Boss直聘Q1：收入超出预期

Robin Zhu+852 2123 2659robin.zhu@bernsteinsg.com China Internet Kanzhun Ltd Charles Gou+852 2123 2618charles.gou@bernsteinsg.comMin-Joo Kang Rating Market-Perform +852 2123 2644minjoo.kang@bernsteinsg.com Price Target BZ 16.50 USD Hyrum Caesar+81 3 6777 6979hyrum.caesar@bernsteinsg.com Boss Zhipin Q1: Billings ahead of expectations An in-line quarter.RMB2.07bn of revenue grew 7.6% year on year, and was almostexactly in-line with our estimate and consensus. RMB815mn of non-GAAP operating profitmeanwhile was close to our estimate on RMB839mn and consensus on RMB820mn.60.9mn MAUs grew 5.7% year on year, which was a marginal shortfall versus consensus on62.4mn, though March MAUs “exceeded 72mn”. 7.1mn LTM paid enterprise users (+10.9%, Cash billings +12% ex. a one-off, Q2 guided to mid-teens growth.Triangulating thecompany’s deferred revenue balances, we estimated RMB2.4bn in billings in Q1, up 9.8%year-on-year - or up 12% or so excluding RMB45mn of VAT-related one-offs. On the jobmarket, management pointed to stronger hiring demand among larger enterprises, whileblue-collar hiring was said to have exceeded 40% of billings this quarter. Boss Zhipinmanagement spoke at length on the positive impact AI was having on the company’s volume Longer-term questions remain, but is the stock too cheap?Boss Zhipin's earningsrelease pointed to RMB1.4bn of shares repurchased through April - and managementpointed to intentions to continue to buy back stock (about half of the company’s $1.4bnin cash is offshore). Boss Zhipin’s own history has at times shown how quickly the jobmarket can turn, and our sense is top-down macro remains lukewarm. We remain somewhatconcerned that the AI impact on white collar jobs is merely delayed. That said, on our latest Investment Implications We rate Boss Zhipin Market-Perform (PT US$16.5). DETAILS AN IN-LINE QUARTER, GUIDANCE FOR MID-TEENS PROFIT GROWTH Boss Zhipin's Q1 2026 results showed revenue and operating profit in-line with our estimates and Street consensus, whilebillings growth was slightly ahead of prior guidance. Revenue of RMB2.07bn was 7.6% higher year-on-year, almost exactlyin-line with our estimate and consensus. Cash billings this quarter (calculated by comparing reported revenue with changesin deferred revenue balances) reached RMB2.4bn, rising c. 10% year on year, or 12% adjusted for a RMB45mn VAT-relatedone-off. Operating profit of RMB815mn was 17.8% higher year-on-year, compared with our estimate on RMB839mn andconsensus on RMB820mn. Management speaking around the quarter pointed to the company adding 15mn total users in Q1, Looking down the P&L, 85.6% gross margin this quarter was higher compared with our 83.6% estimate, and consensus on84.9%. RMB447mn of non-GAAP sales & marketing expense was 7.2% higher year-on-year. RMB513mn of combined R&D andadmin expenses was 1.5% lower year on year meanwhile. RMB815mn of non-GAAP operating profit implied a 39.4% margin, The AI question Boss Zhipin’s shares feel cheaply valued, trading on 9.2x FY+1 PE, or 7.1x excluding c. RMB10bn/$1.4bn of offshore cash.RMB1.4bn of buybacks in Q1 was good for 3% of the company’s outstanding shares, and management pointed to intentions tocontinue buying back stock. In the absence of unexpected changes, the company’s guidance for Q2 billings growth was 1-2%stronger than we’d previously modelled. Boss Zhipin’s own history (e.g. Q2 2024) has at times illustrated how quickly the jobmarket in China can change - though unlike 2024 May data has ostensibly remained solid. The company pushed back at lengthagainst the idea that AI displacement of white collar jobs would be negative for its business, though management did concede Updating our estimates for Boss Zhipin We've updated our estimates for Boss Zhipin to reflect its Q1 2026 earnings, and the company's latest forward guidance. Ouroperating profit estimates are only modestly changed on aggregate, though the company’s cash offshoring has driven a higher Exhibit 2 shows a summary of our estimate changes for Boss Zhipin. Q1 2026 RESULTS IN CHARTS EXHIBIT 6:Boss Zhipin non-GAAP sales and marketingexpenses were 21.6% of revenue, versus 21.7% in Q1 EXHIBIT 5:Boss Zhipin non-GAAP operating profit wasRMB815mn, implying a 39.4% margin APPENDIX - FINANCIAL FORECASTS BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Ser