20230418-东吴证券-北京城乡-600861.SH-北京城乡董事会通过公司更名和经营范围变更_公司即将开启人服新篇章_3页_436kb

Beijing Urban (600861) stock research highlights key developments in its rebranding and business transformation. The company's board approved a name change to Beijing Intl Human Capital Group, shifting from commercial services to human resources (HR) services, following a major asset swap. This integration includes Beijing Foreign Enterprise, a leading HR player with over 40 years of industry experience, boasting a large client base and strong market presence. Financially, the entity shows robust growth potential, with current PE ratios ranging from 14x to 11x for future earnings. The investment outlook is positive, driven by post-pandemic economic recovery and the expanding HR market in China, supporting sustained industry growth. However, risks include potential industry downturns and uncertainties in client demand. Overall, maintain "Buy" recommendation based on expected earnings increases.