瑞人才(6919.HK)“買入”評級,目標價47.5港元
人瑞人才(6919.HK)4月底發佈業績顯示,2021年一季度收入10.16億元、同比增59.5%;毛利潤0.84億元,同比增67.6%;經調整淨利潤0.4億元、同比增44%;毛利率為8.3%,同比提升0.4PCT。
華西證券於5月6日發研報稱:
人瑞人才2021Q1靈活用工僱員人數36,372人,同比增42.3%,其中1-3月人數分別為36,138/34,123/36,372人,2月為業務淡季受春節假期及員工拿到年度獎後跳槽的影響人數減少、但是在3月用工旺季使得在崗人數迅速恢復至3.6萬多人,估計2021年從4月開始如每月增加1500人左右、到年底目標有望突破5萬人。
對於未來看點:
(1)強化大客户優勢創收同時新拓展垂直領域,尤其急需人才的社區電商板塊是未來業績增量的一個突破點,這個賽道不僅持續有人才的需求且人員流失率大、人員分散於各個網點,因此人員管理相較信息審核和客服崗位難度更高,所以毛利率相對也更高一些;
(2)強化技術優勢提效,升級瑞雲、瑞聘系統。瑞雲實現:1)在線自動化算薪,進一步提升薪酬團隊人效;2)靈活用工項目遠程管理,區域中心總監/COE 和外包駐巡場之間實現項目問題的及時溝通。瑞聘實現:自動檢索項目經理和求職者之間對話中關於求職意向的關鍵詞,瑞聘後台根據關鍵詞推送合適的崗位,提高招聘團隊人均效能;
(3)加碼IT人才,靈活用工高端化:2020年9月成立IT人才外包事業部,2020年內已經增加數10家客户,將在集團、華南、華東設立IT人才招聘團隊的基礎上在華北、華西、華中等區域中心進一步增設IT人才招聘團隊,同時將通過「合夥人創業計劃」吸引更多有IT人才外包的服務經驗的管理者加入人瑞,並計劃通過投資的方式參股1-2家IT人才社區平台公司擴大候選人資源。
維持預計公司2021-23年營收40.3/54.0/69.3億元,經調整淨利潤2.50/3.38/4.42億元,給予21年25倍PE對應合理市值62億人民幣、目標價47.5港元,看好未來公司靈活用工及BPO業務高成長,維持“買入”評級。
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