First Read: Kanzhun Limited "1Q26 earnings review: Fundamentals intact amid..."

研报英文原文证据摘录

First Read: Kanzhun Limited "1Q26 earnings review: Fundamentals intact amid..."

et concerns on AI disruption has led to the continued de-rating of BZ stock over the

12/27E 9.62 9.57 -0 9.79

past few months, yet we believe such concerns are overdone, as we have yet to see 12/28E 10.94 11.02 1 11.12

negative impact to the job market or the company's revenue growth. On the contrary,

Boss disclosed that revenue from AI-related jobs grew over 100% YoY, and active Wei Xiong

software engineer jobs grew 11% YoY in 4M26. In addition, Boss continued to leverage Analyst

AI to improve the recruiting efficiency and user experience on its platform, and is actively wei.xiong@ubs.com

+86-21-3866 8883

exploring AI-powered closed-loop services (revenue over Rmb50m in 1Q), targeting

blue-collar jobs with batch hiring and high-end jobs with intent communication and Kenneth Fong

lead conversion. Margin wise, we estimate the margin of its core business is 50%+, and Analyst

expect to see modest OP margin expansion in 2026 (UBSe of 1-2ppt) despite kenneth-kc.fong@ubs.com

+852-3712 3890

investments in AI, world cup, and overseas business expansion.

Charles Chen

Estimate changes: minor tweaks in 2Q, full-year estimates unchanged Analyst

S1460524020001

For 2Q26E, we expect revenue growth to accelerate to 14.1% YoY (within the company

charles-za.chen@ubs.com

guidance of 13.2-15.1% YoY), with a flattish adjusted OPM (UBSe of 42.2%) +86-21-3866 8907

considering the potential investment in world cup sponsorship. We kept our estimates

largely unchanged for 2026E and beyond.

Valuation: maintain Buy with PT of US$23

Our DCF-based PT implies 18x 2026E PE on a 14% 2026-28E non-GAAP OP CAGR.

Highlights (Rmbm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E