Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [3] Core Views - The company demonstrated strong performance in Q1 2024, with revenue and cash collection exceeding expectations [1] - The company's business model is robust, with deep barriers to entry, and is expected to continue growing with improved profit margins [2] - The company is expected to maintain its growth trajectory in Q2 2024, with revenue and cash collection projected to increase further [1] Financial Performance - Q1 2024 revenue reached RMB 1.704 billion, a 33.4% YoY increase, slightly exceeding expectations (guidance was 28.3%-30.7% YoY growth) [1] - Q1 2024 cash collection was RMB 2.051 billion, a 24.3% YoY increase and a 15.2% QoQ increase [1] - Q1 2024 NON-GAAP net profit was RMB 531 million, a 116.6% YoY increase, with a NON-GAAP net margin of 31.2% [1] - Adjusted gross margin in Q1 2024 was 83.3%, a 1.8 percentage point YoY increase [1] Business Highlights - Online recruitment revenue from enterprise clients in Q1 2024 was RMB 1.684 billion, a 33.7% YoY increase [1] - Total paying enterprise clients reached 5.7 million by the end of Q1 2024, a 42.5% YoY increase and a 10% QoQ increase [1] - Average monthly active users in Q1 2024 were 46.6 million, a 17.4% YoY increase [1] - Blue-collar user base and revenue are growing rapidly, with blue-collar revenue accounting for over 35% of total revenue [1] - The company recently acquired "My Work Network," a leading platform for manufacturing worker talent delivery, which is expected to enhance its blue-collar business model and revenue [1] Industry Trends - The manufacturing and logistics industries have shown significant improvement in 2024, with stable upward trends [1] - Recruitment demand from large companies has recovered, with cash revenue from large clients increasing by 1.5 percentage points YoY in Q1 2024 [1] - Daily new job postings from medium and large enterprises (500+ employees) in April increased by 10% compared to March [1] Q2 2024 Outlook - The company expects Q2 2024 revenue to be between RMB 1.91 billion and RMB 1.96 billion, representing a 28.4% to 31.7% YoY increase [1] - Cash collection in Q2 2024 is expected to grow by 28% to 32% YoY, accelerating from the 24% growth in Q1 2024 [1] Valuation and Forecast - The company is expected to generate revenues of RMB 7.7 billion, RMB 10 billion, and RMB 12.8 billion in 2024, 2025, and 2026, respectively [2] - Adjusted net profit attributable to the parent company is forecasted to be RMB 2.4 billion, RMB 3.2 billion, and RMB 4.1 billion for 2024, 2025, and 2026, respectively [2] - The company's PE valuation is projected to be 28x, 21x, and 17x for 2024, 2025, and 2026, respectively [2]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) with a target price of $26.86 per ADS, based on a 35X PE multiple for 2024 [4][20] Core Views - BOSS Zhipin achieved record-high revenue in Q1 2024, with total revenue reaching RMB 1.704 billion, up 33.4% YoY and 7.8% QoQ [1] - The company's recruitment service revenue (enterprise-facing) grew 33.7% YoY to RMB 1.68 billion, while other services (consumer-facing) increased 12.4% YoY to RMB 19.67 million [1] - Calculated cash billings reached RMB 2.051 billion in Q1 2024, up 24.3% YoY [1] - The company expects Q2 2024 revenue to be between RMB 1.91-1.96 billion, representing 28.4%-31.7% YoY growth [1] Business Performance User Growth - Average MAU reached 46.62 million in Q1 2024, up 17.4% YoY [2] - Over 17 million new users were added by April 2024, indicating continued user growth [2] - Paid enterprise customers reached 5.7 million in the past 12 months, up 42.5% YoY [2] Blue-Collar Market Expansion - Blue-collar revenue accounted for over 35% of total revenue in Q1 2024 [2] - The acquisition of "My Work Network" is expected to strengthen the company's competitiveness in the blue-collar recruitment market [2] - The "Conch Plan" had over 260,000 online positions, covering more than 27 million job seekers [14] Enterprise Demand - Large enterprises (500+ employees) saw a 10%+ MoM increase in daily new job postings in April 2024 [2] - Manufacturing and logistics industries experienced over 40% YoY growth in daily new job postings from post-Spring Festival to mid-May 2024 [14] Financial Performance Profitability - Net income attributable to shareholders reached RMB 245 million in Q1 2024, up 650% YoY [1] - Non-GAAP adjusted net income was RMB 530 million, up 117% YoY [1] - Gross margin improved to 82.7%, up 2.0 percentage points YoY [16] Cost Structure - Sales expenses decreased 7.9% YoY to RMB 579 million, with sales expense ratio dropping 15.2 percentage points YoY to 34.0% [16] - R&D expenses increased 40.4% YoY to RMB 468 million, driven by increased AI investment [16] - Management expenses rose 64.3% YoY to RMB 270 million [16] Future Outlook - Revenue is expected to grow 31.5% YoY to RMB 7.83 billion in 2024 and 25.1% YoY to RMB 9.79 billion in 2025 [20] - Non-GAAP adjusted net income is projected to reach RMB 2.46 billion in 2024 and RMB 2.88 billion in 2025 [20] - Online recruitment services are expected to generate RMB 7.75 billion in 2024, up 31.6% YoY [20] - Other services are forecast to grow 21.9% YoY to RMB 76.7 million in 2024 [20] Competitive Advantages - The company's "direct chat + AI matching" model continues to strengthen its network effects [20] - Blue-collar and lower-tier city markets are becoming key growth drivers [14] - The platform's dual-network effect is expected to attract more C-end users [19]

