1、Tongdao Liepin Group(6100.HK)Equity ResearchCompany ResearchOther Internet Service 1/23 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 With AI empowerment,Liepin reshapes the value chain of mid-to-high-end talent services Outperform(Initiation)Forecast&Valuation 2023A 2024E 2025E 2026E Revenue(RMB

2、 mn)2,282.16 2,051.56 2,010.75 2,094.45 Growth(YoY%)-13.49 -10.10 -1.99 4.16 Net profit(RMB mn)0.75 150.52 200.27 261.50 Growth(YoY%)-98.31 19969.26 33.05 30.57 EPS(RMB)0.00 0.29 0.39 0.51 P/E(X)3635.69 18.12 13.62 10.43 Investment Thesis Leader of mid-to-high-end talent services offers one-stop sol

3、utions.Founded in 2011,Tongdao Liepin launched Chinas first headhunter interaction platform,restructuring the service chain through the BHC(Business-Headhunter-Candidate)model.The company later introduced performance-based payment products such as“Fast Interview”and“Fast Onboarding”.Liepin has now b

4、uilt a closed-loop ecosystem of Recruitment+Flexible Employment+Training,providing a one-stop solution across the human resources service value chain.The company strategically focuses on the core talent market with an annual salary of RMB 100,000+,differentiating itself from the highly competitive l

5、ow-end market.It aggregates over 200,000 certified headhunters,with ARPU 3-5 times higher than that of general recruitment platforms.Its key clients cover fields such as high-end manufacturing,internet,finance,and TMT,aligning with industrial upgrade trends.Industry inflection point approaches with

6、the convergence of structural opportunities and innovation.Reviewing the financial performance of 51job and BOSS Zhipin post-IPO,we find that their revenue growth was strongly correlated with Chinas GDP growth rate.Liepins survey data also indicates a clear rebound in employer hiring demand in 2025Q