After the safety review is over, the boss directly hires to meet the reversal moment 丨 Zhi Yan

The "tightly hoop curse" was loosened, and the boss was hired directly to meet dawn.

Wen ｜ Li Xin

Edit ｜ Huang Yida

Source ｜ 36 氪 Finance (ID: krfinance)

Cover Source ｜ Vision China

After a year, BOSS directly hired "dawn".

On June 29, BOSS directly applauded the rectification of network security review, and resumed new user registration from now on. As soon as the news came out, BOSS soared more than 10%before the US stock market.

From the perspective of traditional recruitment platforms, BOSS direct hires seem to be a "disabler".

As the most critical connector of enterprises and job seekers, driven by the huge market demand, the recruitment platform has become the earliest Internet -based industry. As early as the end of the 20th century, China British Talent Network (later 58 cities mergers and acquisitions), Zhilian recruitment, and no future. Worrying about recruiting websites.

Nevertheless, due to the low -frequency attributes, compared with the later Internet products such as live broadcasts and short videos, the iteration of the online recruitment industry has always been backward, capital's attention to this market is relatively limited, and the competition pattern is relatively stable.

Until the establishment of BOSS direct hire in 2014, the first "direct chat+algorithm matching" recruitment model brought new impetus to the industry, but also ignited the enthusiasm of capital. BOSS has won 7 rounds of financing for 6 years. Investors include Tencent, Sequoia China, Tiger Global Fund, etc. In June 2021, BOSS was officially launched in the U.S. stocks, rising by more than 95%on the first day of listing.

However, the carnival did not last too long. In July 2021, the regulatory authorities launched a network security review of direct hire by BOSS, and the registration of new users was stopped during the review. For people -core online recruitment platforms, long -term users 0 newly adds a major frustration. For a while, BOSS directly hired the stock price to fall, singing down.

So, can today's BOSS direct hires continue to lead the online recruitment track?

This article tries to answer the following questions:

1. Is the basic disk of BOSS directly hired?

2. What is the core competitive advantage of BOSS direct hire?

3. Is there still room for growth in BOSS direct hire?

Is the basic disk stable?

In the case of stopping the registration of new users for one year, is BOSS directly hired the current basic disk stable?

BOSS direct hiring recently announced a good reference value.

From the aspects of income, profitability, and user data.

In the first quarter of this year, the revenue of BOSS's direct hire remained increased, but due to the impact of the epidemic and macroeconomic economy, the growth rate was slowing.

Disassembling income structure, recruitment charges for corporate customers are the revenue of BOSS direct revenue, accounting for 99%of the income, and other income mainly includes paid value -added services provided by job seekers.

In the first quarter, the company's total revenue was 1.138 billion yuan, a year -on -year increase of 44.3%. The market expectations were over the market. Among them, the online recruitment service revenue from corporate customers was 1.13 billion yuan, an increase of 44.1%year -on -year. 10.6 million yuan, a year -on -year increase of 65.6%, the growth rate of 82.21%in the same period last year.

BOSS direct employment revenue and year -on -year growth rate

Source: Wind, 36 氪 Organize

In terms of profitability, BOSS direct hires continue to reduce cost -reducing efficiency and increase efficiency, with significant effects.

Thanks to the expense ratio from 109.6%in the same period of the previous year to 85%, BOSS's direct recruitment of net losses in the first quarter narrowed significantly by 93%year -on -year, and the net loss rate improved from 22%in the same period of the previous year to 1%.

Specifically, in the first quarter, BOSS direct employment further reduced marketing and advertising expenditure. The sales costs decreased by 15.5%year -on -year, and the sales cost rate was 45.9%, a significant decrease of more than 32 percentage points year -on -year.

During the same period, due to the continuous increase of intelligent matching and security, investment infrastructure and R & D talents, in the first quarter, BOSS direct hiring R & D expenses increased by 78%year -on -year, and the research and development cost rate was 25.6%, a year -on -year increase of 4.8 percentage points; due to the relevant related; The increase in number of personnel and the increase in equity incentive costs, the management cost of direct hiring in BOSS increased by 90.6%year -on -year, and the management cost rate was 13.7%, an increase of 3.3 percentage points year -on -year.

BOSS direct employment period expense rate

Source: Wind, 36 氪 Organize

Regarding the significant increase in R & D costs and management expenses, we believe that the management expenses of the company that have not been listed in the Q1 company in 2021 and the seasonal disturbances have not been discussed. The core competitiveness of building a platform in intelligent matching and security will have a positive impact on the company's development.

In terms of user data, in the case of unable to pull new, BOSS direct hiring has shown strong toughness in terms of old users.

MAU has maintained an increase, no significant decline in, and is still at a high level in peers. In the first quarter, the BOSS direct hire MAU was 25.23 million, an increase of 1.2%year -on -year, and an increase of 3.3%month -on -month. QuestMobile data shows that although the BOSS direct appointment of APP monthly live in March this year only increased by 1.7%year -on -year, the monthly living scale of 28.51 million was much higher than that of Zhilian recruitment (22.67 million), and the front of the future (21.77 million).

