Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91.15 per share, reflecting a reasonable market capitalization of approximately HKD 877.47 billion [3][6]. Core Insights - The company has shown a robust revenue acceleration with a significant increase in profit margins, achieving a net profit of CNY 7.75 billion in Q3 2025, representing a year-on-year growth of 67.2% [10]. - The adjusted net profit for 2025 is forecasted to be CNY 26.95 billion, slightly down from previous estimates due to varying recovery rates among different customer segments [3][10]. - The company is focusing on integrating AI into its operations, which is expected to enhance matching efficiency and support the expansion into new job categories [10]. Financial Performance Summary - Revenue for 2023 is projected at CNY 5,952 million, with a year-on-year growth of 32%, and is expected to reach CNY 10,390 million by 2027, maintaining a steady growth rate of 12% [5][12]. - The gross margin is expected to remain high at around 84% from 2025 to 2027, while the net profit margin is projected to stabilize around 32% to 34% during the same period [5][12]. - The company has a strong cash position, with cash and cash equivalents expected to grow from CNY 2,473 million in 2023 to CNY 11,235 million by 2027 [12][13].
BOSS直聘-W（02076）：收入稳健加速，利润率新高