Soochow Securities·2024-05-26 10:01Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) [1] Core Insights - In Q1 2024, the company achieved revenue of 1.7 billion yuan, a year-on-year increase of 33.4%, exceeding previous guidance. Adjusted net profit reached 530 million yuan, up 116.6% year-on-year. Cash flow for the quarter was 2.05 billion yuan, growing 24.3% year-on-year [2][3] Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 7.8 billion, 9.6 billion, and 11.5 billion yuan, reflecting year-on-year growth rates of 31%, 24%, and 20% respectively. Non-GAAP net profit estimates for the same period are adjusted to 2.8 billion, 3.4 billion, and 4.1 billion yuan [3] User Growth and Market Strategy - The company continues to see growth in both user segments, with Q1 2024 MAU reaching 46.6 million, a 17.4% increase year-on-year. The number of paid enterprises reached 5.7 million, up 42.5% year-on-year, indicating a strong focus on increasing the number of paying companies [3] Margin and Cost Management - In Q1 2024, the gross margin was 82.7%, an increase of 2.0 percentage points year-on-year. The company has improved marketing efficiency, leading to a decrease in sales expenses as a percentage of revenue [3] Market Position and Future Outlook - The report highlights that the demand for large enterprises is recovering, with a 10% month-on-month increase in job postings from companies with over 500 employees. The company is expected to increase its market share as it focuses on enhancing the number of paid enterprises [3]