人瑞人才(06919.HK)：靈活用工人數環比穩定增長，維持“買入”評級
機構：中泰證券
評級：買入
投資要點
事件：截至 2020 年 11 月 30 日，公司靈活用工人數 3.4 萬人、同增 40.5%。 2020 年 10 月，公司擬以 2000 萬元投資迅騰集團 15%股權，並訂立獨家戰略合作協議。
點評：
靈活用工人數穩定增長。至 2020 年 11 月 30 日，公司靈活用工人數 3.4萬人、同增40.5%，2020 年9~11月靈活用工人數環比增長 4.6%/3.2%/4%。
與迅騰集團合作，擴充候選人資源。騰訊集團主要與國內職教學院合作，校企融合，協助學院開發課程、招生，指派教師授課並設立業務流程外包服務培訓中心為學生提供培訓機會。根據戰略合作協議，公司將在 2020~24年轉介合適的 BPO 項目給迅騰，迅騰將建立 BPO 服務培訓中心來運營，並且每年將轉介不少於學院 20%的學生作為實習生在培訓中心工作，推薦不少於50%的畢業生參加公司的靈活用工業務和專業招聘業務客户舉辦的招聘活動。公司聚焦服務新經濟企業，靈活用工和 BPO 以客户服務代表及信息認證崗位為主，這類崗位的員工流動率較高，該協議有助於公司擴充候選人資源，建立長期的人才供應鏈，降低招聘成本。
投資建議：2020H1 受疫情影響，靈活用工增速放緩，Q2 開始恢復，Q3人數環比穩定增加。長期來看，客户行業拓展有望帶動靈活用工平均服務費及毛利率的提升。與迅騰集團合作，擴充候選人資源的同時，有望降低招聘成本，提升盈利能力。調整 2020/21/22 年淨利潤至 1.54/2.58/3.74 億元，同增 15%/68%/45%（其中 2020 年增速為對應 2019 年經調整淨利潤1.34 億元的同比增速）（調整前 FY20~22 淨利潤預測為 2.37/4.22/6.08 億 元，盈利預測調整較大主要是疫情導致靈活用工人數增長低預期），對應估值 21x/12x/8x，維持“買入”評級。
風險提示：宏觀經濟下行及短期疫情衝擊對人力資源服務行業的影響；公司的靈活用工業務發展較為依賴大客户。
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