Kanzhun Ltd.: Irrational fear of AI

研报英文原文证据摘录

Kanzhun Ltd.: Irrational fear of AI

Equity Research

China Technology

20 May 2026

Kanzhun Ltd.

Irrational fear of AI

Earnings ReviewQ1 delivered another solid quarter, yet concerns over AI-

driven disruption to the online recruiting model persists;

Retain OW and PT to $20 BZ OVERWEIGHT Unchanged

China Technology POSITIVE

Summary: Over the past 6 months, BZ shares have lost about half their value, despite Unchanged

consistent quarterly delivery and a $200m buyback YTD (3% of outstanding shares). We believe Price Target USD 19.00

the pressure reflects a familiar concern: that AI could render online recruiting obsolete with Unchanged

employers instead using AI to identify suitable candidates. While we do not underestimate AI's Price (19-May-26) USD 14.11

broader disruptive potential, we simply don’t see a scenario in which it fully displaces online Potential Upside/Downside +34.7%

recruiting platforms. BZ management also highlighted its use of AI to make their products much Source: Bloomberg, Barclays Research

more effective, driving higher APRUs through improved candidate matching for hiring

managers. We believe BZ has a highly profitable business model, with op margins in the 40s and Market Cap (USD mn) 6821

strong operating cash flow generation. With the shares trading at all time lows and on a single- Shares Outstanding (mn) 483.47

digit PE multiple, despite low to mid-teens top line and EPS, we would be buyers of the shares. Free Float (%) N/A

In terms of Q1 results, which were broadly inline with expectations, revenue grew 8% yoy (but 52 Wk Avg Daily Volume (mn) 3.6

cash billings rose 12% on like-to-like basis) and op profits were up 18% yoy with op margins of Dividend Yield (%) 1.19

39.4%.