BOSS ZHIPIN(BZ) 天风证券·2024-05-28 07:02Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [3] Core Views - The company demonstrated strong performance in Q1 2024, with revenue and cash collection exceeding expectations [1] - The company's business model is robust, with deep barriers to entry, and is expected to continue growing with improved profit margins [2] - The company is expected to maintain its growth trajectory in Q2 2024, with revenue and cash collection projected to increase further [1] Financial Performance - Q1 2024 revenue reached RMB 1.704 billion, a 33.4% YoY increase, slightly exceeding expectations (guidance was 28.3%-30.7% YoY growth) [1] - Q1 2024 cash collection was RMB 2.051 billion, a 24.3% YoY increase and a 15.2% QoQ increase [1] - Q1 2024 NON-GAAP net profit was RMB 531 million, a 116.6% YoY increase, with a NON-GAAP net margin of 31.2% [1] - Adjusted gross margin in Q1 2024 was 83.3%, a 1.8 percentage point YoY increase [1] Business Highlights - Online recruitment revenue from enterprise clients in Q1 2024 was RMB 1.684 billion, a 33.7% YoY increase [1] - Total paying enterprise clients reached 5.7 million by the end of Q1 2024, a 42.5% YoY increase and a 10% QoQ increase [1] - Average monthly active users in Q1 2024 were 46.6 million, a 17.4% YoY increase [1] - Blue-collar user base and revenue are growing rapidly, with blue-collar revenue accounting for over 35% of total revenue [1] - The company recently acquired "My Work Network," a leading platform for manufacturing worker talent delivery, which is expected to enhance its blue-collar business model and revenue [1] Industry Trends - The manufacturing and logistics industries have shown significant improvement in 2024, with stable upward trends [1] - Recruitment demand from large companies has recovered, with cash revenue from large clients increasing by 1.5 percentage points YoY in Q1 2024 [1] - Daily new job postings from medium and large enterprises (500+ employees) in April increased by 10% compared to March [1] Q2 2024 Outlook - The company expects Q2 2024 revenue to be between RMB 1.91 billion and RMB 1.96 billion, representing a 28.4% to 31.7% YoY increase [1] - Cash collection in Q2 2024 is expected to grow by 28% to 32% YoY, accelerating from the 24% growth in Q1 2024 [1] Valuation and Forecast - The company is expected to generate revenues of RMB 7.7 billion, RMB 10 billion, and RMB 12.8 billion in 2024, 2025, and 2026, respectively [2] - Adjusted net profit attributable to the parent company is forecasted to be RMB 2.4 billion, RMB 3.2 billion, and RMB 4.1 billion for 2024, 2025, and 2026, respectively [2] - The company's PE valuation is projected to be 28x, 21x, and 17x for 2024, 2025, and 2026, respectively [2]