金吾财讯 | 华泰证券研报指，BOSS直聘(02076)为国内线上招聘龙头，上市后收入、盈利稳健增长，行业领先地位稳固，逆周期环境下依然持续获取市场份额。该机构认为公司是少数行业内实现网络效应的平台型招聘公司，依托白领和蓝领企业的持续渗透，以及AI应用和品牌力的持续兑现，中长期成长空间清晰。该机构指，市场担心行业需求不足的问题，但是该机构认为招聘线上化率大趋势依然明确。第五次经济普查的数据显示法人数/个体工商户分别为3327/8799.5万户。24年BOSS 直聘企业渗透率仅为11.8%。而从付费口径来看，因BOSS直聘平台付费率约为20%，则企业付费渗透率仅为2.4%，平台商业化进程可持续。作为招聘领域具有稀缺性的平台型公司，标准化的覆盖中小企业和蓝领求职用户，为利润率上行提供了有力保障。 BOSS直聘“直聊+推荐”的模式在中长期具有较强的竞争力，平台在用户端依然具有较大空间，平台化运营能力有望保障盈利能力的上行空间。该机构预计FY25-FY27收入82.5/94/106.9亿元，调整后归母净利润为36.2/39.1/46.2亿元，基于DCF 估值法，永续增长假设3%，WACC为8.16%，对应目标价为107.6港币，对应调整后25E PE 25.3x，首次覆盖，给予“买入”评级。
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