Source: questmobile

At the financial report conference, BOSS direct employment stated that as of May 31, the number of tried to register for new users reached 45 million, an increase of 15 million people from the 30 million people announced in the previous quarter, which indicates that the direct hire users of the BOSS indicate that users of the BOSS hires Demand is still growing. Therefore, if there is no influence of network security censorship, the monthly living data of BOSS will increase further. The ahead of the same monthly living level has further stimulated the willingness to pay for corporate customers. In the 12 months ended March 31, 2022, the number of paid companies directly hired by BOSS reached 4.1 million, an increase of 41.4%year -on -year. During the same period, the average paid amount of BOSS direct employment companies increased by 32.8%year -on -year to 1113.2 yuan.

BOSS direct employment enterprise customers' average payment amount (over the past 12 months)

Source: Changqiao Dolphin Investment Research, 36 氪 Organize

In summary, despite the slowdown in income growth, the strategy of reducing costs and efficiency and the toughness shown by the stock users still provides strong support for the stability of BOSS direct hires to maintain basic disks. With the end of the network security review and the resumed users, under the current strong user needs, the size of BOSS direct hiring users is expected to further expand.

What is the core competition advantage?

According to the CIC report, in March 2021, BOSS direct hiring monthly active users (MAU) reached 30.6 million. According to MAU, BOSS direct hire has become China's largest online recruitment platform.

So, what are the competitive advantages of BOSS direct hire, can it make it later?

First of all, the "direct chat+algorithm matching" mode is the key to BOSS direct hires to improve recruitment efficiency and expand income space.

In essence of the industry, the role of recruitment platform is to match job seekers with job resources. Therefore, matching efficiency is an important indicator for measuring the quality of recruitment platform service.

In contrast, the traditional recruitment platform headed by Zhilian Recruitment and Ways Worry -Free Frequency provides service search+resume download services. In this model, many inefficient phenomena are prone to occur, for example, the enterprise HR pays a large number of resumes, but there are few qualified resumes in it; after the job seekers submit their resumes, they cannot wait for HR's communication calls.

The "direct chat+algorithm matching" mode of BOSS directly enters from the mobile terminal. Through the algorithm matching technology, the recruiter and job seekers intelligently recommend candidates and positions that meet the needs. The recruiter can directly communicate, effectively improve the efficiency of the screening resume, and accelerate the progress of the interview.

While improving efficiency, the "direct chat+algorithm matching" mode also helps BOSS direct hires extending the recruitment business to the long -tailed customer group dominated by small and medium -sized enterprises to further open the income space.

Under the traditional search+resume recruitment model, job seekers tend to search for large -headed companies' positions. Large -headed companies enjoy natural traffic advantages, while SME recruitment needs are difficult to meet.

According to iResearch, as of 2020, my country's small and micro enterprises accounted for 96.8%of various market entities. For a larger number of small and medium -sized enterprises, the recommendation model of BOSS direct hire is conducive to the distribution of platform traffic to this group, and the relatively flexible payment model is also more suitable for SMEs.

The traditional recruitment model is mainly charged based on the number of resumes, and BOSS direct hires are based on functional basis. In the two payment modes of VIP subscription and value -added props, providing value -added service products that can directly improve recruitment efficiency can be provided. SMEs are more attractive.

Source: Guotai Junan Securities

Source: Guotai Junan Securities

Flowing and flexible paid models have caused small and medium -sized enterprises to contribute the main revenue of BOSS direct hires. This is also a major reason for BOSS direct revenue to quickly catch up with predecessors.

Company data shows that in 2020, BOSS direct employment of customers from SME customers accounted for more than 80%.

In terms of revenue scale, compared with hunting and recruitment and the worry -free worry, BOSS direct employment revenue in 2019 is only 143 million US dollars, which is far lower than the US $ 217 million and US $ 573 million. The scale of revenue quickly soared to US $ 668 million, with a compound growth rate of 116%in two years. In 2021, the revenue was much more than US $ 416 million, which was similar to the US $ 693 million.

Comparison of revenue scale; Source: Wind, 36 氪 Organize

Comparison of revenue growth; Source: Wind, 36 氪 organizes

However, although the "direct chat+algorithm matching" mode has established a certain first -mover advantage for BOSS direct hires, it is not enough to build a competitive barrier. After all, for Internet companies, building social scenarios, using algorithm recommendation mechanisms are no longer fresh operations. The real competition barrier directly hires BOSS is -based on the development of marketing and promotion, the user experience accumulated by marketing promotion and the improvement of user experience through continuous technical upgrades, the ultimately realized retention rate and activity of user retention.

The online recruitment industry is a bilateral market. The increase in the number of job applicants will promote the growth of the number of customers who recruit companies. At the same time, high -quality job seekers' resources will also enhance the willingness of corporate customers to pay.

