Investment Rating - The investment rating for BOSS Zhipin is "Buy" with a target price of HKD 98.01, reflecting an upward adjustment based on a valuation of 25x PE for 2025, which is above the industry average [2][4]. Core Insights - The company has shown steady market share growth, with AI and specific job sectors gradually improving in demand. The implementation of AI-related products is expected to contribute to incremental revenue [4][11]. - The financial performance for Q4 2024 exceeded expectations, with revenue reaching RMB 1.824 billion, a year-on-year increase of 15.4%. The adjusted net profit was RMB 722 million, up 14.92% [11]. - The company has adjusted its projected net profits for 2025 and 2026 to RMB 3.299 billion and RMB 3.998 billion, respectively, reflecting a slight downward revision due to increased expenses [4][11]. Financial Summary - Revenue growth from 2021 to 2024 shows a significant increase, with 2024 projected revenue at RMB 7.356 billion, representing a 24% increase year-on-year. The adjusted net profit for 2024 is expected to be RMB 2.710 billion, a 25.72% increase [7][11]. - The company has maintained effective cost control, with a decrease in sales and R&D expense ratios, contributing to a 27% growth in operating profit [11]. - The blue-collar market has expanded, with blue-collar revenue accounting for 38% of total revenue in Q4 2024, indicating a shift in market dynamics [11].
BOSS直聘-W（02076）：份额稳步提升，AI将带动景气回暖