盈利预测与投资建议 结合三季报中需求明显回暖、但不同客群恢复节奏存在分化的情况，整体较前次报告小幅下调了盈利预 测。预计25-27年经调整净利润为26.95/30.99/33.7亿元（前次25-26年预测为31.92/37.50亿元）。估值方 面，仍采用自由现金流折现法，对应合理市值797.44亿元，按港币兑人民币0.9088折算，对应877.47亿 港元，目标价91.15港元/股，维持"买入"评级。 风险提示 利润端：高毛利结构巩固，经调整净利率再上台阶。25Q3单季，公司实现净利润7.75亿元，同比 +67.2%；经调整净利润9.92亿元，同比+34.2%，增速显著快于收入。单季毛利率约85.8%，较上年 +2.2pct，主要受高毛利的线上招聘服务占比提升，以及算法与AI工具带来合效率改善的带动。在收入 恢复的同时，公司在费用投入节奏上依然保持克制，从而带来更强的利润弹性。 分红与展望：常态化股东回报，AI与新职类拓展支撑中长期。三季度公司已完成年度股息派发，同时 于8月将股份回购计划延长至2026年8月，授权回购总额不超过2.5亿美元，"分红+回购"的股东回报框架 基本成型。业绩展望方面，公司预计25Q ...

Core Viewpoint - The decision to hold an investment is more crucial than the decision to buy it, emphasizing the importance of long-term commitment to growth stocks [13]. Group 1: Investment Philosophy - Many investors struggle to hold onto high-performing stocks, often selling too early due to short-term price increases or perceived overvaluation [4][5]. - Successful investors recognize that the true value of a company lies in its potential for future growth rather than its current valuation metrics [8][10]. - The concept of "let winners run" is essential for avoiding premature sales of growth stocks [6]. Group 2: Long-term Holding Strategies - Establishing a deep connection with a company through consistent engagement can provide investors with the confidence to hold their investments long-term [11]. - A steadfast belief in value investment principles is necessary, especially during market downturns, to maintain faith in the eventual recognition of a company's true value [12]. - Historical examples, such as the long-term holdings of successful investors, illustrate the benefits of patience and commitment to quality companies [13]. Group 3: Valuation and Growth - Investors should focus on the future growth potential of companies rather than solely relying on static financial statements [8][9]. - The ability to assess a company's future cash flows and growth prospects is critical for making informed investment decisions [8]. - The journey of companies from perceived overvaluation to reasonable price-to-earnings ratios can highlight the dynamic nature of growth investing [8].