Investment Rating - The report maintains an "Accumulate" investment rating for the company [4] Core Views - The company has shown a remarkable performance in flexible employment and is accelerating its online business expansion [3] - The domestic recruitment demand is experiencing a structural recovery, with a significant quarter-on-quarter performance increase in Q4 2024 [4] - The company's total revenue for 2024 reached 11.788 billion yuan, a year-on-year increase of 20.55%, with a net profit attributable to shareholders of 205 million yuan, up 2.42% year-on-year [4] - The flexible employment business revenue grew to 11.137 billion yuan in 2024, a year-on-year increase of 22.42%, accounting for 94.48% of total revenue [4] - The company expects earnings per share of 1.39 yuan and 1.63 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23.72 and 20.24 [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 3.272 billion yuan, a year-on-year increase of 25.44% and a quarter-on-quarter increase of 9.98% [4] - For Q1 2025, total revenue was 3.303 billion yuan, a year-on-year increase of 25.13%, with a net profit of 58 million yuan, up 42.15% year-on-year [4] Business Segments - The flexible employment business continues to grow steadily, while the technology services segment is expanding rapidly [4] - The revenue from the technology services business increased by 44.18% year-on-year, reaching 63 million yuan [4] Profitability - The overall gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year, with the flexible employment business gross margin declining to 5.47% [4] - The gross margin for the technology services business was 23.72%, down 5.17 percentage points year-on-year [4] Earnings Forecast - The company forecasts total revenue of 14.081 billion yuan for 2025, with a net profit of 282 million yuan [5]