In terms of user data, as the highest online recruitment platform in MAU, the key strategy of BOSS's customer acquisition is mainly marketing promotion. In the past three years, the sales expense ratio of direct hired BOSS has been at a high level in the comparative company comparable to the company. In 2019, the sales cost rate reached 91.61%. %. Comparison of sales expense ratios; Source: Wind, 36 氪 Organize

In addition to pulling the new, the direct chat mode of BOSS also increased the time of the job seekers in the APP to a certain extent, thereby enhancing user stickiness. Comprehensive QUESTMOBILE and company data, even after the launch of the network security review Q3, the DAU/MAU directly hired by BOSS is relatively stable, the user stickiness is still higher than the Zhilian recruitment of the same period, and the future is worry -free.

Source: Guotai Junan Securities

In addition, BOSS direct investment in R & D also provides guarantee for the upgrading of algorithm matching technology. In comparison of hunting and recruitment of the same main compatibility mode, the R & D expense ratio directly hired by BOSS is higher than hunting. In 2021, the R & D expense ratio of direct hire by BOSS is 19.31%, and hunting recruitment is 12.74%.

Comparison of R & D expense ratio; Source: Wind, 36 氪 Organize

In summary, the "direct chat+algorithm matching" model is the foundation of the BOSS direct hire, providing a strong first -mover advantage in improving the efficiency of recruitment and expanding income space. Behind the "direct chat+algorithm matching" mode, BOSS direct hires and user viscosity better than peers to build long -term competitive barriers.

Is there still room for growth in BOSS direct hire?

We believe that one of the main growth engines of BOSS direct hire in the future is blue -collar recruitment.

Throughout the overall recruitment industry, blue -collar recruitment is one of the fastest and most promising segmented tracks at present.

Compared with the gold collar and white -collar workers, the population of blue -collar workers in my country is large, but online recruitment has a low penetration rate and has a large increase in incremental space. In 2020, the population of gold, white -collar and blue -collar workers in my country was approximately 12.4 million, 178.6 billion, and 395.1 billion, respectively. The penetration rate of white -collar recruitment online was 50.8%, while the penetration rate of the blue -collar online recruitment was only 13.0%.

According to the Guitai Junan Research News, it is expected that by 2025, the online recruitment penetration rate of Chinese blue -collar workers will increase to 29.9%. The size of the blue -collar online recruitment market will reach 128.4 billion yuan. (32.3%).

In this segment of blue -collar recruitment, BOSS has more obvious competitive advantages.

Specifically, blue -collar recruitment matches the direct chat recruitment mode of direct recruitment of BOSS. The traditional resume recruitment mode is not suitable for blue -collar groups. The job search demands of the blue -collar group and the recruitment needs of the corresponding enterprises are relatively simple and direct. The direct chat mode is more conducive to improving the recruitment efficiency of the blue -collar group.

According to QuestMOBILE data, as shown in the figure, the current blue -collar job seekers have the highest active penetration rate in direct hire by BOSS.

Source: Guotai Junan Securities

In the future, as the penetration rate of online recruitment in the blue -collar group has increased rapidly, the BOSS direct hires that focus on "direct chat+algorithm matching" are expected to attract more blue -collar business owners and job seekers. The user scale will be further improved to help the company Further open the space growth space.

Summarize

Recruitment as an important part of human resource management, market demand exists for a long time. For online recruitment platforms, we also tend to look at from long -termism.

The improvement of the "direct chat+algorithm matching" mode is the key advantage of BOSS direct hires to realize later. Behind the "direct chat+algorithm matching" mode, BOSS direct hires to use marketing promotion accumulated users' scale, and to ensure the user experience through technology upgrades, thus the strong user stickiness formed to build long -term competitive barriers for it.

It is foreseeable that with the end of the network security review, the number of new users will be resumed. Under the background of high employment demand, the number of users directly hired by BOSS will further increase, thereby stimulating the willingness of corporate customers to pay.

In summary, due to the multiple influences of the epidemic, economic environment, and network security review, BOSS direct employment results may decline or slower the growth rate in the short term. According to the latest performance guidance given by BOSS directly, revenue is expected to decrease by 5.8%-6.7%year-on-year in the second quarter of 2022, which is the first negative growth of its revenue since its listing.

But in the long run, we are still optimistic about the head status of BOSS direct hiring on the online recruitment track. In the context of difficulty in employment and job hunting, with the increase of new users, re -investment in research and development, and the blue -collar recruitment further open the camp to further open the camp. In the income and growth space, the attractiveness of BOSS direct hires to B -end and C -terminal users will further increase, thereby promoting the revenue end to bloom multiple points and achieve a rise in performance.

Reference materials:

Changqiao Dolphin Investment Research "BOSS Direct Reception: Resisting the against the wind, wait for the" seal "to be lifted"

Guotai Junan Securities "The logic of the old track, the new player has risen -BOSS Direct Reception of the first coverage report"

Soochow Securities (Hong Kong) "BOSS Direct Reception: Drive B -end service with C -end service, expand the space for the long -tail market"

*Disclaimer:

The content of this article only represents the author's opinion.

Market risk, the investment need to be cautious.In any case, the information in this article or the opinions expressed in this article does not constitute investment suggestions for anyone.Before deciding to invest, if necessary, investors must consult with professionals and make careful decisions.We have no intention of providing underwriting services or any services that need to be held in the transaction parties.36 氪 Public account

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The "tight hoop curse" is loosened, boss directly hires dawn

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