Core Viewpoint - Haotong International initiates coverage on Boss Zhipin (02076) with an "Outperform" rating and a target price of HKD 105, highlighting its unique business model in China's online recruitment sector and the potential of GAI technology to strengthen its leading position [1] Group 1: User Growth and Market Position - The company continues to see growth in new user numbers, with an average monthly active users (MAU) of 63.8 million as of Q3 2025, representing a year-on-year increase of 10% and a quarter-on-quarter increase of 0.3% [1] - The total number of paid enterprise users increased by 13.3% year-on-year and 4.6% quarter-on-quarter, reaching 6.8 million by the end of Q3 2025 [1] - Boss Zhipin's daily active user (DAU) market share reached 43%, which is double that of the second competitor, indicating a strong market position [1] Group 2: Industry Supply and Demand Dynamics - In Q3, the company experienced its first instance in nearly three years where the average daily active users of enterprise clients outpaced that of job seekers, signaling a performance turning point [2] - Revenue from blue-collar business continues to outperform the overall platform, while the white-collar segment sees increased participation from small and medium enterprises [2] - The growth rate of new job postings in the white-collar sector has exceeded that of the same period in 2023, suggesting a positive trend for Q4 [2] Group 3: Operational Efficiency and Profitability - The company has improved operational efficiency, with estimated non-GAAP costs and operating expenses reduced by RMB 152 million in Q3, leading to an operating profit margin of 42% [3] - The company is expected to maintain prudent expense control and efficiency measures, with profit margins in Q4 projected to remain stable compared to Q3, and an overall improvement in profit margins anticipated for 2025 [3] Group 4: AI Business Development - The AI job-seeking assistant has been fully launched, resulting in a significant increase in user interaction rates [4] - The AI communication assistant has been integrated into existing commercial products, enhancing the average two-way conversion rate by 7% [4] - The company is cautiously exploring diversified AI management services and bulk recruitment solutions targeting high-end white-collar, gold-collar, and blue-collar sectors, with initial benefits being realized [4]
海通国际：首予Boss直聘-W(02076)“优于大市”评级 国内在线招聘市场龙头