BOSS ZHIPIN(BZ) 国信证券·2024-03-20 16:00Investment 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]