Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.87 [8][10]. Core Insights - The recruitment demand in the high-end sector is under pressure, but internal efficiency improvements have supported performance growth. The company's revenue for the first half of 2024 was HKD 1.015 billion, a year-on-year decline of 7.2%, while profit surged to HKD 94 million, reflecting a 100% increase year-on-year [2][10]. - The report forecasts adjusted net profits for 2024-2026 to be HKD 184 million, HKD 229 million, and HKD 276 million respectively, using a comparable company average PE of 15x for valuation, leading to a target market value of HKD 3.12 billion [2][10]. Revenue and Profitability - The second quarter saw a total revenue of HKD 544 million, down 7.8% year-on-year, with B-end revenue declining by 14.1% while C-end revenue grew by 44.5% due to the recovery in online vocational training [4]. - The gross margin reached 78.5%, an increase of 4 percentage points year-on-year, with adjusted operating profit at HKD 95.43 million, up 52% year-on-year, and net profit at HKD 79.23 million, up 30% year-on-year [4]. Market Dynamics - The recruitment demand is experiencing structural differentiation across industries. Sectors like electronics and automotive manufacturing are seeing growth in new job postings, while real estate and finance continue to face recruitment demand contraction [3]. - The company is focusing on enhancing its coverage of small and medium enterprises through tailored packages and leveraging AI to improve service efficiency for larger clients [5]. Client Base and Growth - The total number of paid enterprise clients reached 63,472 in the first half of 2024, marking a 5.1% year-on-year increase, with the RCN business maintaining high growth and covering over 2,100 headhunters [5].
同道猎聘：收入承压下内部持续提效