2023 results are in line with expectations, 1Q24 performance is lower than expected, company announces 2023 and 1Q24 results: 2023 revenue 191Baccarat40. 600 million yuan, an increase of 30%Baccarat40.6%; the net profit returned to the mother was 590 million yuan, an increase of 7.3%, which is basically in line withBaccarat40We expect to deduct the non-return net profit of 460 million yuan, an increase of 0.2%. 1Q24 achieved an income of 5.37 billion yuan, an increase of 15.8%, and a net profit of 190 million yuan, an increase of 6.0%, slightly lower than our expectations. We think it is mainly due to the slowdown in the growth of the company's traditional business; deducting 110 million yuan of non-return net profit, an increase of 0.7%. In addition, the company plans to pay a cash dividend of 1.3 yuan for every 10 shares, with a dividend ratio of 50.7%. We calculate that the dividend yield is about 2.7%. Development trend 1, emerging business is growing rapidly, and the business structure is being adjusted continuously. In 2023, 1) traditional business: the revenue of personnel management service / talent dispatch service is 1.22 billion yuan, which is 5.3% higher than that of the same period last year. We expect the revenue of traditional business to remain relatively stable. 2) emerging business: revenue from compensation and welfare services increased by 7.5% to 1.82 billion yuan, while gross profit margin decreased by 1.6ppt to 25.5%, mainly due to higher supplier costs. The revenue of recruitment and flexible employment services / business outsourcing reached 1.14 billion yuan / 14.75 billion yuan, an increase of 41.8% and 37.1% respectively over the same period last year, continuing the high growth rate, and the gross profit margin of outsourcing also increased to 2.4%. The development of outsourcing specialization and product upgrading led to an increase in gross profit margin. 2. Profitability is under pressure. The company's 2023/1Q24 gross profit margin fell 1.9/0.2ppt to 10.1% Universe 9.4% year-on-year, mainly due to an increase in the share of revenue from emerging businesses with low gross margins. On the expense side, the sales expense rate in 2023 is from-1.0ppt to 3.7%, and the sales expense is relatively fixed; the management expense rate is from-0.2ppt to 2.6%, which has the effect of depreciation of new office buildings; the R & D / financial expense rate is from-0.1/+0.3ppt to 0.4% and 0.6%, respectively. Under the combined impact, the company's 2023/1Q24 homing net interest rate fell 0.7/0.3ppt to 3.1% to 3.6% compared with the same period last year. 3. Actively optimize the customer structure, specialize and expand internationally. The company is faced with a reduction in the number of employees affected by economic fluctuations.Baccarat40The external environment, actively expand major customers, domestic customers, new throughout the year