Equity Research·Company Research·Other Internet Service Kanzhun Limited (BZ) 2024Q1 review: revenue and profit beat, with [Table_Author] 27 May 2024 continued growth in paid enterprise customers Research Analyst Buy (Maintain) Ruibin Chen (852) 3982 3212 Forecast & Valuation 2023A 2024E 2025E 2026E chenrobin@dwzq.com.hk Revenue (RMB mn) 5,952 7,788 9,625 11,523 Growth (YoY %) 32% 31% 24% 20% P[Traicbel eP_ePrifcoQrmuoatnec] e Non-GAAP Net profit (RMB mn) 2,156 2,766 3,419 4,052 Growth (YoY %) 170% 28% 24% 1 ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) [1] Core Insights - In Q1 2024, the company achieved revenue of 1.7 billion yuan, a year-on-year increase of 33.4%, exceeding previous guidance. Adjusted net profit reached 530 million yuan, up 116.6% year-on-year. Cash flow for the quarter was 2.05 billion yuan, growing 24.3% year-on-year [2][3] Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 7.8 billion, 9.6 billion, and 11.5 billion yuan, reflecting year-on-year growth rates of 31%, 24%, and 20% respectively. Non-GAAP net profit estimates for the same period are adjusted to 2.8 billion, 3.4 billion, and 4.1 billion yuan [3] User Growth and Market Strategy - The company continues to see growth in both user segments, with Q1 2024 MAU reaching 46.6 million, a 17.4% increase year-on-year. The number of paid enterprises reached 5.7 million, up 42.5% year-on-year, indicating a strong focus on increasing the number of paying companies [3] Margin and Cost Management - In Q1 2024, the gross margin was 82.7%, an increase of 2.0 percentage points year-on-year. The company has improved marketing efficiency, leading to a decrease in sales expenses as a percentage of revenue [3] Market Position and Future Outlook - The report highlights that the demand for large enterprises is recovering, with a 10% month-on-month increase in job postings from companies with over 500 employees. The company is expected to increase its market share as it focuses on enhancing the number of paid enterprises [3]

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Core Viewpoint - Kanzhun Limited (BZ) shows a promising earnings outlook, with analysts raising their earnings estimates, which is likely to positively impact the stock price [1][6]. Earnings Estimates - The consensus estimate for Kanzhun's earnings per share (EPS) for the current quarter is $0.22, reflecting a year-over-year increase of +29.41% [4]. - Over the last 30 days, the Zacks Consensus Estimate for Kanzhun has risen by 8.33%, with one estimate increasing and no negative revisions [4]. - For the full year, Kanzhun is expected to earn $0.82 per share, indicating a year-over-year change of +22.39% [5]. - The consensus estimate for the current year has increased by 14.29%, with one estimate moving higher and no negative revisions [5]. Analyst Sentiment - There is strong agreement among analysts in revising earnings estimates upward, leading to significant improvements in consensus estimates for both the next quarter and the full year [2][5]. - Kanzhun currently holds a Zacks Rank 2 (Buy), indicating favorable conditions for investment based on earnings estimate revisions [6]. Stock Performance - Kanzhun shares have appreciated by 16.9% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [7].

Have you been paying attention to shares of KANZHUN LIMITED Sponsored ADR (BZ) ? Shares have been on the move with the stock up 16.9% over the past month. The stock hit a new 52-week high of $22.74 in the previous session. KANZHUN LIMITED Sponsored ADR has gained 34.6% since the start of the year compared to the 16.9% move for the Zacks Computer and Technology sector and the 12.7% return for the Zacks Internet - Software industry.What's Driving the Outperformance?The stock has an impressive record of positi ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin [3][4]. Core Views - BOSS Zhipin's Q1 2024 performance exceeded expectations, showcasing its ability to gain market share through a versatile business model during a downturn in industry sentiment [3]. - The company is positioned in a growth cycle regarding scale, market structure, and profit margins, with a target market capitalization of 79.4 billion RMB for 2024, corresponding to 87.5 billion HKD, and a target price of 98.33 HKD per share [3]. - The report highlights that BOSS Zhipin's revenue and adjusted net profit growth are driven by its competitive advantages and business model, particularly in the blue-collar market, which accounts for 35% of its revenue [3]. Financial Performance Summary - In Q1 2024, BOSS Zhipin reported cash income of 2.051 billion RMB, a 24.31% increase, and operating revenue growth of 17.03% [3]. - The adjusted net profit for Q1 2024 was 531 million RMB, reflecting a 117% increase compared to the same period in the previous year [3]. - The average monthly active users reached 46.6 million, up 17.4%, with the number of paying enterprise users increasing by 42.5% to 5.7 million [3]. Market Trends - The recruitment trends indicate a strong performance in the blue-collar segment, with significant growth in large enterprises compared to small and medium-sized enterprises [3]. - The report notes that BOSS Zhipin is in a phase of establishing brand recognition, leading to improved marketing ROI and profit margins [3]. - The competitive landscape is shifting, with leading companies like BOSS Zhipin gaining substantial market share, potentially exceeding 50% in the online recruitment sector [3].

Kanzhun Limited (NASDAQ:BZ) Q1 2024 Earnings Conference Call May 21, 2024 8:00 AM ET Company Participants Wenbei Wang - Head of IR Jonathan Peng Zhao - Founder, Chairman and CEO Phil Yu Zhang - Director and CFO Conference Call Participants Robin Zhu - Bernstein Eddy Wang - Morgan Stanley Timothy Zhao - Goldman Sachs Yang Bai - CICC Operator Ladies and gentlemen, thank you for standing by and welcome to the Kanzhun Limited First Quarter 2024 Financial Results Conference Call. At this time, all participants a ...

KANZHUN LIMITED Sponsored ADR (BZ) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.08%. A quarter ago, it was expected that this company would post earnings of $0.17 per share when it actually produced earnings of $0.20, delivering a surprise of 17.65%.Over the last four quarters, ...