业绩符合预期，增持。公司通过效率提升以及聚焦有变现能力的项目保持利润率持续提升的趋势。且基于自身匹配效率优势，公司自身份额仍在持续提升，维持2024/25/26 年经调整归母净利润28.01/35.17/42.02 亿元。公司为招聘平台龙头，给予2025 年高于行业平均15xPE 估值，维持2024 年目标市值527 亿元人民币，对应目标价64.11 元港币。Introduction to this report:
Performance is in line with expectations. The slowdown in growth was mainly dragged down by macroeconomic fluctuations. The company's share is still increasing, and profit margins will continue to rise driven by scale effects.
Key investment points:
The performance was in line with expectations, and the holdings were increased. The company maintains a trend of continuous increase in profit margins through improved efficiency and a focus on profitable projects. Furthermore, based on its own matching efficiency advantages, the company's share continues to increase, maintaining adjusted net profit of 2.801/3.517/4.202 billion yuan in 2024/25/26. As the leading recruitment platform, the company gave a valuation of 15xPE higher than the industry average in 2025, maintaining a target market value of 52.7 billion yuan in 2024, corresponding to a target price of HK$64.11.
Performance summary: The company's 24Q3 revenue was 1.911 billion/ +19%, cash revenue growth rate was about 10%, GAAP net profit to mother 0.422 billion/ +36.22%, adjusted net profit to mother 0.718 billion/ +26.42%, and adjusted net profit margin of 24.5%.
Revenue growth continues to slow, but it is mainly a macro drag. ① Revenue growth continues to slow quarter by quarter, and growth is under pressure, but this is expected. The company has had full communication before.
Fluctuations in corporate demand under the influence of the macro environment are the main cause. ② The number of users is still increasing, but it is mainly job seekers, so the C/B ratio is expected to remain under pressure. Looking at the user structure, the demand of leading KA companies is more stable during the economic fluctuation phase, so ARPPU also increased. ③ The revenue growth rate is expected to be 13.6-14.6% in 2024Q4, and the revenue growth rate is expected to be +10% in '25. Profit margins will continue to rise driven by economies of scale and efficiency improvements.
Focus on profitable projects and profit margins, and there is still room for improvement in profit margins. ① Under growth pressure, the company continued the strategy of the previous quarter: 1) maintaining a trend of continuous increase in profit margins through cost reduction and efficiency; 2) a strategy focusing on short-term profitable goals.
② Reflected in financial reports, it is clearly more restrained sales investment and a rapidly reduced R&D cost rate. However, the cost of short-term personnel adjustments has led to an increase in the management cost rate. ③ At present, BOSS direct employment has changed from a logic of bucking the trend of high growth to a stage of steady release of profits.
BOSS Direct Employment's subsequent growth comes from: 1) Compared to peers, the company still has obvious advantages in matching efficiency and brand awareness in blue collar, KA, etc., so it is in the phase of increasing its share. 2) Going overseas and internationalization will be an important increase. 3) Under policy catalysis, the recruitment and employment demand of enterprises driven by the economy is picking up.
Risk warning: Economic fluctuations affect recruitment and increased competition on recruitment platforms.