出售子公司带来投资收益增量，经营效率提升带动盈利能力改善。25Q3 归母净利润0.93 亿 元/+89.62%，扣非归母净利润0.61亿元/+26.90%，二者差异主要系25Q3 产生非流动性资产处置收益 6218 万元（主要是天津智锐55%股权转让产生的投资收益，影响非经常性收益约3200 万元）。25 年前 三季度公司毛利率为5.80%/-0.96pct， 25Q3 公司毛利率为6.32%/-0.54pct，预估主要系灵活用工业务占 比提升。费用端25 前三季度公司销售、管理、研发、财务费用率分别为1.28%/-0.26pct、 1.69%/-0.71pct、0.39%/-0.07pct、0.15%/-0.07pct。单季度看，25Q3 销售、管理、研发、财务费用率分别 为1.27%/-0.29pct、1.62%/-0.62pct、0.42%/-0.03pct、0.13%/-0.05pct。25 年前三季度净利率为 2.32%/+0.75pct、25Q3 净利率为2.98%/+1.33pct。 核心观点 25Q3 公司营收同比+23.70%，维持25Q1、Q2 以来的良好增长势头。25Q3 灵活用工业务累 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][22] Core Views - The company achieved a non-GAAP net profit growth of 27% year-on-year in Q3 2025, with total revenue reaching 10.75 billion yuan, a 26.3% increase [2][8] - The company is actively exploring AI applications in recruitment, developing models that enhance semantic matching capabilities [3][20] - The company is expected to return to a rapid growth trajectory in 2025, supported by improved operational efficiency and AI-driven business transformation [4][21] Financial Performance Summary - For Q3 2025, the company reported revenue of 3.68 billion yuan, a 23.7% increase, and a net profit of 93.23 million yuan, up 89.6% [2][8] - The flexible employment business saw a 21.4% year-on-year increase in dispatched personnel, totaling 153,500 [13][15] - The gross profit margin for Q3 2025 was 6.3%, with a total expense ratio of 3.4%, showing significant improvement in operational efficiency [15][21] Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 295 million, 350 million, and 406 million yuan, respectively, with a CAGR of approximately 24% [4][21] - The latest dynamic PE ratios are projected at 19.3, 16.3, and 14.0 for 2025, 2026, and 2027, respectively [4][21] - The company is positioned as a cyclical stock with significant valuation elasticity, with historical dynamic PE ranging from 14 to 51 [4][21]