Soochow Securities·2025-05-26 06:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown better-than-expected performance in Q1 2025, with a continued recovery in recruitment demand [3] - The company is expected to maintain a competitive advantage in the online recruitment sector while actively expanding its AI business, which is anticipated to enhance long-term growth potential [3] Financial Performance Summary - Total revenue for 2023 is projected at 5,952.03 million RMB, with a year-on-year growth of 31.94%. For 2024, revenue is expected to reach 7,355.68 million RMB, growing by 23.58% [1] - The net profit attributable to the parent company is forecasted to be 1,099.23 million RMB in 2023, with a staggering year-on-year increase of 924.97%. By 2024, this is expected to rise to 1,584.66 million RMB, reflecting a growth of 44.16% [1] - Non-GAAP net profit is estimated at 2,156.19 million RMB for 2023, with a year-on-year growth of 169.71%. The projection for 2024 is 2,710.71 million RMB, indicating a growth of 25.72% [1] - The adjusted EPS is expected to be 4.71 RMB in 2023, increasing to 5.92 RMB in 2024 [1] Market Trends and Insights - There are positive signals in recruitment demand across multiple industries, with blue-collar and small enterprise contributions continuing to rise [3] - The company has seen an increase in blue-collar business contributions to over 39% of revenue, driven by user growth in this segment [3] - The company has effectively controlled costs, leading to an improvement in profitability, with a gross margin increase of 1.2 percentage points to 84% in Q1 2025 [3] Future Projections - The company maintains a guidance of 3 billion RMB for adjusted operating profit in 2025, supported by improved customer acquisition efficiency and AI-driven cost reductions [3] - Non-GAAP net profit forecasts for 2025, 2026, and 2027 are 3.3 billion RMB, 4.1 billion RMB, and 4.8 billion RMB respectively, with corresponding PE ratios of 17x, 14x, and 12x [3]