BOSS ZHIPIN(BZ) 国信证券·2025-03-18 12:13Investment Rating - The investment rating for BOSS Zhipin (BZ.O) is "Outperform the Market" [5][13]. Core Views - The report highlights a stabilization and recovery in recruitment demand, with a focus on the progress of AI products. The company reported a revenue growth of 15% year-on-year, with an adjusted profit margin of 40% [1][3]. - The company anticipates a Non-GAAP operating profit of 3 billion in 2025, representing a year-on-year growth of approximately 30% [1][3]. - The report emphasizes the company's strong user growth trajectory, setting a target of over 35 million users, with nearly 49.5 million new users added in 2024 [1][3]. Summary by Sections Financial Performance - In Q4 2024, the company's operating revenue was 1.82 billion, up 15% year-on-year, but down 5% quarter-on-quarter, slightly exceeding the company's guidance [1][8]. - The cash bill revenue for Q4 2024 was 1.84 billion, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 2% [1][8]. - The gross margin for the quarter was 83%, with a year-on-year increase of 0 percentage points and a quarter-on-quarter decrease of 1 percentage point [1][8]. - Adjusted net profit for Q4 2024 was 720 million, maintaining a net profit margin of 40% [1][8]. User and Market Dynamics - The platform's monthly active users (MAU) reached 52.7 million in Q4 2024, representing a year-on-year increase of 28% but a quarter-on-quarter decrease of 9% [2][11]. - The number of paid enterprises increased by 17% year-on-year, totaling 6.1 million [2][11]. - The average revenue per user (ARRPU) for the past 12 months was 1,192 yuan, showing a year-on-year growth of 5% [2][11]. AI Product Development - The company is actively expanding its AI Agent capabilities, which are expected to enhance user experience and revenue potential [2][12]. - AI products have shown significant efficiency improvements, with a 60% increase in bilateral matching effectiveness and a 40% reduction in recruiters' time spent [2][12]. - The company plans to launch AI accounts with features such as automated chat initiation, which is expected to significantly boost ARRPU [2][12]. Financial Forecasts - The adjusted net profit forecast for 2025 has been slightly lowered to 3.35 billion, a decrease of 4.9%, while the 2026 forecast remains at 4.31 billion [3][4]. - Revenue projections for 2024, 2025, 2026, and 2027 are 7.36 billion, 8.32 billion, 9.55 billion, and 10.89 billion respectively, with corresponding growth rates of 23.6%, 13.0%, 14.9%, and 14.0% [4][17].