Boss直聘：过度下跌

Investment Rating - The report maintains a positive outlook on Kanzhun Limited (BOSS Zhipin), indicating that the stock is currently undervalued due to recent market reactions [4]. Core Insights - Kanzhun Limited's Q4 performance exceeded expectations with a 13% year-on-year increase in online recruitment revenue, reaching 2.04 billion yuan, driven by a 12% growth in paid enterprise users and a 1% increase in ARPU [5]. - Despite a cautious Q1 2026 revenue guidance of 6.6%-8.4% growth, this is attributed to the late timing of the Spring Festival, with a healthy job seeker to recruiter ratio and double-digit growth in job postings expected [6]. - The company is well-positioned to benefit from the ongoing demand for AI-related job positions, contrasting with concerns about job losses in white-collar sectors [7]. Summary by Sections Company Overview - Kanzhun Limited is a leading online recruitment platform in China, facilitating direct communication between employers and job seekers through its mobile-native product, BOSS Zhipin [10]. Financial Performance - The adjusted operating profit for the company reached 900 million yuan, with an operating margin of 43% and an adjusted net profit margin of 44% [5]. Market Dynamics - The report highlights that the Chinese job market is distinct from the U.S., with blue-collar jobs and small to medium enterprises dominating, suggesting that the long-term impact of AI on employment may be limited [7]. - The company plans to return over 50% of its adjusted net profit to shareholders over the next three years, indicating a commitment to shareholder value [4]. Catalysts for Growth - Key economic indicators such as PMI, CPI, and retail sales are improving, which could positively influence recruitment demand [8].