BOSS ZHIPIN(BZ) 国信证券·2025-03-18 07:29Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][16] Core Views - The company reported a revenue of 73.6 billion yuan in 2024, representing a year-on-year growth of 23.6%, with a net profit of 27.3 billion yuan, up 26.5% [1][6] - In Q4 2024, the revenue was 18.2 billion yuan, a 15.4% increase, slightly exceeding management's guidance [1][6] - The company is focusing on AI development, with AI-related job postings increasing by 64% year-on-year, contributing to a positive hiring environment [1][3][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 73.56 billion yuan, with an adjusted net profit of 27.28 billion yuan, reflecting a growth of 26.5% [6][7] - The Q4 2024 revenue was 18.2 billion yuan, slightly above the management's guidance of 13.6%-14.6% [1][6] - The adjusted net profit for Q4 2024 was 7.3 billion yuan, exceeding Bloomberg's consensus estimate of 7.0 billion yuan [1][6] User Growth and Engagement - The number of paid enterprise users reached a record high of 610,000 in 2024, a 17% year-on-year increase [2][8] - Daily active users (DAU) on the job seeker side increased by 28% year-on-year, reaching 52.7 million in Q4 2024 [2][8] Profitability Metrics - The gross margin for Q4 2024 was 82.8%, with an operating profit margin of 20.9%, reflecting a year-on-year increase of 6.8 percentage points [10][12] - The adjusted net profit margin for Q4 2024 was 39.9%, slightly up by 0.1 percentage points [12] Future Outlook - For Q1 2025, the company expects revenue growth of 11.5%-12.7%, driven by a positive hiring environment post-Spring Festival [3][14] - The company plans to continue investing in AI, with expected improvements in recruitment efficiency and user experience [3][14][15] - The adjusted net profit forecast for 2025 is set at 33.5 billion yuan, with further projections for 2026 and 2027 at 43.1 billion yuan and 52.7 billion yuan, respectively [15][17]