金吾财讯 | 招商证券发研报指，BOSS直聘(BZ)2024Q3实现营收19.1亿元/+19.0%，归母净利润4.7亿元/+10.0%，经营利润3.3亿元/+26.5%，经调整归母净利润7.4亿元/+4.1%，整体收入及经营业绩符合预期。分业务方面，企业客户的在线招聘服务收入为18.9亿元/+18.7%，主要系用户拓展驱动收入增长，其他服务收入0.2亿元/+49.0%。该行表示，报告期内公司用户维持强劲增长，2024Q3公司MAU(平均月活跃用户)为5800万人/+30.0%；截至24年9月30日，过去12个月付费企业客户总数为600万/+22.4%，整体用户增长趋势稳中向好。该行续指，24Q3以来国内招聘环境整体呈现温和复苏的趋势，国内B端招聘企业付费意愿较低但C端相对活跃，完善用户增长对公司现金收入增长的驱动效应预计有所放缓，Q3收入和利润表现基本符合预期。长期来看用户拓展依旧是公司收入增长的重要驱动，叠加公司加大降本增效力度有望进一步加速业绩释放，该行预计公司2024-2026年实现Non-GAAP归母净利润27.5/33.3/38.2亿元，24-26年对应PE分别为17x/14x/12x，维持“强烈推荐”评级。
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