BOSS ZHIPIN(US:BZ) Soochow Securities·2025-05-26 08:15Investment 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% - The net profit attributable to the parent company for 2023 is expected to be 1,099.23 million RMB, reflecting a significant year-on-year increase of 924.97% - Non-GAAP net profit for 2023 is forecasted at 2,156.19 million RMB, with a year-on-year growth of 169.71% - Adjusted EPS for 2023 is estimated at 4.71 RMB per ADS, with a PE ratio (Non-GAAP) of 25.84 [1][9] Market Demand and User Growth - Positive signals in recruitment demand across multiple industries, with blue-collar and small enterprise contributions continuing to rise - The blue-collar business's contribution to revenue exceeded 39% in Q1 2025, driven by a significant increase in blue-collar users [3] - The contribution from users in third-tier cities and below increased by 3 percentage points to over 23% year-on-year [3] Cost Control and Profitability - The company achieved a gross margin increase of 1.2 percentage points to 84% in Q1 2025 - Sales expense ratio decreased by 8.5 percentage points due to reduced advertising and employee-related costs, indicating improved customer acquisition efficiency [3] - The company maintains a guidance of 3 billion RMB for adjusted operating profit in 2025, supported by enhanced customer acquisition efficiency and AI-driven cost reductions [3] Earnings Forecast - The company forecasts Non-GAAP net profits of 3.3 billion RMB, 4.1 billion RMB, and 4.8 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 14, and 12 [3]