BOSS ZHIPIN(BZ) 东北证券·2025-03-18 08:17Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin [9] Core Views - The company achieved revenue of 1.824 billion yuan in Q4 2024, representing a year-on-year increase of 15.4%, exceeding the upper limit of the previous guidance [1] - Non-GAAP operating profit reached 659 million yuan, up 26.8%, while Non-GAAP net profit was 722 million yuan, an increase of 14.9% [1] - The company expects Q1 2025 revenue to be between 1.90 billion and 1.92 billion yuan, reflecting a growth of 11.5% to 12.7% [1] - The spring recruitment data shows a positive improvement trend, with the number of active job postings and new job postings reaching historical highs [3] - The company continues to invest in AI technology, which is expected to drive cost reduction and new product revenue [3] Financial Summary - In Q4 2024, B-end revenue was 1.804 billion yuan, up 15.2%, with a total of 6.1 million enterprise paying customers, a 17.3% increase [2] - The average monthly active users (MAU) reached 52.7 million, a 27.9% increase year-on-year [2] - The company's gross margin for Q4 2024 was 82.8%, with a Non-GAAP operating profit margin of 36.1% [2] - The financial forecast for 2025-2027 estimates Non-GAAP operating profits of 3.044 billion, 3.530 billion, and 3.953 billion yuan, respectively [3] - Non-GAAP net profits are projected to be 3.247 billion, 3.630 billion, and 3.990 billion yuan for the same period [3] Market Position - The company has established a competitive advantage in the online recruitment sector through its "mobile + intelligent matching + direct chat" business model [3] - The contribution of key accounts (KA) to B-end revenue increased by 3 percentage points year-on-year, with KA customers generating 1.772 billion yuan in revenue, a 40% increase [2]