金吾财讯 | 太平洋证券发研指，BOSS直聘(02076)3月11日发布业绩公告：2024年，BOSS直聘实现营业收入73.56亿元，同比增长23.6%，归母净利润15.67亿元，同比大幅提升42.6%，经调整后净利润达27.11亿元，同比增长25.7%。2024Q4公司实现营收18.24亿元，同比增长15.4%；净利润4.44亿元，同比增长34.1%。该行指，公司2024年核心增长驱动力来自于用户规模与付费客户的双向突破，全年平均月活跃用户（MAU）达5300万，同比增长25.3%；付费企业客户数增至610万，同比增长17.3%，推动线上招聘服务收入同比增长23.4%至72.7亿元，占总收入比重达98.8%。该行续指，公司预计2025年Q1收入介于19-19.2亿，同比增长11.5%-12.7%，显示对一季度招聘旺季的信心。长期来看，蓝领市场渗透率不足10%，下沉市场及中小企业服务仍有较大拓展空间。同时，AI技术的深化应用有望提升平台服务附加值，打开新的变现场景。该行表示，预计2025-2027年BOSS直聘将实现营业收入87.26/102.12/118.36亿元，同比增速19%/17%/16%；实现归母净利润20.86/26.06/32.2亿元，同比增速32%/25%/24%；2025-2027年EPS分别为2.3/2.88/3.55元/股，对应2025-2027年PE分别为29X、23X和19X。首次覆盖，给予“买入”评级。
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