Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin-W (2076) [4][6]. Core Views - The recruitment market is showing significant recovery, with the company experiencing an improvement in market conditions, expanding market share, and a continuous rise in profit margins [4]. - The adjusted net profit estimates for 2024 and 2025 have been raised to 2.648 billion and 3.810 billion RMB, respectively, reflecting an increase of 165 million and 617 million RMB [4]. - The company is positioned as a leading recruitment platform, with a target market capitalization of 79.4 billion RMB for 2024, corresponding to a target price of 98.33 HKD [4]. Financial Summary - Revenue for the latest quarter reached 1.580 billion RMB, representing a quarter-on-quarter increase of 4.01% [4]. - The net profit was reported at 331 million RMB, with an adjusted net profit of 628 million RMB, showing a significant recovery from a loss of 185 million RMB in the previous quarter [4]. - Monthly Active Users (MAU) increased to 41.2 million, a growth of 33% compared to the previous quarter [4]. - The number of annual paying enterprise users reached a record high of 5.2 million [4]. - The adjusted operating profit margin stood at 27.5% [4]. Market Dynamics - The demand for recruitment has stabilized since Q3 2023, with large enterprises showing a stronger recovery in hiring needs compared to small and medium enterprises [4]. - The active user ratio on the platform is shifting towards B-end users, indicating a positive trend in business client engagement [4]. - Sectors such as blue-collar services, machinery manufacturing, transportation logistics, and sales are experiencing upward trends in hiring demand [4].
2023Q4业绩点评：招聘景气度改善，份额持续提升