证券研究报告·公司深度研究·教育 行动教育（605098） 企业培训行业龙头，业绩稳定增长分红率高 2024 年 08 月 16 日 增持（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 450.92 | 672.24 | 861.91 | 1,068.13 | 1,276.26 | | 同比（ % ） | (18.78) | 49.08 | 28.21 | 23.93 | 19.49 | | 归母净利润（百万元） | 110.86 | 219.45 | 282.07 | 356.28 | 432.81 | | 同比（ % ） | (35.10) | 97.95 | 28.54 | 26.31 | 21.48 | | EPS- 最新摊薄（元 / 股） | ...

证券研究报告 | 公司点评 | 教育 | --- | --- | |-------------------|------------------------------------------| | | | | 行动教育 (605098) | 报告日期： 2024 年 08 月 16 日 | 投资要点 ❑ 24Q2 收入/归母净利润 yoy+39%/28%，24H1 拟现金分红 86.7% 公司得益于大客户驱动下的高复购和口碑裂变，24H1 实现收入 3.89 亿元，同增 35%，归母净利润 1.36 亿元，同增 29%；24Q2 实现收入 2.49 亿元，同增 39%， 归母净利润 1.12 亿元，同增 28%。公司 2024H1 拟派发现金红利 1.18 亿元，占归 母净利润的 86.7%。 ❑ 24Q2 收款 yoy+3%短期承压， 大客户战略推进中关注收款增速及稳健性表现 我们认为，主要系大客户战略转型短期影响，资源聚焦大客户增强复购，预计大 客户客单价维持 200 万元以上（2023H1 大客户客单价约 200 万元），订单收款中 预计大客户占比持续提升，因此短期呈现大客户开发及消课周期拉长、付款节 ...

证券代码：605098 证券简称：行动教育 公告编号：2024-032 上海行动教育科技股份有限公司 2024 年半年度权益分派实施公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 1.00 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/21 | － | 2024/8/22 | 2024/8/22 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 经公司 2024 年 5 月 7 日的 2023 年年度股东大会审议通过《关于公司<2024 年 中期（包含半年度、前三季度）分红授权>的议案》，授权公司董事会决定 2024 年 中期（包含半年度、前三季度）利润分配方案并实施。故本次利润分配方案无需提 交股东大会审议。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交 ...

隐证券 社会服务/教育 公 司 研 究 行动教育（605098.SH） 2024 年 08 月 15 日 2024H1 业绩延续高增长，高分红与拓客并举 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 2024H1 业绩延续高增长，看好大客户战略成效，维持"买入"评级 2024H1 公司实现营业收入 3.89 亿元（同比+35.16%），实现归母净利润 1.36 亿 元（同比+29.19%）；2024Q2 营业收入为 2.49 亿元（同比+39.5%，环比+76.5%）， 归母净利润为 1.12 亿元（同比+28.1%，环比+367.7%），业绩高增长主要系公司 持续深耕大客户，培训和咨询业务订单量充裕。我们看好公司大客户战略持续驱 动业绩增长，基于公司在手订单及拓客能力，维持盈利预测，预测 2024-2026 年 归母净利润分别为 2.82/3.38/4.19 亿元，对应 EPS 分别为 2.39/2.86/3.55 ...

