Boss直聘: 逆风汹涌，不碍“小而美”本色

Core Viewpoint - BOSS Zhipin's quarterly report shows mixed results with some key indicators performing well while others lag behind, but the company's internal strengths remain intact, making macroeconomic conditions the primary focus for future performance [1][7]. Group 1: Financial Performance - Q4 revenue reached 18.2 billion CNY, a 15% year-on-year increase, slightly exceeding expectations [14]. - The company aims for a Non-GAAP operating profit of 3 billion CNY this year, with an implied profit margin of approximately 37% [22]. - The core operating profit for Q4 grew by 69% year-on-year, although higher costs slightly impacted net profit expectations [2][22]. Group 2: User Engagement and Market Dynamics - Monthly active users (MAU) fell to 52.7 million in Q4, a decrease of 5.3 million from the previous quarter, which is below market expectations [3][11]. - Despite the decline in user activity, BOSS Zhipin's user growth rate remains higher than that of competitors [12]. - The company has set a target to increase MAU by 40 million over the next three years, but current progress is lagging [13]. Group 3: Business Segments and Clientele - The number of paid enterprise accounts increased to 6.1 million, with a 1.7% rise in average payment per enterprise, indicating a shift towards larger clients [15][4]. - The company is focusing on expanding its client base in sectors where it has historically been less active, such as emerging markets [4][19]. Group 4: Cash Flow and Shareholder Returns - BOSS Zhipin reported a healthy cash flow with 9 billion CNY in operating cash flow for Q4, and a year-end cash reserve of 14.7 billion CNY [6][4]. - The company has approved a share buyback plan totaling 350 million USD for 2024, with a significant increase in buyback activity noted in Q4 [4][6]. Group 5: Market Outlook and Strategic Positioning - The macroeconomic environment remains challenging, but there are signs of recovery in certain sectors, such as manufacturing and logistics [17][18]. - The company is leveraging its strong business model and management team to maintain profit growth and enhance shareholder returns despite external pressures [9][8].