HTSC·2025-11-19 03:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of $27.88 [7][12]. Core Insights - The company reported Q3 2025 revenue of 2.163 billion RMB, slightly exceeding Huatai's forecast of 2.145 billion RMB, with a year-over-year growth of 13.2%. Adjusted net profit for the same period was 1.023 billion RMB, significantly surpassing the forecast of 924 million RMB, reflecting a year-over-year increase of 37.6% [1][4]. - The report highlights a recovery in recruitment demand driven by the service and manufacturing sectors, with a 3.4% month-over-month increase in national enterprise recruitment demand in Q3 2025 [2][3]. - The company has seen a solid increase in its monthly active users (MAU), reaching 63.8 million, a 10% year-over-year growth, and a 13.3% increase in enterprise paying users [3][4]. Summary by Sections Financial Performance - Q3 2025 revenue was 2.163 billion RMB, with a year-over-year growth of 13.2%, and adjusted net profit was 1.023 billion RMB, reflecting a year-over-year increase of 37.6% [1][4]. - The company provided guidance for Q4 2025 revenue between 2.05 billion and 2.07 billion RMB, indicating a year-over-year growth of 12.4% to 13.5% [4]. User Growth and Demand - The MAU reached 63.8 million, with a year-over-year growth of 10%, and the number of enterprise paying users increased by 13.3% [3]. - The platform added approximately 25% more job postings year-over-year, indicating a robust recovery in recruitment demand, particularly in blue-collar jobs [3][4]. Profitability and Valuation - The adjusted operating profit for Q3 2025 was 904 million RMB, with a profit margin of 41.8% [4]. - The report slightly raised the FY25 revenue forecast by 0.6% to 8.25 billion RMB and adjusted net profit forecasts for FY25 to 3.618 billion RMB, reflecting a 2.8% increase [5][12].