海外公司报告 | 公司动态研究 BOSS 直聘（BZ） 证券研究报告 2024年03月 29日 投资评级 23 年业绩表现亮眼，24Q1-2 基本面有望持续走强 6个月评级 买入（维持评级） 事件：boss 直聘发布 23 年业绩，全年业绩表现积极，Q4现金收款创新 作者 高超预期。（1）23年：公司23 年实现营收59.5亿元/yoy+31.9%，现金收 何富丽 分析师 SAC执业证书编号：S1110521120003 款66.9亿元/yoy+44.9%，经调整净利21.6亿元/yoy+169.7%。2023 年不含 hefuli@tfzq.com 理财等收益的经调整营业利润为16.4 亿元/yoy+191%、对应经调整营业利 孔蓉 分析师 SAC执业证书编号：S1110521020002 润率27.5%、同比提升15pct。（2）单Q4：公司23Q4 实现营收15.8 亿元 kongrong@tfzq.com /yoy+46.0%、环比持平，现金收款17.8 亿元/yoy+61.2%、环比增长9%，经 调整净利6.3亿元/yoy+956.5%。 相关报告 23 全年新增完善用户超额完成，蓝领及低线和小微企 ...

证券研究报告 | 年报点评报告 2024年03月15日 BOSS 直聘（BZ.O） 营收、收款超预期，企业招聘需求向好 业绩概况：FY2023 公司营收同增 31.9%至 59.5 亿元，经调整净利润同增 169.7%至 买入（维持） 21.6 亿元。FY2023 实现营收 59.5 亿元（yoy+31.9%），经调整净利润 21.6 亿元 股票信息 （yoy+169.7%），其中2023Q4营收15.8亿元（yoy+46.0%），经调整净利润6.29亿元 （yoy+956.5%），实现淡季不淡，全年业绩超预期。此外，公司预计2024Q1营收16.4~16.7 行业 人力资源服务 亿元，同比增长28.3%~30.7%，预计春招旺季业绩有望进一步增长。 前次评级 买入 付费企业数量再创新高，主营业务收入增长延续快速修复趋势。2023年公司经营持续恢复， 1收盘价(美元) 19.60 2023Q4/FY2023月均MAU 4120万（yoy+33.3%）/4230万（yoy+47.4%），截至2023年 总市值(百万美元) 8853.99 末付费企业客户增至520万（同比+44.4%，环比+6.1%），再创历史新 ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ.O) [1][2][7] Core Views - The company reported a 46% year-on-year revenue growth in Q4 2023, with an adjusted profit margin of 40%. The revenue for Q4 2023 was 1.58 billion yuan, exceeding the guidance of 40%-43% year-on-year growth provided in the previous quarter [1][4] - The demand from B-end enterprises continues to recover, with a 44% year-on-year increase in the number of paying enterprises. The platform's monthly active users (MAU) reached 41.2 million, a 33% year-on-year increase [1][6] - The company expects a positive outlook for recruitment demand in 2024, with significant growth in job postings and online positions since the Spring Festival [6][7] Summary by Sections Financial Performance - Revenue for Q4 2023 was 1.58 billion yuan, up 46% year-on-year, while cash billings increased by 61% to 1.78 billion yuan. The gross margin for the quarter was 83%, with an adjusted net profit of 630 million yuan, reflecting a 34 percentage point increase year-on-year [1][4] - The adjusted net profit margin reached 40%, with sales expenses controlled at 430 million yuan, resulting in a sales expense ratio of 27%, down 36 percentage points year-on-year [4][6] Market Demand and Growth - The report highlights a strong recovery in B-end recruitment demand, with large enterprises showing a 24% year-on-year increase in daily online job postings since the Spring Festival. The company anticipates a revenue growth of 28.3% to 30.7% year-on-year for Q4 2023 [6][7] - The company plans to repurchase up to 200 million USD of shares within the next 12 months, indicating a commitment to shareholder returns [2][7] Profit Forecast - The adjusted net profit forecasts for 2024-2026 are 2.67 billion, 3.58 billion, and 4.39 billion yuan, respectively, with a compound annual growth rate (CAGR) of 28% expected over this period [2][7]

[Table_Page] 季报点评|媒体Ⅱ 证券研究报告 [【Table_T广itle] 发传媒&海外】BOSS 直聘 [公Tab司le_评Inve级st] 买入 当前价格 20.79美元 （BZ） 合理价值 25.94美元 前次评级 买入 营收与利润增长稳健，蓝领与下沉市场用户占比提升 报告日期 2024-03-13 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e] 30% ⚫ 事件：BOSS直聘发布23Q4业绩，23Q4，公司实现营收15.80亿元 20% （人民币，下同），YoY/QoQ+46.0%/-1.6%，超过此前指引上限（15.5 10% 亿元）。其中，招聘服务业务营收15.67亿元，YoY/QoQ+46.5%/-1.6%； 0% 其他服务营收1351万元，YoY/QoQ+6.9%/-10.7%。23Q4，calculated -10% cash billings达17.80亿元，YoY/QoQ+61.2%/+8.8%。根据公司指引， -20% 24Q1，公司预计将实现营收 16.4~16.7 亿元，YoY+28.3%~30.7%。 -30% 利润 ...

