Dongwu Securities International: Tongdao Employment (06100.HK) has significantly reduced costs, expecting its performance to improve significantly as the recruitment market demand picks up.

According to the Zhixin Finance APP, Dongwu Securities International released a research report stating that they are optimistic about the unique positioning of Tongdao Liepin (06100.HK) in the high-end recruitment market and its AI-driven service premium capability. It is expected that with the recovery of recruitment market demand in the future, the company's performance will significantly improve. The institution predicts that the company will achieve revenues of 1.97/2.15/2.42 billion yuan from 2025 to 2027, with year-on-year growth rates of -5.3%/+9.2%/+12.2%; Non-IFRS net profit attributable to shareholders is expected to be 190 million/240 million/300 million yuan, with year-on-year growth rates of +8.7%/+30.3%/+23.2%, corresponding to PEs of about 9.8x/7.5x/6.1x. (The exchange rate is based on 0.9117 Hong Kong dollars/RMB on September 3, 2025).