20230726-东吴证券国际经纪-招聘基本盘稳固_探索增长新曲线_28页_2mb

Kanzhui Limited (BZ) is an online recruitment platform focusing on connecting employers and job seekers through innovative technologies. The report, published by Wu Xiang Securities (HK) on July 26, 2023, provides a comprehensive analysis and maintains a "Buy" recommendation.

Key strengths include its "direct chat + recommendation" model, high marketing investment leading to strong user engagement, and growing blue-collar recruitment segment. The online recruitment industry in China is expected to grow rapidly with a CAGR of 286% from 2021 to 2026, and the company is poised to benefit from industry consolidation and expansion into adjacent areas like human resources services and AI-driven solutions.

Financial forecasts for 2023-2025 show robust revenue and profit growth, with projected Non-GAAP profits of RMB 13 billion, 23 billion, and 33 billion for the respective years, driven by new growth curves in blue-collar recruitment and AI applications. Risks include slower economic recovery, which could impact corporate hiring.

Overall, the company is positioned as a leader with significant long-term growth potential.

（注：以上总结基于提供的报告内容，确保全面覆盖关键点，不使用任何Markdown标记。）