证券研究报告 BOSS 直聘 (BZ US) 2Q 收入符合预期，盈利能力显著提升 2025 年 8 月 21 日│美国 互联网 公司发布 25Q2 财报：25Q2 实现收入 21.02 亿元，略超华泰预测（20.7 亿 元），yoy+9.7%。25Q2 经调整归母净利润 9.46 亿元，显著超过华泰预测 （8.48 亿元），yoy+30.8%。尽管上半年宏观环境变化较多，但整体招聘 需求持续修复，供需关系进一步改善，蓝领招聘需求自 5 月起修复，互联网 行业招聘需求明显回暖。公司规模效应逐渐显现，叠加 AI 赋能降本增效， 盈利能力持续提升，随着宏观情况持续改善，公司产品有望进一步受益，维 持"买入"评级。 招聘需求持续回暖，供需关系进一步改善 25Q2 MAU 为 6360 万，同比增长 16.5%，平台用户呈现较高活跃度。25Q2 企业付费用户数为 650 万，yoy+10.2%，Q1 为 640 万。招聘者需求持续提 升，推动求职者和招聘者比例持续降低，供需关系进一步改善。7 月平台新 增职位数量同比增长约 20%，人均发布职位贴数也高于去年同期。招聘需 求呈现两大特点，1）互联网行业职位数量恢复至 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $23.11 [6][4] Core Insights - The company reported Q1 2025 revenue of 1.923 billion RMB, slightly exceeding expectations, with a year-over-year growth of 12.9%. Adjusted net profit reached 692 million RMB, reflecting a significant year-over-year increase of 76.2% [1][2] - The demand for recruitment is gradually recovering, with a notable increase in blue-collar job seekers, which now account for over 45% of new users, contributing to a revenue share of over 39% [2][3] - The company has successfully reduced its expense ratio, achieving a gross margin of 83.8% and a profit margin of 36% in Q1 2025, indicating ongoing improvements in profitability [3][4] Revenue and Profit Forecast - The revenue forecast for FY25-FY27 has been slightly revised upwards to 8.18 billion RMB, 9.38 billion RMB, and 10.67 billion RMB respectively. The adjusted net profit estimates have also been increased to 3.32 billion RMB, 3.5 billion RMB, and 3.96 billion RMB for the same period [4][11] - The company expects Q2 2025 revenue to be between 2.05 billion RMB and 2.08 billion RMB, which aligns with market expectations [2][4] Financial Metrics - The company achieved a cash collection of 2.18 billion RMB in Q1 2025, reflecting a year-over-year increase of 6.3% [2] - The adjusted operating profit for Q1 2025 was 692 million RMB, with a profit margin of 36%, indicating better-than-expected profit release [3][4] - The report projects an adjusted operating profit of 3.07 billion RMB for the full year 2025 [3][4] Valuation - Based on a DCF valuation method, the target price is set at $23.11, reflecting a perpetual growth assumption of 3% and a WACC of 8.95% [4][11][13] - The company's market capitalization is approximately $7.904 billion, with a closing price of $17.90 as of May 21 [7][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $23.11 [6][4]. Core Insights - The company reported Q1 2025 revenue of 1.923 billion RMB, slightly exceeding the forecast of 1.91 billion RMB, with a year-over-year growth of 12.9%. Adjusted net profit reached 692 million RMB, surpassing the prediction of 617 million RMB, reflecting a year-over-year increase of 76.2% [1][2]. - The recruitment demand is gradually recovering, with the blue-collar segment accounting for over 45% of new users, contributing to an increase in revenue share to over 39% [2]. - The company has successfully reduced its expense ratio, with a gross margin of 83.8% and a significant decrease in sales expense ratio by 8.5 percentage points year-over-year [3]. Revenue and Profit Forecast - The revenue forecast for FY25-FY27 has been slightly revised upwards to 8.18 billion RMB, 9.38 billion RMB, and 10.67 billion RMB respectively, with adjusted net profit estimates increased to 3.32 billion RMB, 3.5 billion RMB, and 3.96 billion RMB [4][11]. - The company expects Q2 2025 revenue to be between 2.05 billion RMB and 2.08 billion RMB, indicating a year-over-year growth of 6.9% to 8.5% [2]. Financial Metrics - The company achieved an adjusted operating profit of 692 million RMB in Q1 2025, corresponding to a profit margin of 36%, which is better than expected [3]. - The report projects an adjusted operating profit of 3.07 billion RMB for the year 2025 [3][12]. Valuation - Based on the DCF valuation method, the target price is set at $23.11, reflecting a perpetual growth assumption of 3% and a WACC of 8.95% [4][13].