[Table_Info1] [Table_Date] BOSS直聘(BZ.O) 专业服务/社会服务 发布时间：2024-03-14 [Table_Title] [Table_Invest] 证券研究报告 / 公司点评报告 买入 收入超预期，春节后招聘需求回暖释放积极信号 上次评级： 买入 --- BOSS直聘2023Q4业绩点评 事件： [股Ta票ble数_M据ark et] 2024/03/14 [2T0a2b3lQe_4S公um司m实ary现] 营收15.80亿元/+46%（超出此前指引上限），经计算的 6个月目标价（美元） 现金收款17.80亿元/+61.2%，Non-GAAP归母净利润6.29亿元/+957%。 收盘价（美元） 20.69 12个月股价区间（美元） 12.57~21.32 收入指引：公司预计2024Q1收入16.4~16.7亿元/+28.3%~30.7%。 总市值（亿美元） 89 点评： 总股本（亿股） 9 A股（亿股） 0 B端需求回暖现金收款及GAAP收入增长强劲，付费用户数量持续增长 B股/H股/N股（亿股） 0/0/9 再创新高。分业务看，网络招聘服务 2023Q4 实现营收 ...

Shares of Kanzhun (BZ -1.99%) climbed 13.2% this week, according to data provided by S&P Global Market Intelligence, after the China-based online recruitment platform released strong quarterly results and a new $200 million share repurchase authorization.To be sure, shares rose nearly 19% on Tuesday alone after Kanzhun's report hit the wires, but have since given back some of that single-day gain along with the broader market.How Kanzhun easily beat expectations this quarterKanzhun's cutting-edge recruitmen ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) [1] Core Insights - The recruitment demand is showing marginal improvement, with blue-collar jobs continuing to contribute to growth [1] - In Q4 2023, the company achieved revenue of 1.58 billion yuan, a year-on-year increase of 46%, exceeding previous guidance [5] - The adjusted net profit for Q4 2023 reached 630 million yuan, surpassing market expectations [5] - The company’s cash flow reached 1.78 billion yuan in Q4 2023, reflecting a year-on-year growth of 61.2% [5] - The number of paid enterprises reached 5.2 million, a year-on-year increase of 44.4% [5] - The user structure is gradually optimizing, with blue-collar users contributing over 34% to revenue [5] - The gross margin for Q4 2023 was 82.6%, with a Non-GAAP net profit margin of 39.8% [5] Financial Forecasts - Revenue forecasts for 2024 and 2025 have been adjusted to 7.6 billion yuan and 9.6 billion yuan, respectively, with year-on-year growth rates of 28% and 26% [6] - Non-GAAP net profit forecasts for 2024 and 2025 have been adjusted to 2.7 billion yuan and 3.4 billion yuan, with growth rates of 24% and 27% [6] - The expected Non-GAAP PE ratios for 2024, 2025, and 2026 are 23x, 18x, and 15x, respectively [6] Market Data - The market capitalization of BOSS Zhipin is approximately 8.72 billion USD [3] - The stock price closed at 19.60 USD, with a 52-week range of 12.57 to 21.32 USD [6]

Shares of Kanzhun (BZ 18.80%) soared 18.8% on Tuesday after the Chinese online recruitment platform announced stronger-than-expected quarterly results and a new share repurchase program.On Kanzhun's blue-collar successKanzhun's fourth-quarter 2023 revenue grew 46% year over year to 1,58 billion yuan (or $222.6 million U.S. dollars), translating to non-GAAP (adjusted) net income of 628.6 million yuan (USD $88.5 million USD), or 1.39 yuan (USD $0.20) per American depositary share (ADS). Most analysts, on aver ...

Kanzhun Ltd (NASDAQ:BZ) Q4 2023 Earnings Conference Call March 12, 2024 8:00 AM ET Company Participants Wenbei Wang - Head of Investor Relations Jonathan Peng Zhao - Founder, Chairman and Chief Executive Officer Phil Yu Zhang - Director and Chief Financial Officer Conference Call Participants Eddy Wang - Morgan Stanley Timothy Zhao - Goldman Sachs Yang Bai - CICC Robin Zhu - Bernstein Operator Ladies and gentlemen, thank you for standing by. Welcome to the Kanzhun Limited Fourth Quarter and Fiscal Year 2023 ...

BEIJING, March 12, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (NASDAQ:BZ, HKEX: 2076))), a leading online recruitment platform in China, today announced that its board of directors has authorized a new share repurchase program effective from March 20, 2024 for a 12-month period, under which the Company may repurchase up to US$200 million of its shares (including in the form of American depositary shares). The Company's proposed repurchases may be made from time to time on the ...