Careert International Bottom-Level Repeated Strong Call

English summary

· Strong earnings resilience: Q2 revenue growth expected at 15%-20%, earnings growth 20%+. Q2 flexible staffing headcount net increased by over 1,700, with wind power customer contributions showing significant increment; headhunting recovering at bottom, continuing Q1 growth, with further improvement in per-capita efficiency; Hewa offer revenue amount doubled; AI products already have customers with strong willingness to pay, expected to generate revenue this year. Sector sentiment repair: Earlier, the market worried that AI development would compress intermediary value in recruitment and reduce corporate labor demand, putting pressure on global HR service leaders' valuations. Recently, pessimistic sentiment in the sector has somewhat repaired, with global HR service leaders such as Adecco, Manpower, RHI seeing notable rebounds. Careert's alpha: high proportion of tech positions offline + embracing AI for cost reduction and efficiency + Chinese enterprises going global with globalized HR services. The company's PE (2026) is only 10x, with conservative earnings growth of 15%+, key recommendation.