BOSS ZHIPIN(BZ) 招商证券·2025-03-12 14:35Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6] Core Views - The company's revenue for the reporting period reached 1.82 billion yuan, a year-on-year increase of 15.4%, and the adjusted net profit attributable to the parent company was 730 million yuan, up 15.8%, aligning with market expectations [1][6] - The average monthly active users (MAU) reached 52.7 million, reflecting a robust growth of 27.9% year-on-year, with the total number of paying enterprise clients increasing by 17.3% to 6.1 million [1][6] - The company is expected to benefit from the recovery in the domestic recruitment market and has provided guidance for Q1 2025 revenue to be between 1.90 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [1][6] Financial Performance - The company achieved a gross margin of 82.8% in Q4 2024, with a slight improvement in expense ratios due to enhanced operational efficiency [1][6] - The projected revenue for 2025 is estimated at 8.484 billion yuan, with a year-on-year growth rate of 15% [2][8] - The adjusted net profit for 2025 is expected to be 2.077 billion yuan, reflecting a 31% increase compared to the previous year [2][8] User Growth and Market Position - The company continues to see strong user growth, with a significant increase in paying enterprise clients, which is a key driver for revenue [1][6] - The report emphasizes the company's commitment to leveraging technology to build competitive advantages, particularly through AI, which is expected to transform the recruitment industry [1][6] Valuation Metrics - The report projects a Non-GAAP net profit of 3.126 billion yuan for 2025, with corresponding price-to-earnings (PE) ratios of 19x, 17x, and 15x for the years 2025 to 2027 [2][6] - The company's return on equity (ROE) is expected to improve from 10.6% in 2024 to 14.2% by 2027 [9]