国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.08.11 ——行动教育 2024H1 业绩点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | --- | |------------------|-------| | | | | | | | 021-38038344 | | | suying@gtjas.com | | | S0880522110001 | | 本报告导读： 2024H1 业绩符合预期，大客户战略成效显著；公司业绩稳健，拟实施中期分红回报 股东。 投资要点： [Table_Summary] 业绩符合预期，维持"增持"评级。公司排课新签回暖 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.11 | --- | --- | |---------------------|-----------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | liuyuenan@gtjas.com | | | S0880516030003 | 登记编号 | | --- | --- | |------------------|-------| | | | | | | | 021-38038344 | | | suying@gtjas.com | | | S0880522110001 | | 本报告导读： 2024H1 业绩符合预期，大客户战略成效显著；公司业绩稳健，拟实施中期分红回报 股东。 投资要点： ——行动教育 2024H1 业绩点评 业绩符合预期，中期分红回报股东 行动教育(605098) 教育产业 [Table_Industry] /社会服务 | --- | --- | --- | |---------------------------- ...

公司报告 | 半年报点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|----------------------------------------------------------------| | 行动教 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company's performance meets expectations, and the logic behind high dividends continues to be validated [2]. - The company achieved a revenue of 389 million yuan in the first half of the year, representing a year-on-year increase of 35.16% [2]. - The net profit attributable to the parent company for the first half of the year was 136 million yuan, with a year-on-year increase of 29.19% [2]. - The gross profit margin remains stable, and the company has a strong order reserve [2]. Financial Summary - Revenue Forecast (in million yuan): - 2022: 451 - 2023: 672 - 2024E: 821 - 2025E: 942 - 2026E: 1,079 [2] - Net Profit Forecast (in million yuan): - 2022: 111 - 2023: 219 - 2024E: 279 - 2025E: 340 - 2026E: 399 [2] - Earnings Per Share (in yuan): - 2024E: 1.86 - 2025E: 2.36 - 2026E: 2.88 [2] - Cash Dividend Yield for the first half of the year was 2.9% [2]. Market Performance - The company's stock price is currently at 34.85 yuan, with a market capitalization of 4,115 million yuan [2]. - The report indicates that the company's stock price has fallen into a favorable range for investment, despite concerns about revenue growth deceleration [2].

联系人 公司点评 | 行动教育 营收利润稳健增长，关注后续订单情况 行动教育（605098.SH）2024 年中报点评 事件：公司发布 2024 年中报，24H1 营收 3.89 亿元，YoY+35.16%；归母 净利润 1.36 亿元，YoY+29.19%；24Q2 营收 2.49 亿元，YoY+39.50%，归 母净利润 1.12 亿元，YoY+28.12%。 大客户战略成效显著，营业收入持续增长。分业务看，24H1 公司管理培训/ 管理咨询实现收入 3.13/0.73 亿元，管理培训及管理咨询收入同比+35%，主 要原因为：1）大客户战略成果显著，期内与郎酒、今世缘、艾比森、友发 钢管、创新金属、火星人集成灶等行业、区域龙头达成合作，截至 2024 年 6 月 30 日，已与超百家大客户企业达成深度合作；2）注重销售人才招募与 培养；3）不断推出新产品，2024 年 4 月，公司携手阿里钉钉推出《校长 EMBA》选修大课，6 月与精益管理大师田中正知合作选修课《新精益管理》。 销售现金流及合同负债增速放缓。24Q2 公司实现销售商品&劳务现金收入 2.92 亿元，YoY+2.75%（v.s. Q1 Yo ...

