BOSS ZHIPIN(BZ) 东吴证券·2025-03-17 11:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q4 2024 slightly exceeded expectations, and there is optimism for a recovery in recruitment demand in 2025 [1][4] - The contribution of blue-collar, lower-tier cities, and small enterprises to revenue continues to rise, with strong growth in AI-related job recruitment [3] - The company is expected to achieve an adjusted operating profit of approximately 3 billion yuan in 2025, driven by improved customer acquisition efficiency and cost reductions through AI [3][4] Financial Performance Summary - Total revenue for 2023 is projected at 5,952 million yuan, with a year-on-year growth of 32%. This is expected to increase to 7,356 million yuan in 2024, representing a 24% growth [1] - The net profit attributable to the parent company is forecasted to be 1,099 million yuan in 2023, with a staggering year-on-year growth of 925%, and is expected to reach 1,585 million yuan in 2024, a 44% increase [1] - Non-GAAP net profit is anticipated to grow from 2,156 million yuan in 2023 to 2,711 million yuan in 2024, reflecting a 26% increase [1] - The adjusted EPS is projected to rise from 4.76 yuan in 2023 to 5.98 yuan in 2024 [1] Operational Insights - The company achieved a gross margin that remained stable year-on-year, with an adjusted sales expense ratio decreasing by 3.5 percentage points [4] - The adjusted operating profit for Q4 was 6.59 billion yuan, accounting for 36.1% of revenue, which is a 3 percentage point increase year-on-year [4] - The average monthly active users (MAU) for the BOSS Zhipin app reached 53 million in 2024, a 25% year-on-year increase [4][9] Market Position and Future Outlook - The company is expected to continue gaining market share in 2025, supported by increased brand recognition and a robust two-sided network effect [4] - The recruitment market is showing signs of recovery, with historical highs in active user numbers and job postings following the Spring Festival [4][9]