BOSS直聘(BZ.US)2024年一季报点评：营收利润超预期，期待付费企业数持续提升

Kanzhun Limited (BZ) Equity Research·Company Research·Other Internet Service 1 / 5 东吴证券（香港） 请务必阅读正文之后的免责声明部分 2024Q1 review: revenue and profit beat, with continued growth in paid enterprise customers Buy (Maintain) Forecast & Valuation 2023A 2024E 2025E 2026E Revenue (RMB mn) 5,952 7,788 9,625 11,523 Growth (YoY %) 32% 31% 24% 20% Non-GAAP Net profit (RMB mn) 2,156 2,766 3,419 4,052 Growth (YoY %) 170% 28% 24% 18% Adjusted EPS (RMB) 4.84 6.21 7.68 9.10 P/E (X, Non-GAAP) 31.52 24.57 19.88 16.77 Source: Wind, Soochow Securities Key words: # Higher-than-expected performance Investment Thesis ◼ Event: In 24Q1, the company achieved revenue of RMB1.7bn, +33.4% yoy, exceeding the upper limit of previous guidance. Adjusted net profit reached RMB530mn, +116.6% yoy, with calculated cash billings of RMB2.05bn, +24.3% yoy. ◼ With continued growth of dual-side users, the company focuses on increasing paid enterprise customers. On the user side, MAU reached 46.6 million in 24Q1, +17.4% yoy, with its app seeing a MAU count of 55 million in March, +24% yoy. On the enterprise side, 24Q1 enterprise revenue was RMB1.68bn, +33.6% yoy, with a notable growth in the number of paid enterprises. By the end of March 2024, the number of paid enterprises over the past twelve months reached 5.7 million, +42.5% yoy. Recruitment demand from large enterprises is showing a sustained recovery, with the number of daily new job postings from enterprises with more than 500 employees increasing by 10% month-on-month in April. Currently, the proportion of paid enterprises on the platform remains low relative to the total number of enterprises in China, indicating significant potential for market share growth as the company focuses on increasing the number of paid enterprises. ◼ Blue-collar segment continues driving growth, with white-collar segment showing recovery. In 24Q1, the number and growth rate of new blue-collar users exceeded those of white-collar users, contributing 35%+ of total revenue. Recently, the company acquired the manufacturing recruitment platform "My Work Network" and has seen more than 260,000 online job positions on its Hailuo Select platform, covering over 27 million job seekers. The white-collar segment is also showing signs of improvement. With ongoing exploration and expansion in blue-collar services, the blue-collar recruitment segment should continue contributing to revenue growth. ◼ Improved marketing efficiency and increased R&D investment should enhance future profit margins. In 24Q1, the company reported a GPM of 82.7%, +2.0pct yoy. Sales/management/R&D expense ratios were 34.0%/15.9%/27.4%, respectively, -15.2pct/+3.0pct/+1.4pct yoy. Sales expense ratio decreasing is mainly due to improved marketing efficiency, and the increase in the R&D expense ratio was mainly due to increased investment in AI-related research. As the company continues to grow its revenue and manages expenses effectively, profit margins are likely t