Jinwu Financial News | According to the Everbright Securities Research Report, the core competitiveness of BeiSen Holdings (09669) is: 1) Market share leadership: Since 2016, Kitsen has maintained the number one position in the Chinese HCMSaaS market for seven consecutive years. According to IDC, the market share of Kitsen in terms of revenue reached 15.3% in the first half of 2023. 2) Industry first: Kitsen is the first and only platform in the industry that provides integrated cloud applications, and is also the only supplier of cloud HCM solutions that have built a unified and open PaaS platform.
According to the bank, China's digital HCM market space is huge, and cloud HCM has grown significantly. Driven by policies and increased digital demand in the HR field, the number of the company's customers is expected to increase further; the company's products have significant advantages in cloud integration, gathering core manpower management, and product performance updates and iterations also bring cross-sales opportunities. The bank expects FY24-FY26 to achieve operating revenue of 8.6/10.5/1.23 billion yuan (yoy +14%/+22%/+17%). Beisen Holdings is a leader in cloud HCM solutions, has certain scarcity, first-time coverage, and gives it a “buy” rating.