Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown better-than-expected performance in Q1 2025, with a continued recovery in recruitment demand [3] - The company is expected to maintain a competitive advantage in the online recruitment sector while actively expanding its AI business, which is anticipated to enhance long-term growth potential [3] Financial Performance Summary - Total revenue for 2023 is projected at 5,952.03 million RMB, with a year-on-year growth of 31.94% - The net profit attributable to the parent company for 2023 is expected to be 1,099.23 million RMB, reflecting a significant year-on-year increase of 924.97% - Non-GAAP net profit for 2023 is forecasted at 2,156.19 million RMB, with a year-on-year growth of 169.71% - Adjusted EPS for 2023 is estimated at 4.71 RMB per ADS, with a PE ratio (Non-GAAP) of 25.84 [1][9] Market Demand and User Growth - Positive signals in recruitment demand across multiple industries, with blue-collar and small enterprise contributions continuing to rise - The blue-collar business's contribution to revenue exceeded 39% in Q1 2025, driven by a significant increase in blue-collar users [3] - The contribution from users in third-tier cities and below increased by 3 percentage points to over 23% year-on-year [3] Cost Control and Profitability - The company achieved a gross margin increase of 1.2 percentage points to 84% in Q1 2025 - Sales expense ratio decreased by 8.5 percentage points due to reduced advertising and employee-related costs, indicating improved customer acquisition efficiency [3] - The company maintains a guidance of 3 billion RMB for adjusted operating profit in 2025, supported by enhanced customer acquisition efficiency and AI-driven cost reductions [3] Earnings Forecast - The company forecasts Non-GAAP net profits of 3.3 billion RMB, 4.1 billion RMB, and 4.8 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 14, and 12 [3]

证券研究报告·海外公司点评·其他互联网服务 BOSS 直聘（BZ） 2025Q1 业绩点评：业绩好于预期，招聘需求 继续回暖 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,952.03 | 7,355.68 | 8,104.59 | | 9,527.95 10,289.15 | | 同比（%） | 31.94 | 23.58 | 10.18 | 17.56 | 7.99 | | 归母净利润（百万元） | 1,099.23 | 1,584.66 | 2,370.40 | 3,160.20 | 3,841.02 | | 同比（%） | 924.97 | 44.16 | 49.58 | 33.32 | 21.54 | | Non-GAAP 净利润（百万元） | 2,156.19 | 2,710.71 | 3,332.42 | 4,113.02 | 4,785.90 | | 同比（%） | 169.71 | 25. ...

以下为 Boss直聘 四季度业绩电话会纪要，财报解读可回顾《 BOSS 直聘：逆风汹涌，不碍"小而美"本色 》 一、财报核心信息回顾 | | | | | | Kanzhun (BZ.O/2076.HK) Earnings Results | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CNY mn | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1075 | Consensus | Act. vs Est. | | Total Revenues | 1278 | 1488 | 1607 | 1580 | 1704 | 1917 | 1912 | 1824 | | 1802 | 1.18% | | yoy | 12.3% | 33.7% | 36.3% | 46.0% | 33.4% | 28.8% | 19.0% | 15.4% | | 14.1% | | | Guidance-median | 1260 | 1 ...