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研报掘金|中金:上调BOSS直聘目标价至23美元 招聘需求持续改善
Ge Long Hui· 2025-08-22 09:12
中金发表研报指,BOSS直聘次季收入21亿元,按年增长9.7%,小幅超出该行预期;非通用会计准则净 利润9.46亿元,高于预期,主要是毛利率表现较好,销售、研发费用率控制得当。第三季收入指引为 21.3亿至21.6亿元,符合预期。 中金维持对BOSS直聘今年及明年收入预测不变,基于公司费控得当,分别上调其非通用会计准则净利 润预测8%及6%,至35.2亿及37.5亿元。该行上调其美股目标价9.5%至23美元,维持"跑赢行业"评级, 认为招聘需求持续改善,公司费用控制超预期。 ...
BOSS直聘(BZ):2Q收入符合预期,盈利能力显著提升
HTSC· 2025-08-21 03:18
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 ...
BOSS直聘这场港股发售,为了谁?
华尔街见闻· 2025-06-28 12:21
Core Viewpoint - BOSS Zhipin's recent public offering in the Hong Kong market is not merely a capital-raising exercise but a strategic move to reshape its shareholder structure and enhance market liquidity [1][2][4]. Group 1: Public Offering Details - On June 25, BOSS Zhipin launched a public offering of 30 million Class A ordinary shares, representing 3.2% of the post-offering share capital, with an option to increase by up to 4.5 million shares [1]. - The offering is notable for allocating 10% of the shares, or 3 million shares, to individual investors, which is uncommon in typical institutional-focused offerings [1][2]. - The offering has seen strong demand, with international placements oversubscribed by over three times, indicating confidence from long-term investors in the company's future [1][2]. Group 2: Strategic Intent - The offering aims to create a more diverse shareholder base, transitioning from merely having a stock code to having a multi-faceted group of shareholders [2][6]. - BOSS Zhipin's management emphasizes that the offering is about establishing a genuine connection with the local market rather than just raising funds [4][6]. - The company seeks to address liquidity issues and reduce shareholder concentration, which has been a challenge since its initial public offering in 2022 [5][6]. Group 3: Financial Health - BOSS Zhipin is in a strong financial position, with a projected net profit of 1.567 billion RMB in 2024 and a net profit margin exceeding 42% [2]. - The company has maintained robust operating cash flow, exceeding 800 million RMB for five consecutive quarters, with cash equivalents nearing 15 billion RMB [2][4]. Group 4: Market Positioning - The public offering is designed to create initial stock supply, breaking the "no stock, no buy" market structure that has hindered trading activity [5][9]. - BOSS Zhipin aims to build a local investor base in the Hong Kong market, which is crucial for its long-term growth and stability [6][7]. - The company is focused on establishing a deeper relationship with investors, enhancing market understanding and engagement [9][16]. Group 5: Business Model and Growth - BOSS Zhipin's growth strategy is centered around improving matching efficiency in recruitment, leveraging a unique platform that integrates direct chat, recommendations, and mobile access [11][13]. - The company has successfully expanded its user base, serving over 16.6 million enterprises and achieving 57 million monthly active users by Q1 2025 [11][14]. - BOSS Zhipin is also diversifying its offerings by targeting blue-collar job markets and integrating AI technology to enhance platform capabilities [14][15]. Group 6: Long-term Vision - The company is focused on building a resilient matching model that can adapt to diverse and complex recruitment needs, ensuring long-term sustainability [15][16]. - BOSS Zhipin's approach contrasts with the fast-paced strategies of many peers, emphasizing steady growth and strategic stability [17][18]. - The goal is to create a capital market product that allows investors to genuinely "hold" the company rather than just "hear about" it [18].
