BOSS ZHIPIN(BZ) 国信证券·2024-12-13 07:20Investment Rating - The investment rating for BOSS Zhipin (BZ.O) is "Outperform the Market" [4][15][16] Core Views - The company reported stable growth in Q3 2024, with revenue reaching 1.91 billion yuan, a year-on-year increase of 19%, aligning with prior guidance [2][8] - The B-end revenue was 1.89 billion yuan, up 18.7%, while C-end revenue surged by 49% to 22.5 million yuan, indicating strong performance in blue-collar recruitment, particularly in manufacturing and logistics sectors [2][8] - The company anticipates Q4 2024 revenue growth of 13.6%-14.6%, reflecting a moderate economic recovery [3][15] - The management has initiated a share repurchase plan, demonstrating confidence in long-term growth [3][15] Summary by Sections Financial Performance - In Q3 2024, adjusted operating profit was 610 million yuan, a 9% increase, while adjusted net profit was 740 million yuan, up 4.1% [2][8] - The adjusted net profit margin decreased to 38.7%, down 6 percentage points year-on-year, primarily due to a higher tax rate [2][10] - The average monthly active users reached 58 million, a 30% year-on-year increase, with a steady rise in ARPPU to 1,172 yuan, reflecting strong customer retention [2][9] Business Segmentation - The blue-collar recruitment sector outperformed the white-collar sector, with manufacturing revenue growing over 45% year-on-year [2][8] - The number of paid enterprise clients reached 6 million, a 22% increase year-on-year, although the growth rate of paid users has slowed due to a mismatch in job demand and talent supply [2][9] Future Outlook - Revenue forecasts for 2024-2026 are set at 7.24 billion, 8.05 billion, and 9.56 billion yuan, with adjusted net profits of 2.67 billion, 3.52 billion, and 4.31 billion yuan respectively [3][15] - The company is expected to maintain a strong position in the blue-collar recruitment market, supported by favorable domestic economic policies [3][15]