【券商聚焦】海通国际首予BOSS直聘(02076)“优于大市”评级认为GAI技术将进一步巩固其领先地位

金吾财讯

Dec 01, 2025

金吾财讯 | 海通国际研报指出，BOSS直聘(02076)是国内在线招聘市场龙头，公司以直聊+智能匹配占据招聘方和求职者心智。2022年启动"海螺计划"，打造蓝领招聘闭环，持续渗透蓝领市场。据QuestMobile,boss直聘DAU市场份额达到43%，是第二名的2倍。另外，该机构认为AI将进一步巩固其领先地位。截止25Q3，公司平均MAU为6380万人，同比增长10%、环比增长0.3%；2025年三季度末，过去12个月付费企业用户总数同比增长13.3%、环比增长4.6%，达680万家；同时，三季度付费用户数快速增长，公司KA及SME客户的ARPU稳步向上。公司2026年新增认证用户目标3500万以上。该机构指出，公司持续提升运营效率，三季度若剔除减值损失，经估算N-GAAP成本及运营费用减少1.52亿元人民币，非公认会计原则营业利润率升至42%；考虑到年末奖金激励因素，该机构预计公司将持续推行审慎的费用管控及效率提升措施，四季度利润率水平与三季度基本持平，2025年全年利润率有望实现同比改善。该机构表示，看好BOSS直聘在中国在线招聘领域的独特商业模式，认为GAI技术将进一步巩固其领先地位；考虑到公司的独特竞争优势、强劲盈利能力及充足现金流，该机构给予2025年25倍PE估值，对应目标价105港元，首次覆盖给予“优于大市”评级。

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