Boss直聘:小龙头稳坐"Boss"位,只是周期太苦了
海豚投研· 2025-05-22 14:15
Core Viewpoint - BOSS Zhipin's Q1 report indicates a challenging business environment, necessitating a focus on internal efficiency and maintaining a "small but beautiful" approach [1] Group 1: To C Brand Mindset - In Q1, the platform's user base increased by 4.9 million to reach 57.6 million, indicating a solid brand presence among job seekers [2][10] - The decline in sales expenses, excluding stock-based compensation, by 18% year-on-year suggests that user growth is driven by natural traffic rather than heavy marketing [2][10] - The focus on increasing active users is crucial as it attracts more B-end enterprises to the platform, differentiating BOSS Zhipin from traditional recruitment platforms [10] Group 2: To B Recruitment Environment - Total revenue for Q1 was CNY 1.92 billion, a year-on-year increase of 12.7%, slightly exceeding market expectations [18] - The revenue from B-end recruitment services was CNY 1.9 billion, also reflecting a 12.9% year-on-year growth, but the guidance for Q2 indicates a slowdown with expected growth of 7% to 8.5% [18][22] - The number of paid enterprise accounts reached 6.4 million, with an average payment amount increasing by 5.6% year-on-year, indicating stability among larger enterprises [22][26] Group 3: Cost Control and Efficiency Improvement - The gross margin remained stable at 83.8%, with core operating profit reaching CNY 432 million, significantly exceeding market expectations [3][34] - The company has continued to reduce sales expenses by 15% year-on-year, reflecting a commitment to cost control amid external pressures [37][39] - R&D expenses have also decreased year-on-year, indicating a focus on improving operational efficiency [39][41] Group 4: Financial Performance Metrics - The core operating profit margin improved to 22.5%, up from 5.3% year-on-year, showcasing enhanced operational efficiency [3][34] - Non-GAAP operating profit for Q1 was CNY 684 million, with a profit margin of 35.6%, indicating strong financial health despite revenue pressures [41] - The long-term target for Non-GAAP operating profit margin is set at 40%, suggesting potential for further profitability improvements [41]
Boss直聘: 逆风汹涌,不碍“小而美”本色
海豚投研· 2025-03-11 14:00
Core Viewpoint - BOSS Zhipin's quarterly report shows mixed results with some key indicators performing well while others lag behind, but the company's internal strengths remain intact, making macroeconomic conditions the primary focus for future performance [1][7]. Group 1: Financial Performance - Q4 revenue reached 18.2 billion CNY, a 15% year-on-year increase, slightly exceeding expectations [14]. - The company aims for a Non-GAAP operating profit of 3 billion CNY this year, with an implied profit margin of approximately 37% [22]. - The core operating profit for Q4 grew by 69% year-on-year, although higher costs slightly impacted net profit expectations [2][22]. Group 2: User Engagement and Market Dynamics - Monthly active users (MAU) fell to 52.7 million in Q4, a decrease of 5.3 million from the previous quarter, which is below market expectations [3][11]. - Despite the decline in user activity, BOSS Zhipin's user growth rate remains higher than that of competitors [12]. - The company has set a target to increase MAU by 40 million over the next three years, but current progress is lagging [13]. Group 3: Business Segments and Clientele - The number of paid enterprise accounts increased to 6.1 million, with a 1.7% rise in average payment per enterprise, indicating a shift towards larger clients [15][4]. - The company is focusing on expanding its client base in sectors where it has historically been less active, such as emerging markets [4][19]. Group 4: Cash Flow and Shareholder Returns - BOSS Zhipin reported a healthy cash flow with 9 billion CNY in operating cash flow for Q4, and a year-end cash reserve of 14.7 billion CNY [6][4]. - The company has approved a share buyback plan totaling 350 million USD for 2024, with a significant increase in buyback activity noted in Q4 [4][6]. Group 5: Market Outlook and Strategic Positioning - The macroeconomic environment remains challenging, but there are signs of recovery in certain sectors, such as manufacturing and logistics [17][18]. - The company is leveraging its strong business model and management team to maintain profit growth and enhance shareholder returns despite external pressures [9][8].