| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|------------------------------------------------------|-------------------------------|---------------------------------------------------|--------------|-----------|------------------------------------------------------------------------|---------------------------------------------------|-------------------------------|------------|---------------| | [Table_MainInfo] \n | [Table_Title] \n 行动教育 (605098) | | | | | [Ta ...

行动教育23年报交流240419国信原文 2024年04月19日17:05 发言人100:00 教育板块系列跟踪三系行动教育业绩后交流。目前所有参会者均处于静音状态，下面开始播报声明，声 明播报结束后，主持人可直接开始发言，谢谢。 发言人2 00:15 本次会议为国信证券白名单会议，仅面向国信证券的专业投资机构客户或受邀客户，会议嘉宾发言内容 仅代表其个人观点，会议内容不构成对任何人的投资建议，敬请会议参会者充分了解各类投资风险，根 据自身情况自主做出投资决策，并自行承担投资风险。本次会议禁止录音录像，未经国信证券事先书面 许可，任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容，亦不得从 未经国信证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、付制或引用会议的全部或部 分内容。不当传播会议内容或违反上述要求的，国信证券保留追究相关方法律责任的权利。 云转卖， ：股市调研， 发言人301:39 直接点也非常好啊。大家可以看到它虽然说是处在一个比较特色的赛道，就是目前只有一个上市，相当 于这个市场的链接。但是公司的整个经营和这个股息能源各方面都是的非常突出的对对公司的这个投资 ...

流通股本（万股） 4,395.59 研究所： 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 大客户战略成果显现，合同负债历史新高 ——行动教育（605098）2023 年年报点评报告 2024 年 4 月 16 日，公司发布 2023 年年报。2023 年公司实现营收 6.72 亿元，yoy+49.08%，归母净利润 2.19 亿元，yoy+97.95%，扣非归母净 利润 2.15 亿元，yoy+116.04%，公司计划每 10 股派发现金红利 10 元， 合计 1.18 亿元。 业绩符合市场预期，高分红凸显价值 表现 1M 3M 12M （1）大客户驱动下收入同比快速增长。2023 年实现营收 6.72 亿元， 行动教育 3.5% 24.6% 48.9% yoy+49.08%。其中 2023Q4 营收 2.11 亿元，yoy+91.45%， 沪深 300 -0.9% 9.0% -14.2% qoq+22.07%。分业务来看，管理培训业务全年营收 5.9 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at 49.2 yuan, maintaining the rating for the next six months [1][2]. Core Insights - The company focuses on developing its brand in the field of management education, emphasizing a customer-centric approach by providing tailored solutions to meet client needs. As of the end of 2023, the company has established deep partnerships with over 240 large clients and conducted 42 themed training sessions under its "big client strategy" [4]. - Revenue projections for 2024 to 2026 are estimated at 873.31 million yuan, 1.12 billion yuan, and 1.42 billion yuan respectively, with corresponding net profits of 284.11 million yuan, 356.18 million yuan, and 450.08 million yuan. The expected earnings per share (EPS) for the same period are 2.41 yuan, 3.02 yuan, and 3.81 yuan, with price-to-earnings (PE) ratios of 20x, 16x, and 13x respectively [5][25]. - The company reported a revenue of 670 million yuan for 2023, representing a 49% year-on-year increase, and a net profit of 220 million yuan, which is a 98% increase compared to the previous year. The management training business accounted for 88.70% of total revenue, with a growth rate of 55.26% [20][21]. Financial Summary - The company's financial performance shows a significant increase in operating cash flow, with a net cash flow from operating activities of 454 million yuan in 2023, an increase of 382 million yuan year-on-year [29]. - The gross profit margin for 2023 was 78.31%, up by 3.08 percentage points, while the net profit margin reached 32.8%, an increase of 7.9 percentage points [30]. - The company has a total asset turnover ratio and a debt-to-equity ratio that reflect its financial health, with total assets amounting to 1.95 billion yuan in 2022 and projected growth in subsequent years [7][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [4][23]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 672.24 million yuan, a year-on-year increase of 49.08%, and net profit attributable to shareholders of 219.45 million yuan, up 97.95% year-on-year [7][13]. - The company's strategy focused on large clients has proven effective, leading to a substantial increase in order volume and brand influence [4][8]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 213 million yuan, which represents 96.85% of the net profit for the year [7]. Financial Performance - The company's core business, management training, generated revenue of 595 million yuan, accounting for 88.56% of total revenue, with a gross margin of 82.16%, an increase of 1.73 percentage points year-on-year [8]. - The company has a strong order backlog, with contract liabilities amounting to 958 million yuan, a year-on-year increase of 24.90%, indicating a solid foundation for future performance [8]. - The report forecasts net profits for 2024-2026 to be 284 million, 345 million, and 431 million yuan, respectively, with corresponding EPS of 2.40, 2.92, and 3.65 yuan per share [4][13]. Cost Management - The company effectively controlled its expenses, with sales, management, and R&D expense ratios decreasing to 26.52%, 13.58%, and 4.33%, respectively, compared to the previous year [7]. Market Position - The company has established deep partnerships with over 240 large clients, including industry leaders, enhancing its market position and brand recognition [8]. - The introduction of new courses and continuous iteration of existing offerings have strengthened the company's competitive advantage in the management training sector [8].

