Recruit Holdings：瑞可利控股（6098）：随着股市正常化，企业质量和商业模式的重新评估是否会继续？-20250521

Investment Rating - The investment rating for Recruit Holdings is Overweight with a price target of ¥10,000 [2]. Core Insights - The report indicates that Recruit Holdings is adapting to market conditions by seeking opportunities to improve its business structure and efficiency, aiming for record profit levels despite flat sales [1]. - The HR Tech segment is expected to experience flat growth in the US, with guidance potentially being conservative if market conditions improve [1]. - The long-term strategy focuses on enhancing the accuracy of job matching through technology, targeting a take rate of 1-2% of the base salary for filled positions [1]. Earnings and Business Environment - The services provided by Recruit Holdings are influenced by market conditions, and the company is actively looking for ways to enhance its overall business structure [1]. - The company plans to increase profits to record levels even under flat sales conditions, indicating a strong focus on operational efficiency [1]. HR Tech Segment - The HR Tech segment is anticipated to have flat growth in the US, with guidance based on the situation in March and April, reflecting weak demand [1]. - The report suggests that if market conditions normalize, the guidance could be seen as conservative [1]. Long-term Strategies - Recruit Holdings aims to improve job seeker and company matching accuracy through technology [1]. - The company is targeting a take rate of 1-2% of the base salary for filled positions, which reflects its strategy to enhance value creation [1].