HSBC Research has published a report indicating that Kanzhun-W (02076.HK) continues to expand its market share and shows more signs of recovery. The increase in the number of users and the average income per user, along with operational leverage, brings support to profits next year. Among them, the blue-collar group remains the main growth driver.

The bank maintains a "Buy" rating for Kanzhun, with the Target Price for Listed in Hong Kong raised from 66 yuan to 68 yuan. Due to last quarter's profits exceeding expectations, the profit forecasts for 2024 to 2026 have been adjusted upward by 3% to 4%, believing that the company has gained market share and good operational leverage capability during a challenging period, which has not been recognized by the market.