[Table_Main] 公司研究|可选消费|消费者服务Ⅱ 证券研究报告 行动教育(605098)公司点评报告 2024 年 08 月 10 日 [Table_Title] 业绩稳定增长，中期分红回馈股东 ——行动教育(605098) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年报。 点评： 收入及利润稳步增长，中期分红回馈股东 2024H1，公司实现营业收入 3.89 亿元，同比增长 35.16%；实现归母净利 润 1.36 亿元，同比增长 29.19%；实现扣非归母净利润 1.36 亿元，同比增 长 38.84%。收入及利润端稳步增长主要由于公司执行大客户战略成效显 著；上市以来品牌影响力持续提升，对市场产生积极影响以及公司人才梯队 建设卓有成效，培训和咨询业务订单量充裕，培训课程及咨询服务开展增 加 。 费 用 率 角 度 ， 公 司 2024H1 销 售 / 管 理 / 研 发 费 用 率 分 别 为 23.02%/11.34%/2.74%，同比分别-2.39/-2.33/-1.21pct，公司费用控制效果 较好。公司拟向全体股东每 10 股派发现金红利 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for the first half of 2024 reached 389 million, a year-on-year increase of 35.2%, with a net profit attributable to shareholders of 136 million, up 29.2% [1][2] - The company has successfully implemented a major client strategy, resulting in significant revenue growth, with management training contributing 80.4% of total revenue [2] - The overall gross margin decreased by 2.2 percentage points to 76.1%, primarily due to an increase in the proportion of management consulting services [2] - The company has reduced its expense ratios, with sales expense ratio down 2.4 percentage points to 23.0% and management expense ratio down 2.3 percentage points to 11.3% [2] - The net profit margin after deducting non-recurring items slightly increased to 35.0% [2] - Contract liabilities have shown stable growth, with cash received from sales and services reaching 451 million, a year-on-year increase of 11.4% [2] - The company offers a high dividend yield, with a payout ratio of 86.7% and a dividend yield of 5.2% based on 2023 dividends [2] - The company maintains strong profit forecasts for 2024-2026, with net profit estimates of 282 million, 359 million, and 456 million respectively, indicating strong valuation attractiveness at current stock prices [2] Financial Summary - Total revenue is projected to grow from 672 million in 2023 to 1.382 billion in 2026, with a compound annual growth rate (CAGR) of approximately 26.3% [3][5] - The net profit attributable to shareholders is expected to increase from 219 million in 2023 to 456 million in 2026, reflecting a CAGR of approximately 26.8% [3][5] - The gross margin is projected to improve gradually from 78.3% in 2023 to 80.7% in 2026 [3][5] - Return on equity (ROE) is expected to rise from 22.9% in 2023 to 29.2% in 2026 [3][5] - Earnings per share (EPS) is forecasted to grow from 1.86 in 2023 to 3.86 in 2026 [3][5] - The price-to-earnings (P/E) ratio is projected to decrease from 20.73 in 2023 to 9.03 in 2026, indicating increasing valuation attractiveness [3][5]

行动教育（605098.SH）2024 年半年报点评 24H1 扣非归母净利润同比增 39%，高分红回馈股东 2024 年 08 月 08 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 24H1 业绩。24H1 公司实现收入 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%。 24Q2 公 司 实 现 收 入 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%。公司收入增长亮眼， 主要由大客户战略成果显著、上市后品牌影响力持续提升以及公司人才梯队建设 卓有成效三种共同作者用下带动培训和咨询订单量提升，为收入增长奠定良好基 础。 ➢ 受产品结构等因素影响，公司利润率略有波动。24H1 公司实现毛利率 76.14%/yoy-2.21pcts，或受到产品结构影响，24H1 公司营业收入中咨询产品 占比较高，该产品成本较高，或对公司毛利率有一定拉低；公司销售费用率/管理 费用率/研发费用 ...

证券研究报告 | 2024年08月09日 行动教育（605098.SH） 优于大市 收入利润增长符合预期，跟踪下半年收款表现 2024H1 实现归母净利润 1.36 亿元，基本符合预期。2024H1，公司实现营收 3.89 亿元/+35.16%；实现归母净利润 1.36 亿元/+29.19%,扣非归母净利润 1.36 亿元/+38.84%，收入与净利润表现处于业绩预告中值附近，基本符合预 期。2024Q2，公司实现营收 2.49 亿元/+39.50%；实现归母净利润 1.12 亿元 /+28.13%，扣非归母净利润 1.11 亿元/+33.62%。 分项 目看， 2024H1 管理培训/ 管理咨询/ 其他业务分别实现营收 3.13/0.73/0.03 亿元，管理培训仍是主要营收来源，预估管理培训+咨询业 务收入同比增约 35%。2024Q2，公司实现销售商品&劳务现金收入 2.9 亿元 /+2.75%，环比 24Q1(+31.7%)降速明显，预计系部分企业付款意愿下行扰动。 截至 6 月 30 日，公司合同负债为 10.0 亿元/+15%（一季度末同增约 25.6%）。。 毛利率受业务结构影响同比下降，规模效 ...

