BOSS ZHIPIN(US:BZ) GOLDEN SUN SECURITIES·2024-08-31 04:20Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ.O) [4] Core Views - Despite a decline in recruitment demand, the company achieved a revenue growth of 28.8% year-on-year in Q2 FY2024, reaching 1.917 billion yuan, and an adjusted net profit growth of 26.4% to 719 million yuan [1][3] - The company anticipates Q3 FY2024 revenue to be between 1.90 billion and 1.92 billion yuan, representing a year-on-year growth of 18.2% to 19.5% [1] - The report highlights the steady growth in user numbers and the positive performance in the blue-collar and lower-tier market segments, with a focus on enhancing brand strength through major event marketing [2][3] Summary by Sections Financial Performance - In Q2 FY2024, the company reported a revenue of 1.917 billion yuan (yoy +28.8%, qoq +12.5%) and a net profit of 417 million yuan (yoy +34.8%, qoq +72.7%) [1] - The adjusted net profit for the same period was 719 million yuan (yoy +26.4%, qoq +35.4%) [1] - The average monthly active users (MAU) reached 54.6 million, marking a historical high (yoy +25.2%, qoq +17.2%) [2] Market Trends - The report notes a decrease in recruitment demand but indicates that the user base continues to grow steadily, with the number of paid enterprise clients increasing to 5.9 million (yoy +31.1%, qoq +3.5%) [2] - The blue-collar recruitment segment showed resilience, with revenue exceeding 40 million yuan in Q2 [2] Cost Management - The gross margin for Q2 FY2024 was 83.49% (yoy +1.7 percentage points, qoq +0.8 percentage points), with net profit margin rising to 21.77% (yoy +0.96 percentage points) [2] Future Outlook - The company expects to enhance its operational capabilities as recruitment demand recovers, with adjusted net profit forecasts for FY2024-2026 at 2.580 billion, 3.094 billion, and 3.418 billion yuan respectively, reflecting growth rates of +19.7%, +19.9%, and +10.5% [3]