Investment Rating - The investment rating for the company is "Outperform the Market" [6][20][21] Core Views - The company achieved a net profit of 269 million yuan in 2024, aligning with expectations, with total revenue of 783 million yuan, representing a 16.5% increase year-on-year [1][9] - The management training segment generated 633 million yuan in revenue, growing by 6.3%, while management consulting revenue surged by 97.4% to 146 million yuan [2][9] - The company plans to open 100 new branches in key cities over the next 3-5 years as part of its expansion strategy, known as the "Hundred Schools Plan" [3][19] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 783 million yuan, a 16.5% increase, and a net profit of 269 million yuan, up 22.4% [1][9] - The fourth quarter of 2024 saw revenue of 221 million yuan, a 4.5% increase, and a net profit of 73.97 million yuan, up 25.8% [1][9] - The gross profit margin for 2024 was 76.1%, down 2.2 percentage points due to an increase in low-margin consulting and book sales [3][11] Cash Flow and Dividends - The company reported a cash collection of 338 million yuan in Q4 2024, an 11.1% year-on-year increase, indicating a return to positive growth [2][10] - The cash dividend payout ratio for 2024 was 99%, with a corresponding dividend yield of 5.7% based on the latest closing price [4][19] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 880 million yuan and 1.009 billion yuan, respectively, reflecting a decrease of 8% and 11% [4][20] - The company anticipates a gradual recovery in its training business, leveraging AI technology to enhance sales conversion rates [4][20]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved steady revenue growth in 2024, with total revenue reaching 783.43 million yuan, a year-on-year increase of 16.54%. The net profit attributable to shareholders was 268.57 million yuan, up 22.39% year-on-year [1]. - The company has a high dividend payout ratio, proposing a cash dividend of 0.75 yuan per share, totaling 89.44 million yuan, which represents a dividend payout ratio of 99.47% [1]. - The company has successfully implemented a large customer strategy, resulting in the acquisition of over 1,200 new clients in 2024, with a net promoter score of 76.9%, significantly above the industry average [2]. - The company is leveraging digital technology for comprehensive upgrades, including the development of AI-based educational tools [2]. Financial Performance Summary - In 2024, the company reported operating income of 783.43 million yuan, with a year-on-year growth of 16.54% [5]. - The net profit attributable to shareholders for 2024 was 268.57 million yuan, reflecting a year-on-year increase of 22.39% [5]. - The company forecasts net profits of 310 million yuan, 356 million yuan, and 402 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.60 yuan, 2.99 yuan, and 3.37 yuan [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 15x, 13x, and 12x, respectively [3].

2025 年 4 月 16 日 公司研究 全年平稳收官，维持高分红比例 ——行动教育（605098.SH）2024 年年度业绩点评 要点 事件：行动教育 24 年实现营业收入 7.8 亿元，同比+16.5%；归母净利润 2.7 亿 元，同比+22.4%；扣非归母净利润 2.4 亿元，同比+12.1%。其中，24Q4 实现 营业收入 2.2 亿元，同比+4.5%；归母净利润 0.7 亿元，同比+25.8%；扣非归母 净利润 0.6 亿元，同比-5.4%。 管理咨询业务收入增长较快，新客户开发顺利。24 年公司管理培训/管理咨询/ 图书销售业务收入分别为 6.33/1.46/0.03 亿元，分别同比+6.31%/+97.38%/ +47.07%。公司积极开拓新客户，24 年共开发新客户 1200 余家，新大客户数量 达到 295 家，推动公司业务持续增长。截至 24 年 12 月末，公司合同负债余额 10.80 亿元，相较于 23 年 12 月末增加 12.7%，尽管当前市场环境较弱，公司仍 有相对充足的管理培训与咨询的订单。24Q4 公司销售商品、提供劳务收到的现 金为 3.38 亿元，同比+11.1%，企业付 ...