Financial Performance - Revenue for the first half of 2024 reached 389,434,954.21 yuan, a 35.16% increase compared to the same period last year[14] - Net profit attributable to shareholders of the listed company was 136,187,995.87 yuan, up 29.19% year-on-year[14] - Basic earnings per share increased by 29.21% to 1.15 yuan per share compared to the same period last year[15] - Diluted earnings per share also increased by 29.21% to 1.15 yuan per share[15] - Basic earnings per share excluding non-recurring gains and losses increased by 38.55% to 1.15 yuan per share[15] - Weighted average return on equity increased by 3.75 percentage points to 13.51%[15] - Weighted average return on equity excluding non-recurring gains and losses increased by 4.43 percentage points to 13.52%[15] - Revenue increased by 35.16% to 389.44 million yuan, with a net profit attributable to the parent company of 136.19 million yuan, up 29.19%[32] - Total assets reached 2.14 billion yuan, an increase of 2.24%, and net assets attributable to shareholders were 979.52 million yuan, up 2.13%[32] - The company implemented a 2023 annual dividend distribution of 10 yuan per 10 shares, totaling 118.08 million yuan[32] - Revenue for the first half of 2024 reached 278,924,693.26 RMB, a significant increase from 210,988,140.11 RMB in the same period of 2023[92] - Net profit for the first half of 2024 was 128,512,014.47 RMB, compared to 102,400,285.94 RMB in the first half of 2023[94] - Operating cash flow for the first half of 2024 was 174,118,730.31 RMB, a decrease from 239,774,221.02 RMB in the same period of 2023[95] - Basic earnings per share (EPS) for the first half of 2024 was 1.15 RMB, up from 0.89 RMB in the first half of 2023[91] - Total comprehensive income for the first half of 2024 was 138,024,435.43 RMB, compared to 105,234,569.92 RMB in the same period of 2023[91] - Interest income for the first half of 2024 was 11,836,819.56 RMB, slightly down from 12,715,410.08 RMB in the first half of 2023[92] - The company received 451,629,221.13 RMB from sales of goods and services in the first half of 2024, up from 405,283,131.36 RMB in the same period of 2023[95] - Total cash inflows from operating activities in the first half of 2024 were 464,251,129.83 RMB, compared to 436,950,885.24 RMB in the first half of 2023[95] - Net cash flow from operating activities decreased to 176.64 million yuan in the first half of 2024, compared to 232.94 million yuan in the same period last year[98] - Net cash flow from investing activities was -216.67 million yuan in the first half of 2024, a significant decline from 45.35 million yuan in the same period last year[98] - Net cash flow from financing activities was -122.44 million yuan in the first half of 2024, an improvement from -200.40 million yuan in the same period last year[98] - Total cash and cash equivalents at the end of the period decreased to 547.50 million yuan, down from 585.07 million yuan at the end of the previous period[99] - Revenue from sales of goods and services was 326.53 million yuan in the first half of 2024, a slight decrease from 348.76 million yuan in the same period last year[98] - Cash received from other investment-related activities was 310.00 million yuan in the first half of 2024, down from 465.94 million yuan in the same period last year[98] - Cash paid for investments was 645.00 million yuan in the first half of 2024, an increase from 547.00 million yuan in the same period last year[98] - Total owner's equity increased by 22.16 million yuan in the first half of 2024, reaching 962.48 million yuan[100] - Comprehensive income for the period was 138.02 million yuan, contributing significantly to the increase in owner's equity[100] - Cash received from minority shareholders' investment was 1.00 million yuan in the first half of 2024, compared to 0.00 million yuan in the same period last year[96] - The company's total owner's equity at the end of the period was RMB 984,644,401.72, with a net loss of RMB 118,078,600.00 allocated to owners (or shareholders)[101] - The company's comprehensive income for the period was RMB 105,234,569.92, with a net profit of RMB 105,418,997.94 attributable to the parent company[102] - The company's total owner's equity at the end of the period was RMB 939,630,876.57, with a net loss of RMB 236,157,200.00 allocated to owners (or shareholders)[103] - The company's capital reserve increased by RMB 1,761,299.58 during the period, mainly due to equity incentives[102] - The company's undistributed profit at the end of the period was RMB 278,246,404.09, a decrease of RMB 130,738,202.06 compared to the beginning of the period[104] - The company's total owner's