上海行动教育科技股份有限公司 上述行政处罚事项与本公司无关，不会对本公司的日常经营活动产生影响。 关于独立董事非因本公司事项收到《行政处罚决定书》的公告 证券代码：605098 证券简称：行动教育 公告编号：2024-033 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。 上海行动教育科技股份有限公司（以下简称"公司"或"本公司"）近日收 到公司独立董事张晓荣先生转来其收到的厦门证监局《行政处罚决定书》（〔2024〕 4 号）。张晓荣作为上会所首席合伙人，是罗普特科技集团股份有限公司 2021 年 年报审计执业违法行为直接负责的主管人员，依据《证券法》第二百一十三条第 三款规定，对张晓荣给予警告，并处以 60 万元的罚款。 上海行动教育科技股份有限公司 董事会 2024 年 8 月 20 日 特此公告。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Viewpoints - The company has been deeply engaged in the industry for nearly twenty years, with continuous growth driven by word-of-mouth [1] - The core business of the company is enterprise management training, contributing over 85% of its revenue [1] - The company has a high-standardized business model, resulting in a relatively high gross profit margin [1] - The introduction of a "major client" strategy has opened new growth opportunities, with plans to expand the number of major clients significantly [1][8] - The company has shown strong financial performance, with a consistent dividend payout ratio of over 70% in the past three years [1] Summary by Relevant Sections Company Overview - Founded in 2006, the company went public on the A-share main board in 2021, focusing on providing comprehensive knowledge services for small and medium-sized private enterprises [14] - The company has a stable shareholding structure, primarily controlled by the founder's family [21] Business Model and Competitive Advantage - The company operates a high-standardized business model, which allows for easy replication and scalability [30] - It has a strong sales network and a dedicated sales team, which is crucial for customer acquisition [1][30] - The company has a high customer retention rate, with approximately 85% of clients coming from referrals [30] Financial Performance - The company has shown steady revenue and profit growth, with a projected net profit of 280 million, 347 million, and 420 million yuan for 2024, 2025, and 2026, respectively [2][8] - The revenue for 2023 is expected to reach 672 million yuan, reflecting a growth rate of 49.08% [2] Market Potential - The enterprise management training market is expected to approach 90 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% from 2023 to 2027 [6] - The company aims to develop 300 major clients in 2024, building on the success of expanding to 243 major clients in 2023 [1][8] Valuation - The report predicts a price-to-earnings (P/E) ratio of 14x, 11x, and 9x for the years 2024, 2025, and 2026, respectively [8]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [1]. Core Viewpoints - The company, Action Education, is a leader in the corporate training industry in China, with stable revenue growth and a high dividend payout ratio [2][3]. - The company's core products, Principal EMBA and Concentrated EMBA, focus on practical solutions to the challenges faced by businesses, leading to a strong reputation and high customer retention rates [2][3]. - The company has a well-established sales system and a team of experienced instructors, which enhances its competitive edge in the market [2][3]. Summary by Sections 1. Company Overview - Action Education has been deeply involved in corporate management training, with a focus on practical education for executives [12]. - The company has achieved significant revenue growth, with a reported revenue of 3.89 billion yuan in the first half of 2024, representing a year-on-year increase of 35.16% [2][12]. 2. Industry Analysis - The corporate training market in China has substantial growth potential, with increasing demand for management training services [30][31]. - The industry is characterized by a "water drop" structure, with a mix of leading comprehensive institutions and smaller specialized providers [34]. 3. Company Analysis - Action Education has built a strong brand reputation over the years, with a significant number of partnerships with leading companies [42][44]. - The company emphasizes continuous improvement in course quality, with a commitment to updating its curriculum regularly [45]. 4. Financial Analysis - The company's financial forecasts indicate a stable growth trajectory, with projected net profits of 2.8 billion yuan in 2024, 3.6 billion yuan in 2025, and 4.3 billion yuan in 2026 [3]. - The company has a high dividend payout ratio, with 2023 and 2024H1 dividend rates reaching 97% and 87%, respectively [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a year-on-year revenue growth of 39% and a net profit growth of 28% in Q2 2024, with a proposed cash dividend of 86.7% of net profit for H1 2024 [2] - The company is focusing on a large customer strategy, which is expected to enhance repurchase rates and stabilize cash collection performance [3] - The company has reached a record high of 1 billion yuan in contract liabilities, ensuring revenue recognition for the next 1 to 1.5 years [4] - The company has over 100 large clients, indicating strong demand and a significant market opportunity, with a market share of only about 0.1% in a market expected to exceed 800 billion yuan in 2024 [5] - The company's gross margin for Q2 2024 was 78.6%, with a decrease in expense ratios due to increased demand and improved enrollment rates [6] - The company is expanding its product offerings and targeting non-consumer industry clients, while also establishing a presence in Southeast Asia [7] - The company has a high dividend payout rate, with a dividend yield of approximately 5.4% [9] Financial Summary - Revenue projections for 2024-2026 are 890 million yuan, 1.063 billion yuan, and 1.252 billion yuan, respectively, with corresponding net profit projections of 286 million yuan, 340 million yuan, and 399 million yuan [10] - The company maintains a strong financial position with a projected return on equity (ROE) of 28.64% in 2024 and a net profit margin of 32.30% [12]

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 ...

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]

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 | --- | --- | --- | |---------------------------- ...