BOSS直聘（BZ）：逆周期保持稳定利润兑现

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $19.19 [9][11][6] Core Insights - The company is expected to achieve total revenue of RMB 73.33 billion and RMB 79.72 billion for FY24 and FY25, respectively, representing year-over-year growth of 23.2% and 8.71% [2] - Adjusted net profit is projected to be RMB 27.03 billion and RMB 32.48 billion for FY24 and FY25, reflecting year-over-year increases of 25.4% and 20.1% [2] - The company has a strong ability to release profits even in a counter-cyclical environment, supported by solid cost control and reduced marketing expenses in FY25 [5][6] Revenue and Profitability Forecast - Revenue forecasts for FY24, FY25, and FY26 are adjusted to RMB 73.33 billion, RMB 79.72 billion, and RMB 91.91 billion, with adjustments of -0.9%, -7.4%, and -10.0% respectively [6] - The adjusted net profit for FY24, FY25, and FY26 is expected to be RMB 27.03 billion, RMB 32.48 billion, and RMB 34.58 billion, with adjustments of 3.7%, 2.4%, and 1.4% [6] - The company maintains a stable profit margin with operating profit expected to be RMB 22.97 billion and RMB 29.75 billion for FY24 and FY25, resulting in profit margins of 31% and 37% [5] User Growth and Market Position - The company continues to show robust user growth, maintaining a leading position in the industry with a high monthly active user count [3] - The recruitment demand in the service industry has shown fluctuations, impacting the company's business growth, but the manufacturing sector has shown signs of recovery [4] Valuation Metrics - The report utilizes a DCF valuation method with a perpetual growth assumption of 3% and a WACC of 8.95%, leading to a target price of $19.19 [6][11] - The company's adjusted EPS for FY24, FY25, and FY26 is projected to be RMB 6.20, RMB 7.44, and RMB 7.93, respectively [17]