Summary of Action Education Conference Call Company Overview - **Company**: Action Education - **Fiscal Year**: 2024 - **Revenue**: 241 million CNY, up 12.15% year-over-year [2][4] - **Net Profit**: 278 million CNY, up 22.39% year-over-year [4] - **Basic Earnings Per Share**: 2.25 CNY, up 20.97% year-over-year [4] Financial Highlights - **Total Assets**: 2.232 billion CNY, with nearly 90% in cash, financial assets, and receivables [2][5] - **Contract Liabilities**: Increased to 1.08 billion CNY, indicating a higher order volume than revenue recognition [2][5] - **Cash Flow from Operations**: 399 million CNY, down 12% year-over-year [2][4] Revenue Composition and Profitability - **Concentrated EMBA and Principal EMBA**: Combined revenue share of 67.8%, with gross margins exceeding 86% [2][6] - **Principal Program Class**: Revenue share of 12%, gross margin of 66.11% [2][6] - **Consulting Business**: Revenue share of 18.62%, gross margin of 44.19% [2][6] - **Digital Business School**: Revenue of 9.67 million CNY, gross margin of 96.04% [6] - **Book Business**: Revenue of 3.05 million CNY, gross margin of 26.57% [6] Course and Attendance Metrics - **Concentrated EMBA**: Average attendance of 10,577 per session, ticket price of 232-239 CNY, attendance rate of approximately 95% [2][7] - **Principal Class**: Average attendance of 11,388 per session, ticket price of 24,300 CNY, attendance rate of 101% [2][7] - **Future Course Plans**: Anticipated 10% increase in course offerings for 2025 [2][8] Client Acquisition and Strategy - **Golden Brick Plan**: New client acquisition of 295, with total orders of 604.45 million CNY, representing 65% of total orders [2][11] - **Top Clients**: Top 20 clients contributed approximately 170 million CNY [2][11] - **Dual Nine Goals**: Focus on referral and repurchase rates, with ongoing efforts to enhance course value and customer satisfaction [2][12][13] Expansion Plans - **Hundred Schools Plan**: Aiming for large-scale expansion with internal and external recruitment of city managers [2][14] - **Current Progress**: Targeting 10 city manager appointments, with 4 already in place [2][14] Systematic Improvements - **Internal Management System**: Enhanced customer management and client acquisition processes to avoid internal competition [2][15] - **AR Sales Master**: AI-driven training tool for new employees, with nearly 1,000 sales personnel using it [2][15] Market and Economic Context - **Impact of Global Trade Policies**: Adjustments to training programs to help clients adapt to changes in trade policies [2][16][18] - **Competitive Strategies**: Initiatives to enhance brand visibility and customer engagement through various marketing strategies [2][17] Future Outlook - **Q1 2025 Expectations**: Anticipated lower performance due to seasonal factors, with detailed reports pending [2][19] - **AI Technology Applications**: Ongoing development of AI tools for employee training and customer assessment, with expected releases in late May or early June [2][20] Conclusion - **Overall Performance**: Action Education shows strong growth in revenue and profitability, with strategic plans for expansion and technological advancements to enhance training and client engagement.

公司报告 | 年报点评报告 行动教育（605098） 证券研究报告 高分红，股息属性显现 公司发布年报 全年毛利率 76%同比-2pct，归母净利率 34%同增 2pct； 截止年底合同负债 11 亿，同增 13%；全年提供劳务收到现金 9.3 亿，同增 4%； 年报拟分红 0.9 亿元，全年合计分红约 2.7 亿，分红率约 100%。 24 年公司管理培训营收 6.3 亿同增 6%，管理咨询营收 1.5 亿同增 97%； 2024 年行动共计开发新客户 1200 余家、新大客户数量达到 295 家；24 年 前三大客户分别今世缘（约 1300W）诺普信（约 900W）及晟泰集团（约 900W），合计占总约 4%。 2024 年在四大长期主义发展指导下，行动提出"236 工程"战略，并通过 系列行动的有效实施，实现平台化建设、高质量发展、科技创新、品牌影 响力等维度的有效提升。 1、平台主义：通过深度整合全球顶级师资资源与企业需求，构建开放式赋 能平台，聚焦研发中国式现代化管理模式。 2、高质量发展主义：坚持"三高"标准，以实效为导向迭代高质量产品， 以全生命周期陪伴为导向构建高质量服务，以严选教练和成就人才 ...

