BEIJING, Aug. 16, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced that it will report its unaudited consolidated results for the second quarter ended June 30, 2024, before the U.S. market opens on Wednesday, August 28, 2024. The Company will host a conference call on Wednesday, August 28, 2024 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required t ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $19.91 per ADS, compared to the current price of $13.73 [4]. Core Views - For Q2 2024, the company is expected to achieve revenue of 1.91 billion RMB, representing a year-on-year growth of 28.4% and a quarter-on-quarter growth of 12.1%. The overall performance of the recruitment industry is below expectations due to macroeconomic pressures, leading to a contraction in enterprise recruitment demand [2][3]. - The company, as a leading online recruitment platform, continues to benefit from network effects, with a projected 5% year-on-year growth in additional services revenue for job seekers in Q2 2024 [2]. - The report anticipates that the user base will maintain a good year-on-year growth trend, with a slight decline in the number of paying enterprise clients due to macroeconomic impacts [2][3]. Financial Summary - Revenue projections for 2024 and 2025 are 7.415 billion RMB and 9.045 billion RMB, respectively, with year-on-year growth rates of 24.6% and 22.0% [2][3]. - Adjusted net profits for 2024 and 2025 are expected to be 2.581 billion RMB and 2.976 billion RMB, respectively [2][3]. - The report highlights a slight decrease in ARPU (Average Revenue Per User) by 0.3% year-on-year for Q2 2024, but a slight increase quarter-on-quarter [2].

Core Insights - BOSS Zhipin has repurchased over 2.12 million ordinary shares worth USD 15.8 million in the past week, totaling approximately 5 million shares repurchased for USD 44.0 million since March 27, 2024 [1] - The company reported a revenue of RMB 1,703.8 million for Q1 2024, a 33% increase from RMB 1,277.5 million in Q1 2023, with adjusted net income rising 117% to RMB 530.7 million [2] - For the full year 2023, BOSS Zhipin achieved a revenue of RMB 5.95 billion, a 32% year-on-year increase, with adjusted net income reaching RMB 2.16 billion [2] Company Performance - BOSS Zhipin's unique Direct Recruitment Model and strong technology capabilities have contributed to its solid performance [2] - The adjusted operating income for 2023 was RMB 1.64 billion, reflecting a 191% year-on-year increase, resulting in a 27% adjusted operating margin [2] - The company's ongoing share repurchases indicate management's long-term confidence in its growth and development [3]

Core Viewpoint - Kanzhun Limited has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings potential and likely favorable impact on its stock price [1][2]. Earnings Outlook - The Zacks Consensus Estimate for Kanzhun's earnings per share (EPS) for the fiscal year ending December 2024 is projected at $0.85, reflecting a 26.9% increase from the previous year's reported figure [5]. - Over the past three months, analysts have raised their earnings estimates for Kanzhun by 23.8% [5]. Impact of Earnings Estimates - Changes in earnings estimates are strongly correlated with near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [3][4]. - The Zacks rating system effectively utilizes earnings estimate revisions to classify stocks, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [4]. Positioning in the Market - Kanzhun's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for price appreciation in the near term [7].

Investment Overview - The company is given a buy rating due to its disruptive business model, which is expected to help it continuously gain market share from incumbents [1] - The company benefits from a strong flywheel effect, enhancing its competitive advantage and allowing it to capture more market share [1] Business Description - The company is the largest online recruitment platform in China by monthly average users (MAU), with 47 million MAU in 1Q24, nearly 4x the MAU in FY19 [2] - The primary business segment is online recruitment services for enterprise customers, accounting for 99% of the business revenue in FY23 [2] Market Opportunity - Online recruitment penetration in China has significant growth potential, especially among blue-collar workers, where the company has a strong market presence [2] - Online recruitment is more cost-effective and efficient compared to traditional methods, offering wider reach, improved efficiency, and enhanced decision-making through data analytics [2] - The aging blue-collar workforce in China and the tough labor environment are expected to drive employers to adopt online recruitment solutions, intensifying competition for younger workers [2] Disruptive Business Model - The company's platform allows direct chat between hiring managers and jobseekers, improving efficiency by enabling both parties to gather more information before interviews [4] - The platform protects jobseekers' personal information by requiring permission to share complete resumes and contact details, ensuring fair chances for all candidates [4] - The company's AI system refines recommendations based on factors like desired position, salary expectations, and engagement behavior, improving customer satisfaction and attracting more employers [5] Growth Momentum - The company's revenue grew by 33% to RMB1.7 billion in 1Q24, with cash billings increasing by 15% sequentially (24% annually) to RMB2.05 billion [6] - Adjusted operating margin expanded significantly to 23% in 1Q24, up from 10.6% in 1Q23 [6] - MAUs grew by 17% year-over-year in 1Q24, accelerating to 24% in March, setting a strong base for 2Q24 [6] - The company has 5.7 million enterprise customers, with significant room for further penetration given China's over 50 million enterprises [6] Financial Performance - Revenue grew from RMB1,944 million in 2020 to RMB7,738 million in 2023, with a projected growth rate of 30% in 2024 [8] - Adjusted EBITDA margin improved from -13% in 2020 to 32% in 2023, with expectations to remain flat at 32% in the future [9] - The company trades at a premium valuation of 17x forward EBITDA, supported by its strong revenue growth compared to peers [14] Valuation and Target Price - The company's enterprise value is RMB71,136 million, with a market capitalization of RMB83,037 million [11] - The target share price is set at $25, based on the company's strong growth momentum and disruptive business model [13] Conclusion - The company's disruptive business model and strong flywheel effect are expected to drive continued market share gains in China's online recruitment industry [16] - The platform's efficiency improvements and direct interaction between employers and jobseekers contribute to its competitive advantage [16] - The company's strong growth momentum justifies its premium valuation compared to peers [16]

BEIJING, June 28, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (NASDAQ:BZ, HKEX: 2076))), a leading online recruitment platform in China, today announced that each of the proposed resolutions submitted for shareholders' approval (the "Proposed Resolutions") as set forth in the notice of annual general meeting dated May 22, 2024 has been adopted at the annual general meeting (the "AGM") held in Beijing, China today. After the adoption of the Proposed Resolutions, all corporate au ...

BEIJING, June 17, 2024 (GLOBE NEWSWIRE) -- Kanzhun Limited (NASDAQ:BZ), which operates China's largest online recruitment platform BOSS Zhipin*, visits the Nasdaq MarketSite in Times Square. Founded in 2014, BOSS Zhipin is a pioneer in introducing a next-generation Direct Recruitment Model which is transforming China's online recruitment industry. The mobile-native product promotes instant direct communication between recruiters and job seekers, delivers accurate matching results through its proprietary rec ...

BEIJING, June 17, 2024 (GLOBE NEWSWIRE) -- Kanzhun Limited (Nasdaq: BZ), which operates China’s largest online recruitment platform BOSS Zhipin*, visits the Nasdaq MarketSite in Times Square. Founded in 2014, BOSS Zhipin is a pioneer in introducing a next-generation Direct Recruitment Model which is transforming China’s online recruitment industry. The mobile-native product promotes instant direct communication between recruiters and job seekers, delivers accurate matching results through its proprietary re ...

BEIJING, May 28, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company"), a leading online recruitment platform in China, recently announced that the Company has implemented a repurchase plan and repurchased nearly 1 million ordinary shares with a total value of more than RMB74 million. Earlier last week, the Company announced its unaudited financial results for the quarter ended March 31, 2024. The Company's main operating indicators, such as revenues, total paid enterprise customers and ...

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]