BOSS直聘（BZ）：关注招聘平台收入端弹性

Investment Rating - The investment rating for the company is "Buy" with a target price of $19.23 [4][11]. Core Views - The company reported Q3 2024 revenue of 1.912 billion RMB, in line with expectations, showing a year-over-year growth of 19.0%. The adjusted net profit for the same period was 739 million RMB, reflecting a year-over-year increase of 3.5% [8]. - The company maintains a strong competitive advantage, and the revenue and performance delivery capabilities for 2024 and 2025 are robust. The ongoing macroeconomic policies are expected to support recruitment demand [8][11]. - The company’s monthly active users (MAU) reached 58 million in Q3 2024, a 30% year-over-year increase, although the growth rate of paid enterprise users has slowed [9]. - The gross margin for Q3 2024 was 83.6%, a slight increase from the previous year, driven by economies of scale [10]. - The company has adjusted its revenue forecasts for FY24-FY26 to 73.40 billion RMB, 79.72 billion RMB, and 91.90 billion RMB respectively, based on a DCF valuation method [11]. Financial Data Summary - The company’s market capitalization is $6.14 billion, with a closing price of $14.11 as of December 10 [6]. - The projected operating revenue for the fiscal years is as follows: 2022: 4,511 million RMB, 2023: 5,952 million RMB, 2024E: 7,340 million RMB, 2025E: 7,972 million RMB, and 2026E: 9,190 million RMB, indicating a growth rate of 31.94% for 2023 and 23.32% for 2024 [7][20]. - The adjusted net profit is forecasted to be 1,545 million RMB in 2024E, with a significant increase from 1,099 million RMB in 2023 [20]. - The company’s adjusted EPS is projected to be 6.23 RMB in 2024E, with a PE ratio of 16.30 [20].