证券研究报告 | 2025年04月15日 行动教育（605098.SH） 优于大市 2024Q4 收款回归正增长，延续高现金分红策略 2024 年实现归母净利润 2.69 亿元，符合我们预期。2024 年，公司收入 7.83 亿元/+16.5%；归母净利润 2.69 亿元/+22.4%；扣非净利润 2.41 亿元 /+12.1%，归母净利润表现符合我们前瞻预期（2.65 亿元）。2024Q4， 公司收入 2.21 亿元/+4.5%；归母净利润 7397 万元/+25.8%；扣非净利 润 5538 万元/-5.4%，非经常收益主要系权益投资盈利（23Q4 同期亏损）。 核心业务增势稳健，Q4 现金收款同比增速重回正增。2024 年，管理培训收 入 6.33 亿元/+6.3%，毛利率 83.6%/+1.5pct，增速低于整体，主因 Q3 到课率较低致收入负增长拖累、但 Q4 到课率边际回暖；管理咨询收入 1.46 亿元/+97.4%，毛利率 44.2%/-4.1pct；图书销售收入 305 万元 /+47.1%，毛利率 26.6%/-14.7pct。2024Q4 单季度现金收款 3.38 亿元 /+11.1%，环 ...

Group 1 - Action Education (605098.SH) reported its 2024 annual report on April 15, 2025, with 101 institutional investors holding a total of 45.6261 million shares, representing 38.26% of the total share capital [1] - The top ten institutional investors collectively hold 35.89% of the shares, with a decrease of 1.99 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, while five funds decreased their holdings, with a reduction rate of 0.11% [2] - A total of 87 new public funds were disclosed this period, including several notable funds [2] - One social security fund was not disclosed this period, specifically the China International Capital Corporation - Social Security Fund 2008 Portfolio [2] Group 3 - In the insurance sector, one insurance fund increased its holdings, while one new insurance investor was disclosed this period [2]

事件：2024年，公司实现收入7.8 亿元、同增16.5%，实现归母净利润2.7亿元、同增22.4%，实现扣非后 净利润2.4 亿元、同增12.2%。拟向全体股东每10 股派发现金红利7.5 元（含税）。 维持高股息率。公司24 年半年度、第三季度、年度合计拟分配现金红利2.67 亿元，分红率达到99.5%， 股息率达到5.7%。 盈利预测与投资评级：Q3 受宏观经济影响业绩承压，随着9 月底多项政策发布，Q4 呈边际改善趋势， 年末合同负债双位数增长为25 年业绩增长奠定基础。另外，上市后一直维持高股息率。预计25/26/27 年归母净利润3.01/3.50/3.99 亿元，当前股价对应估值15x/13x/12x，维持"买入"评级。 风险因素：宏观经济对教育行业收款的影响；客户付费意愿变化的风险。 收入结构变动致毛利率下滑。24 年，综合毛利率同减2.2pct 至76.1%，主要是低毛利率的管理咨询业务 占比提升所致。拆分来看，管理培训毛利率同增1.5pct 至83.6%，管理咨询毛利率同减4.1pct 至44.2%。 销售费用率降低，管理费用率提升。24 年，销售费用率同减1.1pct 至25.4%，管理 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 780 million yuan in 2024, representing a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 270 million yuan, up 22.4% year-on-year [2] - The company proposed a cash dividend of 7.5 yuan per 10 shares (including tax) [2] - The company maintained a high dividend payout ratio of 99.5% and a dividend yield of 5.7% [3] Financial Performance Summary - In 2024, the company experienced a marginal improvement in Q4 compared to Q3, with revenue growth rates of 28.1%, 39.5%, 0.3%, and 4.5% for Q1 to Q4 respectively [3] - The net profit growth rates for the same quarters were 34.4%, 28.1%, 5.7%, and 25.8% [3] - Management training revenue was 630 million yuan, up 6.3%, while management consulting revenue doubled to 150 million yuan, a 97% increase [3] - The overall gross margin decreased by 2.2 percentage points to 76.1%, attributed to the higher proportion of lower-margin management consulting services [3] - The company’s cash received from sales and services was 930 million yuan, a 3.8% increase, and contract liabilities grew by 12.7% to 1.08 billion yuan [3] Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 301 million yuan, 350 million yuan, and 399 million yuan respectively, with corresponding price-to-earnings ratios of 15x, 13x, and 12x [3] - The company has consistently maintained a high dividend yield since its listing [3] Important Financial Indicators - Total revenue for 2024 is projected at 783 million yuan, with a growth rate of 16.5% [4] - The net profit attributable to shareholders for 2024 is expected to be 269 million yuan, with a year-on-year growth of 22.4% [4] - The gross margin for 2024 is estimated at 76.1% [4] - The return on equity (ROE) for 2024 is projected at 27.9% [4] - The earnings per share (EPS) for 2024 is expected to be 2.25 yuan [4]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]