2025-05-22-Jefferies-看准（BZ）_人工智能支持下的稳健执行；重申全年展望_11页_278kb

Kanzhun (BZ) Equity Research Summary

Company Overview

Kanzhun provides online recruitment services via the BOSS Zhipin platform, focusing on direct boss recruitment and AI-driven matching.

Recent Performance

• 1Q25 Results: Revenue grew 12.9% YoY to RMB 1.9 billion, beating non-GAAP earnings expectations. Gross profit increased to RMB 1.6 billion, with GPM at 83.8%. Non-GAAP net profit reached RMB 764 million.

AI Integration

• AI enhances user experience for job seekers, recruiters, and management through features like interview chatbots, placement matching, and summary reports.
• 30% QoQ growth in enterprises using AI-driven placement tools.

Market Position & Growth

• Diverse industries mitigate tariff risks. Blue-collar users (45% of new users) contribute 39% of revenue, with growth expected in lower-tier cities.
• Analysts maintain a "Buy" rating with a price target of $20.00 (+21% upside).

Risks

• Cybersecurity and data privacy concerns.
• Macroeconomic headwinds affecting recruitment demand.
• Competitive pressures and regulatory changes.

Conclusion

Kanzhun benefits from AI-driven recruitment efficiency and expanding blue-collar user base, supported by positive analyst views. However, it faces risks from macroeconomic conditions and competition.