Tiger Brokers

BOSS直聘-W（02076）续涨14.17% 机构指AI产品商业化等有望打开中长期增量

金吾财讯
Aug 27

金吾财讯 | BOSS直聘-W（02076）延续涨势，截至发稿，最新报72.50港元，涨幅14.17%，成交额1276.82万港元。隔晚美股BOSS直聘（BZ）收涨15.65%，报18.84美元。华泰证券新近发布研报指，BOSS直聘Q2收入23.99亿元人民币，yoy+14.1%，基本符合VA一致预期的24.05亿元；Non-GAAP经营利润10.50亿元，yoy+19.2%，高于VA一致预期4.8%，经营利润率43.8%，高于预期2.1个百分点。公司预计3Q26收入为24.10-25.00亿元，中值同比增长13.5%，基本符合VA一致预期。该机构认为，用户规模增长、运营效率提升共同支撑利润释放，AI产品商业化及持续加码股东回报有望打开中长期增量。该机构考虑到宏观需求仍有不确定性，提价仍待持续验证，小幅下修26-28E调整后归母净利润为40.06/46.75/55.07亿元（原预测40.90/47.63/56.35亿元，变动-2.06%/-1.84%/-2.26%，主因税率提升），估值方法维持PE估值，选取同为人力资源行业的公司（业务涵盖线下灵活用工、线上招聘以及猎头业务，具有较高相似性），可比公司26EPE为17.2x，考虑到公司自身处于龙头地位，给予一定估值溢价26EPE18x，对应目标价为23.77美元/85.39港币（原目标价21.08美元/77.47港币，前可比公司估值14.7x，给予公司前26PE16x），维持“买入”评级。

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