行内1Q26结果；收入增长将因招聘需求坚韧而加速

Inline 1Q26results; revenue growth toaccelerate on resilientrecruitmentdemand recruitment demand Target PriceUS$22.50(Previous TPUS$24.00)Up/Downside59.9%Current PriceUS$14.07 Boss Zhipin reported 1Q26 results: total revenue was up by 8% YoY toRMB2.07bn, and non-GAAP net income increased by 12% YoY to RMB856mn,bothin line with Bloomberg consensus estimates.Looking into 2Q26E,management guidedtotal revenue to increase by 13-15% YoY to RMB2.38-2.42bn,with revenue growth accelerating thanks to the solid recruitmentdemand posttheChineseNew Year(CNY). In the long term,managementisconstructive on AI as a key driver to improve itsrecruitmentserviceefficiencyandacceleratebusiness growth, and thus will continue to invest in AI. We China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Ye TAO, CFA(852) 3850 5226franktao@cmbi.com.hk Solid recruitmentdemandpostCNY.Total paid enterprise customersincreased by 11% YoYto 7.1mn in 12 months ended Mar 2026. AverageMAUs grew by 6% YoY to 60.9mn in 1Q26. Healthy user growth drove solidrevenue growth from blue-collarrecruitment, which accounted for over 40%of total revenue in 1Q26 for the first time; white-collar recruitment demandalso improved afterthe CNY, andmanagementhasnotyetseen signs of AIreplacingjob positions.By vertical,manufacturing,communications, Shuyin GUO(852) 3916 3716guoshuyin@cmbi.com.hkStock Data Deepening AI integration.Thecompanyhasfurtherintegrated AI into itsplatform, with over 10mn MAUs using its AI tools in 1Q26. Revenue fromAI-facilitated closed-loop recruitment services reached c.RMB50mn in1Q26.AI empowers multiple aspects of the company’s recruitmentbusiness: 1) Recruitment AI agents shorten the time from initial chat to Increasing margin andshareholderreturn.AdjustedOPM expanded by3.4ppt YoY to 39.4% in 1Q26, mainly attributable to the GPM expansion(+1.4ppt YoY) and operating leverage. Though the company plans toincrease AI investment and marketing expenses related to the World Cup inFY26, we still expectadjusted OPM to rise by 1ppt YoY to 42% in FY26E. Source: FactSet Business forecasts update and valuation Valuation We valueBoss Zhipinat US$10.6bn (US$22.5perADS) based on18x 2026E PE. Ourtarget PE multipleisat a premium tothe averageofitspeers, given Boss Zhipin’s strongleadership in China’s online recruitment market and earnings visibility. Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analyst covered in this report: (1) all of the viewsexpressed 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 Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after 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 covered in this report. CMBIGM Ratings BUY: 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 Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates,shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does