> **来源：[研报客](https://pc.yanbaoke.cn)** # Kanzhun Limited (BZ US) Summary ## Core Content Kanzhun Limited (BZ US), also known as Boss Zhipin, reported its 2Q26 financial results, showing strong revenue growth and improved profitability. The company's total revenue increased by 14% YoY to RMB2.40bn, and non-GAAP net income rose by 9% YoY to RMB941mn, both in line with the Visible Alpha (VA) consensus. For 3Q26E, management expects total revenue to grow by 11-16% YoY, aligning with the VA forecast of RMB2.47bn. ## Key Points - **Revenue Growth**: - 2Q26: +14% YoY to RMB2.40bn - 3Q26E: Expected to grow by 11-16% YoY to RMB2.41-2.50bn - FY26E: Revenue forecast at RMB9,357mn - FY27E: RMB10,317mn - FY28E: RMB11,235mn - **Profitability**: - Adjusted OPM improved by 1.9ppt YoY to 43.8% in 2Q26 - FY26E adjusted OPM is expected to increase by 2ppt YoY to 43% - Adjusted net profit for FY26E is RMB3,959mn, with a forecasted growth in FY27E and FY28E - **Shareholder Returns**: - The company announced dividends of US\$230mn - Share buybacks totaling over US\$300mn have been completed YTD, representing approximately 7% of the current market cap - **Target Price**: - Raised to US\$23.00, based on 18x FY26E non-GAAP PE - Previous target price was US\$22.50 - **Valuation**: - Valuation based on 18x FY26E non-GAAP PE is at US\$10.6bn - The target PE multiple is higher than peers (16x PE) ## Business Strategies - **User Growth and Monetization**: - The company is focusing on increasing monetization in first-tier and some second-tier cities due to its currently low pricing - Paid enterprise customers grew by 11% YoY to 7.2mn in 12 months ended Jun 2026 - Paying ratio improved for the fourth consecutive quarter - **ARPPU and Revenue**: - Overall ARPPU increased by 7% YoY in 2Q26 - The company expects this to drive sustainable revenue growth - **AI Integration**: - AI is being used to improve recommendation efficiency and user experience - AI interviews and resume screening have received positive feedback from key account customers - Daily average number of AI interviews exceeded 10k in 2Q26 - AI-facilitated closed-loop recruitment services generated c.RMB80mn in revenue in 2Q26, up from c.RMB50mn in 1Q26 ## Financial Highlights | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |--------|------|------|------|------|------| | Revenue (RMB mn) | 7,356 | 8,268 | 9,357 | 10,317 | 11,235 | | YoY growth (%) | 23.6 | 12.4 | 13.2 | 10.3 | 8.9 | | Adjusted net profit (RMB mn) | 2,711 | 3,602 | 3,959 | 4,374 | 4,699 | | EPS (Adjusted) (RMB) | 5.96 | 7.77 | 8.63 | 9.73 | 10.67 | | P/S (x) | 6.8 | 6.1 | 5.4 | 4.9 | 4.5 | | P/E (x) | 32.5 | 19.0 | 10.6 | 13.3 | 11.7 | ## Shareholding and Performance - **Shareholding Structure**: - Zhao Peng: 13.5% - Tencent: 7.7% - **Share Performance**: - 1-mth: +5.6% - 3-mth: +22.4% - 6-mth: -0.2% - **Stock Data**: - Market Cap: US\$7,472.5mn - 52w High/Low: US\$24.91 / US\$12.65 ## Business Forecasts and Valuation - **Forecast Revision**: - Revenue for FY26E is RMB9,357mn, with a minimal change of 0.0% compared to previous estimates - Gross profit is expected to be RMB8,074mn for FY26E - Adj. operating profit for FY26E is RMB4,018mn - **Valuation**: - Target valuation: US\$10.6bn (US\$23.0 per ADS) - The P/S ratio is expected to decline from 6.8 to 4.5 by FY28E - The P/E ratio is projected to be 10.6x for FY26E ## Risks - **Macro Uncertainty**: Affects demand in the recruitment sector - **Intensifying Competition**: In the online recruitment market - **AI Disruption**: May impact the sector ## Analyst Ratings - **BUY**: Indicates potential return of over 15% over the next 12 months - **HOLD**: Indicates potential return of +15% to -10% over the next 12 months - **SELL**: Indicates potential loss of over 10% over the next 12 months ## Analyst Certification - The primary research analyst certifies that the views expressed are their personal views - No part of the analyst's compensation is directly or indirectly related to the views expressed - The analyst has not traded in the stock covered within 30 calendar days prior to the report's issue ## Important Disclosures - This report is not an offer or solicitation to buy or sell securities - CMBIGM does not provide individually tailored investment advice - Past performance does not indicate future performance - The value of investments may fluctuate and is not guaranteed - The report is for the use of intended recipients only ## Legal and Regulatory Information - The report is distributed to specific categories of investors as per local regulations - CMBIGM is not a registered broker-dealer in the U.S. and may not be subject to U.S. rules - The report may be distributed in the U.S. only to "major U.S. institutional investors" as defined by Rule 15a-6 ## Conclusion Kanzhun Limited is showing strong revenue and profit growth, supported by AI integration and a focus on monetization in key cities. The company's improved financial metrics and strategic initiatives suggest a positive outlook, with a target price of US\$23.00 and a BUY rating. However, macroeconomic uncertainty and competition remain key risks to consider.