Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Insights - The company is expected to achieve a 61% year-on-year increase in adjusted net profit for 2024, with total revenue projected at 2.08 billion yuan, reflecting an 8.8% decline [1][9] - The company has improved its profitability significantly through operational efficiency, with an adjusted net profit margin of 8.2%, up 3.6 percentage points year-on-year [2][15] - The company has expanded its AI capabilities in both C-end and B-end services, enhancing user experience and operational efficiency [3][16] Financial Performance Summary - In 2024, the company achieved total revenue of 2.08 billion yuan, down 8.8% from the previous year, while adjusted net profit reached 1.33 billion yuan, compared to 7.5 million yuan in 2023 [1][9] - The fourth quarter of 2024 saw revenue of 564 million yuan, a decrease of 10.6%, but an adjusted net profit of 47.59 million yuan, a significant recovery from a loss of 39.54 million yuan in the same period last year [1][9] - The gross profit margin for 2024 was 76.1%, an increase of 1.8 percentage points year-on-year, indicating effective cost control measures [2][15] Business Segment Analysis - Revenue from B-end services (talent acquisition for enterprises) was 1.76 billion yuan, down 12.9%, with a decline in the number of paying enterprise clients [2][10] - C-end services (talent development for individuals) generated 318 million yuan, a 23.1% increase, driven by improved conversion rates for high-ticket courses [2][10] - The company reported a total of 780 million job postings, a decrease of 6.0% year-on-year, indicating ongoing challenges in the recruitment market [2][10] Future Outlook - The company maintains profit forecasts of 185 million yuan for 2025 and 211 million yuan for 2026, with a new forecast of 237 million yuan for 2027, reflecting growth rates of 39%, 14%, and 12% respectively [4][16] - The company is expected to benefit from structural growth in specific sectors such as technology and manufacturing, as well as the maturation of its AI products [4][16]
同道猎聘（06100）：经营效能提升盈利显著改善，跟踪招聘复苏与AI布局进展