合同负债新高，业绩增长可持续性增强 [Table_Summary 业绩总结：行动教育发布 ] 2023年报，公司 2023年实现营收 6.7亿，yoy+49.1%； 归母净利润 2.2亿，yoy+96.6%。单四季度实现营收 2.1亿，yoy+91.5%；归母 净利润 5879 万，yoy+251%。 | --- | --- | --- | --- | --- | |----------------------------|--------|--------|-------------------------------|--------| | | | | | | | 营业收入（百万元） | | | 672.24 846.03 1036.93 1247.26 | | | 增长率 | 49.08% | 25.85% | 22.56% | 20.28% | | 归属母公司净利润（百万元） | | | 219.45 283.68 357.20 442.71 | | | 增长率 | 97.95% | 29.27% | 25.92% | 23.94% | | 每股收益 EPS （元） | | | 1.86 2.40 3 ...

证券研究报告 46.55 54.40 | --- | |---------------| | | | | | 社会服务/教育 | | 买入（首次） | | 元 | | 元 | 股价相对走势 -30% -3% 23% 50% 2023/4 2023/8 2023/12 2024/4 行动教育 沪深300 行动教育(605098) 2024 年 04 月 16 日 | --- | --- | --- | |------------|-------|-------| | | | | | | | | | | | | | 行 业： | | | | 投资评级： | | | | | | | | 当前价格： | | | | 目标价格： | | | | --- | --- | |----------------------------|--------------| | | | | 基本数据 | | | 总股本/流通股本(百万股 ) | 118.08/43.96 | | 流通 A 股市值(百万元 ) | 2,046.15 | | 每股净资产(元 ) | 8.12 | | 资产负债率 (%) | 54.09 | | 一年内最高/ ...

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目录 上海行动教育科技股份有限公司 环境、社会和治理（ESG）报告 2023 | 01-02 | 关于本报告 | 11-16 | 可持续发展管理 | 39-52 | 支持员工发展 | | --- | --- | --- | --- | --- | --- | | | | | 可持续发展治理 | | 多元平等包容 | | | | | 可持续发展战略 | | 员工沟通 | | 03-04 | 董事长致辞 | | 利益相关方沟通 | | 人才招聘与保留 | | | | | 实质性议题分析 | | 薪酬福利和激励 | | | | | | | 员工培训与发展 | | 05-10 | 关于行动教育 | 17-36 | 赋能客户可持续发展 | | 员工关爱 | | | 公司简介 | | 实效课程体系 | 53-58 | 助力建设美好社会 | | | 企业文化 | | 实效服务体系 | | | | | 产品和服务 | | 负责任营销 | | 公益直播 | | | 经营模式 | | 客户权益保护 | | 公益论坛 | | | 企业大事记 | | 校友会学习交流平台 | | 公益助学 | | | 企业荣誉 | | | | 公益慈 ...

二、关联方介绍和关联关系 国投证券股份有限公司 关于上海行动教育科技股份有限公司 2024 年度日常关联交易预计的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为上海 行动教育科技股份有限公司（以下简称"行动教育"、"公司"）首次公开发行 股票并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》及《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关规定，对行动教育 2024 年度日常关联交易预计情况进行了审慎 核查，具体情况如下： 一、日常关联交易基本情况 | 关联交易 | | 年度预计 2023 | 年度实际发 2023 | 预计金额与实 | | --- | --- | --- | --- | --- | | 内容 | 关联人 | 金额（万元） | 生金额（万元） | 际发生金额差 | | | | | | 异较大的原因 | | 向关联人提 供劳务服务 | 宁夏行动教育科技 有限公司 | 1,000.00 | 190.61 | 由于本年度宁 夏市场持续低 迷，故本年度宁 夏行动教育科 技有限公司经 | | | | | | 营业绩未达预 ...