看准有限公司：招聘需求改善，盈利可见性高

Investment Rating - The investment rating for Kanzhun Ltd is Overweight (OW) [1][67]. Core Insights - Improving recruitment demand is observed in April-May, with expectations for cash billing growth to accelerate from Q2 2025. The limited impact of tariffs on the industry is also noted [1]. - Enhanced operating efficiency and cost control measures are anticipated to contribute to earnings upside in 2025 [1]. Summary by Relevant Sections - Industry View: The industry is viewed as attractive, with positive indicators for recruitment demand and operational improvements [1]. - Valuation Methodology: The valuation is based on a discounted cash flow model, utilizing a 12% WACC and a 3% terminal growth rate, reflecting the company's commitment to share buybacks and potential dividends [8]. - Analyst Stock Ratings: Kanzhun Ltd is rated as Overweight, indicating that its total return is expected to exceed the average total return of its industry coverage over the next 12-18 months [33][67].