公司研究 2024.08.11 行动教育（ 605098） 公司点评报告 合同负债增速放缓，拟中期分红回馈股东 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 李珍妮 登记编号：S1220523080002 | --- | --- | |-------------------------|-------------| | 推 荐 ( 维 持 | ) | | 公司信息 | | | 行业 | 培训教育 | | 最新收盘价(人民币/元 ) | 35.15 | | 总市值(亿)(元 ) | 41.50 | | 52 周最高/最低价(元 ) | 55.38/30.76 | 历史表现 -18% -5% 8% 21% 34% 23/8/11 23/11/10 24/2/9 24/5/10 24/8/9 行动教育 沪深300 数据来源：wind 方正证券研究所 相关研究 《行动教育(605098)：业绩持续验证，看好大 客户战略下增长可持续性》2024.04.25 《行动教育(605098)：高分红+业绩确定性， 看好大客户战略下增长可持续性》2024.04.19 事件：公司发布中报，24H1 实现收入 3.89 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company has demonstrated significant revenue growth, with a reported revenue of 389.43 million yuan for the first half of 2024, reflecting a year-on-year increase of 35.16%. The net profit attributable to shareholders reached 136.19 million yuan, up 29.19% year-on-year [1][2]. - The management training courses are the primary revenue source, contributing nearly 80% of total income, with a revenue increase of 23.72% [1]. - The company has a strong focus on large clients, with 58% of new orders coming from this segment, ensuring stable revenue growth even in a challenging economic environment [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 290.45 million yuan, with a growth rate of 32.09%. The earnings per share (EPS) for 2024 is estimated at 2.46 yuan [3][5]. - The overall gross margin for 2024 is expected to be 76.14%, a slight decrease of 2.21 percentage points year-on-year, primarily due to the increased proportion of lower-margin management consulting services [1][4]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, totaling 118 million yuan, which represents 86.7% of the net profit for the first half of the year [1][2]. Order and Contract Status - The company signed new orders worth 452 million yuan in the first half of 2024, an increase of 11.6% compared to the same period in 2023. The contract liabilities reached a record high of 1 billion yuan, ensuring revenue stability for the upcoming years [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the second quarter of 2024, with revenue reaching 249 million yuan, a year-on-year growth of 40%, and net profit of 112 million yuan, a year-on-year increase of 28%. The company plans to distribute an interim dividend of 1.18 billion yuan, accounting for 86.7% of the half-year net profit [2][6] - The company is focusing on upgrading its sales team management to target high-net-worth clients and has developed new courses to meet the urgent needs of entrepreneurs. The company has also collaborated with notable figures to enhance its product offerings [6][7] - The company expects revenue growth of 29%, 23%, and 24% for the years 2024, 2025, and 2026, respectively, with net profit growth of 28%, 26%, and 24% for the same periods. The company anticipates a positive impact from its large client strategy and expects to achieve both volume and price increases [8] Summary by Sections Financial Performance - For the second quarter, the company achieved a revenue of 249 million yuan and a net profit of 112 million yuan, with respective year-on-year growth rates of 40% and 28% [6] - The company’s total market capitalization is approximately 4.15 billion yuan, with a current price of 35.15 yuan per share [4] - The company’s gross margin remained stable, while the interest income contribution decreased, leading to a net profit margin pressure [7] Strategic Initiatives - The company is implementing a "big client strategy" to select clients with stronger growth potential and budgets, enhancing its sales team training and management processes [6][7] - New courses have been developed in response to the urgent needs of entrepreneurs, with a notable collaboration with high-profile industry leaders [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 870 million, 1.07 billion, and 1.33 billion yuan, respectively, with corresponding growth rates of 29%, 23%, and 24% [8] - The company has raised prices for its principal products, indicating confidence in its growth strategy [8]