equity at the end of the first half of 2024 was RMB 829,097,429.17, an increase of RMB 12,347,825.75 compared to the beginning of the period[105][106] - Comprehensive income for the first half of 2024 was RMB 128,512,014.47, contributing significantly to the increase in owner's equity[105] - Capital reserve increased by RMB 1,914,411.28 due to share-based payments during the first half of 2024[105] - Undistributed profits increased by RMB 10,433,414.47 in the first half of 2024, reaching RMB 177,271,332.36[105] - The company's total owner's equity at the end of the first half of 2023 was RMB 929,084,019.72, which decreased by RMB 131,995,614.48 during the period[106] - Comprehensive income for the first half of 2023 was RMB 102,400,285.94, partially offsetting the decrease in owner's equity[106] - Capital reserve increased by RMB 1,761,299.58 due to share-based payments during the first half of 2023[106] - Undistributed profits decreased by RMB 133,756,914.06 in the first half of 2023, primarily due to profit distribution[106] Dividend Distribution - Cash dividend distribution plan: 10 yuan per 10 shares, totaling 118,078,600 yuan, accounting for 86.70% of the net profit attributable to shareholders[3] - The company plans to distribute a cash dividend of RMB 10.00 per share (tax included), totaling RMB 118,078,600, which represents 86.70% of the net profit attributable to shareholders for the first half of 2024[51] - The company's total distributable profit as of June 30, 2024, is RMB 308,625,774.53, with a parent company distributable profit of RMB 177,271,332.36[51] Asset and Liability Changes - Total assets as of June 30, 2024, were 2,143,466,569.43 yuan, a 2.24% increase from the end of the previous year[14] - Operating cash flow for the first half of 2024 was 174,118,730.31 yuan, a decrease of 27.38% compared to the same period last year[14] - Cash and cash equivalents decreased by 3.97% to 1.30 billion yuan, accounting for 60.84% of total assets[36] - Other receivables increased by 61.54% to 3.67 million yuan, reflecting higher business activity[36] - Inventory decreased by 41.45% to 1,682,670.53 yuan, mainly due to the sale of some book inventory[37] - Long-term equity investment increased by 207.06% to 436,288.25 yuan, driven by investment gains from affiliated enterprises[37][38] - Contract liabilities increased by 4.50% to 1,001,017,003.03 yuan, indicating strong future revenue potential[37] - Fixed assets decreased by 2.24% to 160,782,619.33 yuan, reflecting minor adjustments in asset structure[37] - Construction in progress decreased by 94.80% to 484,248.19 yuan, as some projects were completed and transferred to long-term deferred expenses[37] - Long-term deferred expenses increased by 168.50% to 16,036,989.79 yuan, due to the completion of some construction projects[37] - Employee compensation payable decreased by 64.55% to 16,643,887.53 yuan, mainly due to the settlement of year-end bonuses[37] - Taxes payable increased by 33.43% to 31,109,064.79 yuan, driven by higher corporate income tax[37] - The company's investment in Hainan Gongxing Private Equity Fund Partnership (Limited Partnership) amounted to 111,681,581.34 yuan, representing 99.50% of the total investment[42] - The company's subsidiary, Shanghai Action, reported a net profit of 180.80 thousand yuan, with total assets of 38,980.34 thousand yuan[43] - Total assets increased to 2,143,466,569.43 RMB as of June 30, 2024, compared to 2,096,479,278.79 RMB at the end of 2023[83][84][85] - Monetary funds decreased to 1,304,044,429.64 RMB from 1,358,004,999.62 RMB year-over-year[83] - Trading financial assets increased to 539,448,422.48 RMB from 440,141,704.03 RMB, reflecting a growth of 22.6%[83] - Contract liabilities rose to 1,001,017,003.03 RMB from 957,931,191.10 RMB, indicating a 4.5% increase[84] - Total liabilities increased to 1,158,822,167.71 RMB from 1,133,998,637.92 RMB, a 2.2% rise[84][85] - Shareholders' equity grew to 984,644,401.72 RMB from 962,480,640.87 RMB, showing a 2.3% increase[85] - Long-term equity investments increased to 436,288.25 RMB from 142,085.37 RMB, a significant growth of 207%[83] - Fixed assets decreased slightly to 160,782,619.33 RMB from 164,467,137.37 RMB[83] - Prepaid expenses increased to 17,440,100.49 RMB from 14,824,754.12 RMB, a 17.6% rise[83] - Other receivables grew to 3,670,893.83 RMB from 2,272,414.68 RMB, reflecting a 61.5% increase[83] - Total revenue for the first half of 2024 reached 389,434,954.21 RMB, a significant increase from 288,138,225.77 RMB in the same period of 2023[89] - Net profit for the first half of 2024 was 137,596,368.80 RMB, up from 105,126,126.30 RMB in the first half of 