BOSS ZHIPIN(BZ) 国信证券·2024-09-02 06:03Investment Rating - The report maintains an "Outperform" rating for BOSS Zhipin (BZ O) [1][3] Core Views - BOSS Zhipin's Q2 2024 revenue growth of 29% YoY to 1 92 billion RMB aligns with prior guidance (28 4%-31 7%) [1][5] - Non-GAAP net profit excluding 300 million RMB stock-based compensation was 720 million RMB, up 26% YoY [1][5] - Cash collection grew 21% YoY to 1 95 billion RMB, but slowed from Q1 2024's 24 3% growth due to weaker corporate hiring demand [1][5] - Online recruitment revenue increased 29% YoY to 1 89 billion RMB, driven by enterprise user growth [1][5] - Blue-collar hiring demand showed YoY growth but significant QoQ decline, with manufacturing leading the sector [5] - Large enterprises' hiring recovery outpaced small enterprises, continuing Q1 trends [1][5] - Lower-tier cities showed faster growth in recruiters compared to first-tier cities [1][5] User Growth and Business Metrics - Average monthly active users (MAU) grew 25% YoY to 54 6 million, accelerating by 7 8 percentage points QoQ [1][6] - The company added approximately 28 million new users in H1 2024, achieving about 67% of its full-year user growth target [1][6] - Paying enterprise customers reached 5 9 million in the past 12 months, up 31% YoY, though growth slowed by 11 4 percentage points QoQ [1][6] - ARPU increased 4% YoY to 1,142 RMB, reversing the previous downward trend, likely due to customer structure optimization [1][6] Financial Performance - Net profit margin improved by 1 0 percentage point YoY to 21 8% in Q2 2024 [1][8] - Adjusted net profit margin was 37 5%, down 0 7 percentage points YoY [1][8] - Gross margin expanded by 1 7 percentage points to 83 5%, attributed to cost control measures such as server bandwidth optimization [1][8] - Operating expense ratio decreased by 4 7 percentage points to 65 2%, with sales/R&D/management expense ratios down 3 3/1 4/0 percentage points respectively [1][8] Business Development - "Hailuo Preferred" initiative achieved over 40 million RMB in revenue in Q2 2024, showing significant QoQ growth [2][9] - The company is increasing investment to accelerate the monetization of "Hailuo Preferred" [2][9] - Blue-collar job supply and demand improved in August 2024, with manufacturing showing particularly strong performance [2][9] Share Repurchase - The company repurchased 88 million USD worth of shares in the past four months [2][9] - A new share repurchase program of up to 150 million USD was announced, to be implemented alongside the existing 200 million USD program [2][9] Financial Forecasts - Revenue is expected to reach 7 44/9 83/11 68 billion RMB in 2024/2025/2026, with a slight 2% downward revision for 2024 [9] - Adjusted net profit is projected at 2 67/3 52/4 31 billion RMB for 2024/2025/2026, maintaining a 28% CAGR [9] - EPS is forecasted at 5 92/7 82/9 59 RMB per ADS for 2024/2025/2026 [4][9] - ROE is expected to improve from 7 1% in 2024 to 16 3% in 2025 and 16 2% in 2026 [4]