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BOSS直聘（BZ.O）经营提效业绩兑现良好，收款增速环比提速释放积极信号
Guoxin Securities·2025-05-29 07:45

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company reported better-than-expected operating profit for Q1 2025, with a revenue of 1.923 billion RMB, reflecting a year-on-year growth of 12.9%, slightly exceeding management's guidance [1][7]. - Non-GAAP operating profit reached 691 million RMB, up 76.2% year-on-year, and Non-GAAP net profit attributable to shareholders was 770 million RMB, a 44.2% increase, surpassing Bloomberg consensus estimates [1][7]. - Cash collections for Q1 2025 were 2.180 billion RMB, showing a 6.3% year-on-year increase and a marginal acceleration compared to Q4 2024 [1][7]. Business Segmentation - The enterprise online recruitment business (B-end) generated 1.901 billion RMB in revenue, also reflecting a 12.9% year-on-year growth, with the number of paying enterprise clients reaching 6.38 million, a 12.3% increase [2][8]. - The average ARPU (Average Revenue Per User) was 1,170 RMB, up 5.6% year-on-year [2][8]. - The demand for recruitment has continued to recover post-Spring Festival, with a 17% year-on-year increase in new job postings from January to April 2025 [2][8]. Financial Performance - The Non-GAAP operating profit margin for Q1 2025 was 36.0%, an increase of 13.0 percentage points year-on-year, with a gross margin of 83.8% [3][15]. - The company has successfully reduced costs and improved efficiency, leading to a significant enhancement in profit margins [3][15]. - For Q2 2025, the company expects revenue growth of 6.9% to 8.5%, projecting revenue between 2.05 billion and 2.08 billion RMB [3][16]. Future Outlook - The company anticipates continued growth in user numbers and payment willingness, with a focus on the recovery of enterprise recruitment demand and the gradual commercialization of AI tools [3][16]. - Adjusted profit forecasts for 2025 to 2027 are 3.35 billion, 4.31 billion, and 5.27 billion RMB, respectively, indicating year-on-year growth rates of 24%, 29%, and 22% [3][16].