2023[90] - Long-term equity investments increased to 264,874,191.08 RMB in 2024 from 262,963,470.06 RMB in 2023[87] - Contract liabilities rose to 800,522,422.05 RMB in 2024, compared to 762,542,912.92 RMB in 2023[87] - Total assets increased to 2,061,007,807.47 RMB in 2024 from 1,983,651,850.80 RMB in 2023[87] - Operating profit for the first half of 2024 was 163,609,798.16 RMB, up from 122,844,638.80 RMB in the same period of 2023[90] - Sales expenses increased to 89,629,233.53 RMB in 2024 from 73,201,863.74 RMB in 2023[89] - Research and development expenses decreased slightly to 10,682,573.56 RMB in 2024 from 11,398,715.78 RMB in 2023[89] - Total liabilities for 2024 were 1,231,910,378.30 RMB, up from 1,166,902,247.38 RMB in 2023[88] - Shareholders' equity increased to 829,097,429.17 RMB in 2024 from 816,749,603.42 RMB in 2023[88] - Sales expenses increased to 31,031,824.16 RMB in the first half of 2024, compared to 19,197,652.69 RMB in the same period of 2023[92] - R&D expenses decreased to 8,729,442.11 RMB in the first half of 2024, down from 10,373,381.26 RMB in the first half of 2023[92] - Accounts receivable bad debt provision decreased by 6,304.78 RMB, with the ending balance at 565,930.60 RMB[159] - Top five accounts receivable and contract assets at the end of the period totaled 506,082.99 RMB, accounting for 77.50% of the total[161] - Prepayments increased to 17,440,100.49 RMB, with 92.83% of the amount within 1 year[163] - Top five prepayment objects at the end of the period totaled 6,349,272.30 RMB, accounting for 36.41% of the total[164] - Other receivables increased to 3,670,893.83 RMB from 2,272,414.68 RMB at the beginning of the period[165] - Other receivables increased to RMB 10,041,682.68 at the end of the period, up from RMB 8,484,206.39 at the beginning of the period, with a significant portion (39.89%) attributed to Shanghai Honglin Technology Co., Ltd[167][170] - Bad debt provision for other receivables increased to RMB 6,370,788.85 at the end of the period, up from RMB 6,211,791.71 at the beginning, with an additional provision of RMB 158,997.14 during the period[169][170] - Inventory decreased to RMB 3,262,354.63 at the end of the period, down from RMB 4,353,492.92 at the beginning, with inventory impairment provision increasing to RMB 1,579,684.10 from RMB 1,479,774.65[171][172] - The proportion of inventory impairment provision for items over 3 years old remained at 100%, with a total provision of RMB 1,325,374.79 for such items[172] - Prepaid taxes increased to RMB 3,526,725.37 at the end of the period, up from RMB 2,405,186.16 at the beginning, contributing to an overall increase in other current assets to RMB 4,965,119.42[173] - Long-term equity investment in Ningxia Action Education Technology Co., Ltd. increased by 294,202.88 yuan, reaching a total of 436,288.25 yuan at the end of the period[176] - Other equity instrument investments in Shanghai Fengrui Venture Center (Limited Partnership) increased by 441,932.28 yuan, totaling 41,574,923.51 yuan at the end of the period[178] - Other equity instrument investments in Ningbo Panxi Equity Investment Center (Limited Partnership) increased by 152,806.89 yuan, reaching 4,173,269.55 yuan at the end of the period[178] - Total other equity instrument investments increased by 594,739.17 yuan, reaching 46,192,950.18 yuan at the end of the period[179] - Fixed assets decreased by 3,684,518.04 yuan, from 164,467,137.37 yuan at the beginning of the period to 160,782,619.33 yuan at the end of the period[180] - Accumulated depreciation of fixed assets increased by 4,618,584.15 yuan, reaching 59,836,137.81 yuan at the end of the period[180] - The net book value of fixed assets decreased by 3,684,518.04 yuan, from 164,467,137.37 yuan at the beginning of the period to 160,782,619.33 yuan at the end of the period[181] - The balance of construction in progress at the end of the period was 484,248.19 yuan, a significant decrease from the initial balance of 9,307,180.43 yuan[182] - The Smart Base Construction Project had an initial balance of 8,576,580.00 yuan but was reduced to 0.00 yuan by the end of the period[182] - The Action MOOC Project had an initial balance of 730,600.43 yuan and increased to 484,248.19 yuan by the end of the period[182] - The Smart Base Construction Project had a budget of 45,546.76 thousand yuan, with 3.30% of the budget utilized by the end of the period[183] - The Action MOOC Project had a budget of 8,472.30 thousand yuan, with 2.76% of the budget utilized by the end of the period[183] - The total budget for all projects was 54,019.06 thousand yuan, with a combined utilization rate of 3.30% and 2.76% for the respective projects[183