人瑞人才(06919.HK)：灵工龙头聚焦新经济，服务&科技双轮驱动，维持“买入”评级，目标价43.21港元
机构：东北证券
评级：买入
目标价：43.21港元
【行业红利】灵活用工渗透率持续提升。对标海外，国内的灵活用工行业仍然大有可为。 从灵活用工人数渗透率看，美国 10%/日本 4%/欧盟 3%，国内目前仅为 0.17%。国内灵活用工行业还处于快速发展阶段，预计未来 5年 CAGR 有望达到 25%。长期看疫情利好灵活用工行业，一是企业对灵活用工认知度的提升，危机下企业将重新审视组织弹性、用工灵活性和经济不确定性，未来将更多地使用灵活用工模式；二是疫情推动了企业对线上招聘及 HR SaaS 服务的需求提升，人力资源服务企业能以较低的获客成本推广新技术产品，触达更多 B端和 C 端客户，增强客户粘性。
【公司壁垒】绑定新经济客户，服务&科技优势明显。公司是国内唯一具有自主研发 O2O 招聘平台的灵活用工服务商，灵活用工人数和总收入居行业第一。客户：公司主动绑定新经济客户（收入占比85%）和独角兽客户（全国 33.2%的独角兽都是公司客户），百万收入级别以上客户续约率高达 100%，展现出很强的客户黏性。服务：公司管理层经验丰富（具有 16 年以上的人力资源行业经验），通过KPI 分解、任职资格体系规范提升员工专业化水平，提炼项目管理指导书提升快速批量招聘响应能力，利用系统、驻场团队有效降低员工流失率。科技：自建五大系统一体化，提高公司整体招聘/入职/管理效率，公司人均创收和人均创利均快速提升。
【投资建议】 引入长线基金+公司回购+低估值构建安全边际，中短期看灵活用工快速发展，长期看科技提高运营效率+并购&成立合资公司拓展 BPO业务，公司未来业绩可期。预计公司 2020-2022 年归母净利润分别为 1.5/2.4/3.5 亿，对应 PE分别为 27/17/12 倍，估值较低。给予公司 2021 年 25 倍，对应目标价 43.21 港元，有 47%的上涨空间。维持“买入”评级。
【风险提示】疫情反复风险；宏观经济波动风险；市场竞争风险等
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
