Core Viewpoint - The company has shown a significant recovery in recruitment demand, with Q3 2025 revenue reaching 2.163 billion yuan, a year-on-year increase of 13.17%, indicating a sustained upward trend in income growth [1] Revenue Performance - As of the end of September, the number of paid enterprise clients increased to 6.8 million, a year-on-year growth of 13.3%, with an improvement in the enterprise payment rate both year-on-year and quarter-on-quarter, reflecting a recovery in corporate willingness to pay [1] - The number of job postings in Q3 increased by approximately 25% year-on-year, with a corresponding rise in the number of recruiters and the average number of positions posted per recruiter, indicating heightened recruitment activity [1] - The daily active users on the recruiter side saw a significant increase compared to the job seeker side for the first time, suggesting a shift from "restorative hiring" to a more proactive recruitment approach by companies [1] Profit Performance - In Q3 2025, the company achieved a net profit of 777.5 million yuan, a year-on-year increase of 67.2%, with adjusted net profit reaching 992 million yuan, up 34.2% year-on-year, significantly outpacing revenue growth [1] - The gross margin for the quarter was approximately 85.8%, an increase of 2.2 percentage points year-on-year, driven by a higher proportion of high-margin online recruitment services and efficiency improvements from algorithms and AI tools [1] - The company maintained a disciplined approach to expense management, contributing to stronger profit elasticity alongside revenue recovery [1] Dividend and Outlook - The company has completed its annual dividend distribution in Q3 and extended its share buyback plan until August 2026, with a total buyback authorization of up to 250 million USD, establishing a solid framework for shareholder returns through "dividends + buybacks" [2] - For Q4 2025, the company projects revenue between 2.05 billion and 2.07 billion yuan, representing a year-on-year increase of 12.4% to 13.5%, indicating a stable outlook despite macroeconomic uncertainties [2] - The management emphasizes the deep integration of AI into technology, products, and operations, cautiously exploring AI-driven full-process management and delivery scenarios, which are expected to enhance efficiency and support the expansion of new job categories and long-term profitability [2] Profit Forecast and Investment Recommendation - Based on the Q3 report indicating a clear recovery in demand, albeit with varying recovery paces among different customer segments, the profit forecast has been slightly adjusted downwards [2] - The adjusted net profit estimates for 2025-2027 are 2.695 billion, 3.099 billion, and 3.37 billion yuan, respectively, compared to previous estimates of 3.192 billion and 3.750 billion yuan for 2025-2026 [2] - The valuation remains based on discounted cash flow, corresponding to a reasonable market value of 79.744 billion yuan, which translates to approximately 87.747 billion HKD, with a target price of 91.15 HKD per share, maintaining a "buy" rating [2]
BOSS直聘-W(02076.HK)：收入稳健加速 利润率新高