Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company has shown continuous improvement in profitability, with Q1 FY2025 revenue reaching 1.923 billion yuan, a year-over-year increase of 12.9%, slightly exceeding previous guidance. Adjusted net profit for the same period was 764 million yuan, up 43.9% year-over-year [1] - The number of paying enterprise clients reached a record high of 6.4 million, reflecting a 12.3% year-over-year increase, indicating a recovery in recruitment demand [1][3] - The company is focusing on deepening penetration in the blue-collar sector and lower-tier cities, with over 45% of new users being from the blue-collar segment, contributing to a rise in revenue from this area [3] Summary by Sections Financial Performance - In Q1 FY2025, the gross margin was 83.84%, with a net profit margin of 26.63%, reflecting a year-over-year increase of 12.44 percentage points [2] - The company expects revenue for Q2 FY2025 to be between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] User Growth and Market Trends - Monthly active users (MAU) averaged 57.6 million in Q1 FY2025, a year-over-year increase of 23.6% [1] - The recruitment market is showing signs of recovery post-Spring Festival, with an average new job postings growth of 17%-19% from January to April [3] Future Projections - The adjusted net profit is projected to reach 3.31 billion yuan in FY2025, with year-over-year growth rates of 21.9%, 8.6%, and 10.9% for FY2026 and FY2027 respectively [3][4]
BOSS直聘-W：盈利水平持续提升，AI全面升级招聘服务-20250525