招聘需求保持强劲；全年盈利目标维持不变

Kanzhun Limited (BZ US) Hiring demand remains resilient; full-yearearningstarget unchanged Target PriceUS$21.00(Previous TPUS$19.50)Up/Downside17.3%Current PriceUS$17.90 Boss Zhipin reported 1Q25results: total revenue increased by 13% YoY toRMB1.92bn, in line with consensus estimate; non-GAAP net income grew by44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to thestrong operating leverage and effective opex controldespitemacro uncertainty.For 2Q25E,managementguidedtotal revenue to increase by 6.9%-8.5% YoYto RMB2.05-2.08bn, which is in line withconsensusestimate (RMB2.07bn).Despite macro uncertainty and tariff war,managementnotedthat the hiringdemandcontinuedto recoverYoY in April, andremainedupbeat onachievingits full-year non-GAAP operating profit target of RMB3bn. We maintain ourFY25-27 earnings forecast largely unchanged. We fine-tune our target price toUS$21.0 based on 21x FY25E non-GAAP PE (previous: US$19.5based on 20xFY25E PE), which is on par with the sector average. Maintain BUY. China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Ye TAO, CFAfranktao@cmbi.com.hk Hiring demand remains resilient amid macro uncertainty.Total paidenterprise customers reached 6.4mn in 12 months ended Mar 2025, up 12%YoY.Managementnoted that the tariff war has no material impact on thehiring demand, which has continued to recover since Chinese New Year.Average new job postings grew by 17%YoY in 4M25, with improvingenterprise paying ratiosequentially. By sectors, the new job postings formanufacturingsector maintained YoY growth in Aprildespitethe impact oftariff war.Hiringdemandfor white-collar sectors, such as advertising,professional services and internetfinance, alsostabilizedin April. On thejob seeker front, the company added over 15mn verified users from Januaryto April, and theaverage MAUs grew by 24% YoY to 57.6mn in 1Q25.Blue-collar recruitment continued to be a key growth driver, accounting for over45% of the newly-added users and over 39% of the total revenue in 1Q25. Joanna Ma(852) 3761 8838joannama@cmbi.com.hk Steady progress on the AI front.Regarding the AI strategy, the companywill continue to enhance its AI capabilities, but it will remain prudent onlarge-scale AI deployment which maypartiallyreplace human recruiters.During the testing,recruiterswho usedthecompany’s AI function improveditshiringefficiencyby25%,andjobseekersrespondedbytheAIcommunication assistant saw 15% improvement in itssuccessrate. Thecompanyalso leverages AI to improve its internalefficiency, which weexpect to provide further room for margin expansion. Maintain FY25 OP target.Non-GAAP OPM improved by 13pptsYoY to36.0% in 1Q25,primarilydue to operating leverage and opex control.S&M/R&D expenses declined by 18%/8% YoY to RMB417/335mn in 1Q25.Looking ahead,thecompany will continue to focus on improvingefficiencyandcontrollingexpenses.Managementnoted that 1Q25tendsto be thelowest quarter intermsof margin, andremainedupbeat on achieving thefull-year non-GAAP operating profit target of RMB3bn in FY25E. Source:FactSet Business forecasts update and valuation Valuation We valueBoss Zhipinat US$9.4bn (US$21.0per share) based on21x 2025E PE. Ourtarget PE multipleis on par with theaverage ofglobalpeers. Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is,or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securitiesand Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business daysafter the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsGlobal MarketsLimi