BOSS ZHIPIN(BZ) 东吴证券·2024-03-14 16:00Investment 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]