Financial Data and Key Metrics - Revenue for the first half of the year reached RMB 389 million, a year-on-year increase of 35.16% [1][2] - Net profit reached RMB 136 million, up 29.1% year-on-year [1][2] - Net cash flow from operating activities decreased by 27.38% to RMB 174 million [9] - Basic earnings per share increased by 29.21% to RMB 1.15 [9] Business Line Data and Key Metrics - Concentrated products accounted for 32% of revenue with a gross margin of 85.8% [3] - Principal Solution Classes contributed 11.1% of revenue with a gross margin of 65.6% [3] - Consulting business accounted for 18.8% of revenue with a gross margin of 46.4% [3] - Digital Business School and books contributed 2% and less than 1% of revenue, with gross margins of 97.2% and 26.3% respectively [3] Market Data and Key Metrics - The company successfully developed 129 major clients (single orders exceeding RMB 1 million), contributing RMB 264 million, accounting for over 58% of total orders [11] - The company is expanding its presence in Southeast Asia, particularly in Malaysia, with over 3,000 students and plans to further expand into Singapore and surrounding countries [19] Company Strategy and Industry Competition - The company is focusing on a major client strategy to increase market share and order volume, while also enhancing brand strength [4][11] - The company is exploring new product areas, including digital organization courses in collaboration with Alibaba DingTalk and new lean management courses [7][18] - The company has established a competitive moat through its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20] Management Commentary on Operating Environment and Future Prospects - The company adjusted its data release strategy to focus on quarterly reports to reduce unnecessary market fluctuations [4] - Despite short-term fluctuations, the company's overall performance reached a historical high and continues to actively expand its business [4] - The company is optimistic about its future growth potential, particularly in the Southeast Asian market [19] Other Important Information - The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year, increasing the frequency of classes [5][13] - The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [6][14] Q&A Session Summary Question: What was the company's revenue for the first half of the year? - Answer: The company's revenue for the first half of the year was RMB 389 million [9] Question: What was the year-on-year growth in net profit for the first half of the year? - Answer: Net profit increased by 29.1% year-on-year to RMB 136 million [9] Question: Why did the net cash flow from operating activities decrease? - Answer: The decrease was mainly due to the one-time expenditure of year-end bonuses, increased consulting business expenses, and higher corporate income tax [10] Question: How is the company addressing market concerns about its growth prospects? - Answer: The company adjusted its data release strategy to focus on quarterly reports and emphasized its commitment to maintaining financial health and growth potential [4] Question: What is the company's strategy for increasing market share? - Answer: The company is focusing on a major client strategy, enhancing brand strength, and expanding into new markets, particularly in Southeast Asia [11][19] Question: What are the company's plans for future course offerings? - Answer: The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year [13] Question: What is the company's dividend policy? - Answer: The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [14] Question: How is the company enhancing its brand strength? - Answer: The company is increasing advertising in key cities such as Shanghai and Shenzhen to enhance brand recognition and attract more business clients [17] Question: What is the company's competitive advantage in the education industry? - Answer: The company's competitive advantage lies in its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20]

各位领导头子早上好我是国投证券营业员苏多勇那么很高兴能够主持行动教育第二会议那么这次呢我们也很荣幸啊邀请到公司的副总董事会秘书杨总和证券代表孙总在线与大家互动交流上半年的经营情况并对未来进行展望那么本次会议呢先由公司对上半年的经营情况做简单的总结汇报那么同时我们也留足够的时间互动问答那么现在有请杨总 各位投资者各位专家老师各位股东大家上午好很高兴就是时隔一个多一两个月终于又跟大家汇报一下整个行动教育的近期的业务发展那么我先说一下 行动教育的业绩好不好那我们行动教育呢今年上半年整体的业务稍等一下我把这个报表拿出来刚刚就是拿错了一张报表我们整体的上半年呢是1到6月份呢是完成了3.89亿 那么跟去年上半年2.88亿增长了一个亿那增长率是35.16%归属于上次公司股东净利润是1.36亿比上一年度1.05亿是增长了29.19%归属于上次公司股东扣费后的净利润是1.36亿就是比上一年9800万是增长了38.84%经营活动产生的现金流量 中文字幕由Amara.org社区提供 也有增长了2.24%今年整体上半年1到6个月是基本就是每股收益是1.15元比上一年23年上半年是8.9元也是增长了29.21% 所以整体的公司的经营情 ...

证券研究报告 | 半年报点评 2024 年 08 月 11 日 行动教育（605098.SH） 延续高分红策略，聚焦品牌力提升 业绩概况：公司发布 2024 半年报。2024H1 公司实现营收 3.89 亿元（YoY+35.16%）， 归母净利润 1.36 亿元（YoY+29.19%），扣非归母净利润 1.36 亿元（YoY+38.84%）， 其中 2024Q2 实现营收 2.49 亿元（YoY+39.50%），归母净利润 1.12 亿元 （YoY+28.12%），扣非归母净利润 1.11 亿元（YoY+33.63%）。2024 年 5 月公司实 施 2023 年度权益分派，每 10 股派发现金红利 10 元（含税），合计派发现金红利 1.18 亿元（含税）。 2024H1 延续亮眼增长：1）市场需求强劲：宏观经济竞争压力加剧下企业培训需求强 劲，2023 年初至今企业需求与公司排课快速增长；2）优秀业务团队持续扩张：公司 遵循"人数×人效"的增长公式，结合业务发展需要，加强对新人才的留存及培养，报 告期内持续扩张，为后续业务增长打下基础；3）大客户战略成果显著：2023 年起公 司深入执行大客户战略，董事长 ...