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]

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 ...

证券研究报告·海外公司点评·其他互联网服务 BOSS 直聘（BZ） 2024 年一季报点评：营收利润超预期，期待 2024 年 05月 26日 付费企业数持续提升 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 晋晨曦 营业总收入（百万元） 4,511 5,952 7,788 9,625 11,523 执业证书：S0600122090072 同比（%） 6% 32% 31% 24% 20% jincx@dwzq.com.cn Non-GAAP净利润 799 2,156 2,766 3,419 4,052 同比（%） -6% 170% 28% 24% 18% 股价走势 经调整EPS（元/ADS） 1.80 4.84 6.21 7.68 9.10 BOSS直聘 纳斯达克综合指数 PE（Non-GAAP） 85.02 31.52 24.57 19.88 16.77 80% [关Ta键bl词e_：Ta#g业 ...

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KANZHUN LIMITED Sponsored ADR (BZ) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate ...