China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Kanzhun Ltd. (BZ US, BUY, TP US$17) Target Price Change]: Mark Down C4Q24 and 2025 on Weak Demand

[Kanzhun Ltd. (BZ US, BUY, TP US$19) Earnings Preview]: Recovery Is Far Away but Execution Is Solid

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Kanzhun Limited (BZ) reported 4Q24 revenue in-line with consensus, and non-GAAP net income beat by 4.0%, thanks to efficient user acquisition, </li>
<li>Although t`he cash billing collected is weak in 4Q24, post CNY job posting number is a bright spot, leading us to tentatively raise 2025 topline by 2.5%;</li>
<li>We rise the TP to US$20 and maintain BUY rating to factor in the early trend in hiring recovery and AI initiatives.</li>
</ul>


Kanzhun Limited (BZ) reported 4Q24 revenue in-line with consensus, and non-GAAP net income beat by 4.0%, thanks to efficient user acquisition, 
Although t`he cash billing collected is weak in 4Q24, post CNY job posting number is a bright spot, leading us to tentatively raise 2025 topline by 2.5%;
We rise the TP to US$20 and maintain BUY rating to factor in the early trend in hiring recovery and AI initiatives.


[Kanzhun (BZ US, BUY, TP US$20) TP Change]: Catalysts from Robust Post CNY Hiring and AI Initiative