Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in Q4 2024 slightly exceeded expectations, with total revenue reaching 18.2 billion yuan, a year-on-year increase of 15%. Adjusted net profit was 7.2 billion yuan, also up 15% year-on-year [4][9] - The demand for recruitment is expected to recover in 2025, driven by the growth in blue-collar jobs and AI-related positions, with a significant increase in job postings related to AI [3][4] - The company anticipates adjusted operating profit to reach 3 billion yuan in 2025, supported by improved customer acquisition efficiency and cost reductions through AI [4] Financial Projections - Total revenue projections for the company are as follows: - 2023: 5,952 million yuan - 2024: 7,356 million yuan (24% YoY growth) - 2025: 8,397 million yuan (14% YoY growth) - 2026: 9,538 million yuan (14% YoY growth) - 2027: 10,580 million yuan (11% YoY growth) [1] - Adjusted net profit projections are: - 2023: 1,099 million yuan - 2024: 1,585 million yuan (44% YoY growth) - 2025: 2,275 million yuan (44% YoY growth) - 2026: 3,066 million yuan (35% YoY growth) - 2027: 3,747 million yuan (22% YoY growth) [1] - Non-GAAP net profit projections are: - 2023: 2,156 million yuan - 2024: 2,711 million yuan (26% YoY growth) - 2025: 3,332 million yuan (23% YoY growth) - 2026: 4,113 million yuan (23% YoY growth) - 2027: 4,786 million yuan (16% YoY growth) [1] Operational Efficiency - The company has improved customer acquisition efficiency, with adjusted sales expense ratio decreasing by 3.5 percentage points year-on-year. The adjusted operating profit margin increased to 36.1% [4] - The average monthly active users (MAU) for the BOSS Zhipin app reached 53 million in 2024, a 25% increase year-on-year, indicating strong user engagement [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q4 2024 slightly exceeded expectations, and there is optimism for a recovery in recruitment demand in 2025 [1][4] - The contribution of blue-collar, lower-tier cities, and small enterprises to revenue continues to rise, with strong growth in AI-related job recruitment [3] - The company is expected to achieve an adjusted operating profit of approximately 3 billion yuan in 2025, driven by improved customer acquisition efficiency and cost reductions through AI [3][4] Financial Performance Summary - Total revenue for 2023 is projected at 5,952 million yuan, with a year-on-year growth of 32%. This is expected to increase to 7,356 million yuan in 2024, representing a 24% growth [1] - The net profit attributable to the parent company is forecasted to be 1,099 million yuan in 2023, with a staggering year-on-year growth of 925%, and is expected to reach 1,585 million yuan in 2024, a 44% increase [1] - Non-GAAP net profit is anticipated to grow from 2,156 million yuan in 2023 to 2,711 million yuan in 2024, reflecting a 26% increase [1] - The adjusted EPS is projected to rise from 4.76 yuan in 2023 to 5.98 yuan in 2024 [1] Operational Insights - The company achieved a gross margin that remained stable year-on-year, with an adjusted sales expense ratio decreasing by 3.5 percentage points [4] - The adjusted operating profit for Q4 was 6.59 billion yuan, accounting for 36.1% of revenue, which is a 3 percentage point increase year-on-year [4] - The average monthly active users (MAU) for the BOSS Zhipin app reached 53 million in 2024, a 25% year-on-year increase [4][9] Market Position and Future Outlook - The company is expected to continue gaining market share in 2025, supported by increased brand recognition and a robust two-sided network effect [4] - The recruitment market is showing signs of recovery, with historical highs in active user numbers and job postings following the Spring Festival [4][9]