BOSS ZHIPIN(BZ) 东吴证券·2024-09-01 12:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In Q2 2024, the company achieved total revenue of 1.917 billion yuan, a year-on-year increase of 28.8%, which is at the lower end of the company's guidance. Adjusted net profit reached 719 million yuan, up 26.4% year-on-year, slightly exceeding Bloomberg consensus expectations [3] - The company expects total revenue for Q3 2024 to be between 1.90 billion and 1.92 billion yuan, representing a year-on-year increase of 18.2% to 19.5% [3] - User growth remains strong, with MAU reaching 54.6 million, a year-on-year increase of 25.2%. The number of paid enterprise users increased by 31.1% year-on-year, reaching 5.9 million [3] - The company is focusing on cost control, with a gross margin of 83.5% in Q2 2024, up 1.7 percentage points year-on-year. The operating profit margin is expected to improve in the second half of 2024 [4] - The long-term development outlook remains positive, with adjusted net profit forecasts for 2024-2026 revised to 2.7 billion, 3.2 billion, and 4.1 billion yuan respectively [4] Financial Performance - Total revenue for 2024 is projected to be 4.511 billion yuan, with a year-on-year growth of 25%. The adjusted net profit is expected to be 799 million yuan in 2024, reflecting a 24% year-on-year increase [2] - The company’s cash collection reached 1.95 billion yuan in Q2 2024, a year-on-year increase of 20.5% [3] - The company’s PE ratio is projected to be 15x for 2024, 12x for 2025, and 10x for 2026 [4] Market Data - The closing price of the stock is 5.608 billion [5] - The price-to-book ratio is 2.69 [5] User and Revenue Growth - The company has seen a robust increase in enterprise user demand, particularly in lower-tier cities, with blue-collar recruitment growing faster than white-collar [3] - The company’s blue-collar recruitment project generated over 40 million yuan in revenue in Q2 2024, showing significant growth [3]