Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [11][16]. Core Insights - The company achieved a revenue of 672 million yuan in 2023, representing a year-over-year growth of 49.08%, with a net profit attributable to shareholders of 219 million yuan, up 97.95% year-over-year [3][26]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 118 million yuan, reflecting a high cash dividend rate of 96.85% for the year [6][16]. - The company has successfully implemented a major client strategy, resulting in significant revenue growth driven by new large clients [15][28]. Financial Performance - In 2023, the company reported a gross profit of 526 million yuan, with a gross margin of 78.26%, which is an increase of 3 percentage points year-over-year [12][26]. - The operating cash flow for 2023 exceeded 400 million yuan, showing a substantial increase of 533.88% year-over-year [4][14]. - The company’s net profit margin improved to 32.64%, an increase of 8 percentage points compared to the previous year [26]. Business Segments - The management training segment generated 595 million yuan in revenue, marking a year-over-year increase of 55.26%, while the management consulting segment saw revenue of 74 million yuan, up 13.53% [3][12]. - The company has developed new courses in collaboration with top global institutions, enhancing its product offerings [7][28]. Future Projections - The company is projected to achieve revenues of 868 million yuan in 2024, with a growth rate of 29%, and net profits of 282 million yuan, also reflecting a 29% increase [8][16]. - The earnings per share (EPS) is expected to rise from 1.86 yuan in 2023 to 2.39 yuan in 2024 [8][16].

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 ...

Financial Performance - The company's operating revenue for the reporting period was ¥672,241,095.67, representing a 49.08% increase from ¥450,919,462.15 in the previous year[6] - Operating costs amounted to ¥146,166,372.00, which is a 30.64% increase compared to ¥111,884,737.89 from the previous year[6] - The net cash flow from operating activities reached ¥454,020,962.42, showing a significant increase of 533.88% from ¥71,625,325.83 in the previous year[6] - The net profit for 2023 was CNY 220.27 million, representing a year-on-year growth of 96.54%[31] - The total profit reached 257.34 million yuan, reflecting a growth of 100.38%[107] - The net profit attributable to shareholders was 219.45 million yuan, with a growth rate of 97.95%[107] - The company distributed cash dividends totaling 330.62 million yuan (including tax) in 2023, impacting net assets which decreased by 10.05%[107] Research and Development - Research and development expenses were ¥29,083,298.65, reflecting a 3.17% increase from ¥28,188,711.65 in the previous year[6] - The company invested ¥29,083,298.65 in R&D, accounting for 4.33% of total revenue[127] - The number of R&D personnel is 43, representing 5.17% of the total workforce[127] - The company plans to enhance its R&D capabilities, updating practical course content based on market and customer demand, and expanding its mentor team[150] Strategic Initiatives - The company established Hong Kong Action Business School Limited on July 5, 2023, to provide training and consulting management services, which will be included in the group's consolidated scope from its inception[8] - The company has identified new topics for organizational development, marketing, digital transformation, and human resources systems as part of its strategic direction[5] - The company aims to build a world-class effective management education institution, focusing on organizational innovation capabilities[65] - The company is committed to aligning its educational offerings with national strategies and global trends, enhancing its relevance in the management training sector[44] Market Position and Growth - The management training industry is projected to grow to over 900 billion yuan in 2023, with a market size expected to reach 1.3194 trillion yuan by 2025[52] - The management consulting industry in China is projected to reach a market size of ¥345.22 billion by 2027[60] - The management training market in China is expected to continue growing due to increasing demand for talent development and management skills[61] - The company has developed a tailored strategy for large clients, resulting in significant partnerships with industry leaders, enhancing its market position[108] Operational Efficiency - The company has implemented a continuous innovation strategy, upgrading its courses by 10% each time and 50% annually to ensure high-quality development[44] - The company focuses on providing customized management consulting services, including performance management and brand strategy, with longer engagement cycles[78] - The company has established a nationwide service and marketing network with subsidiaries in major cities and branches in several others, enhancing its educational service delivery[100] Governance and Compliance - The company has established a robust governance structure, adhering to relevant laws and regulations to protect shareholder rights[171] - The company emphasizes transparency in information disclosure, ensuring all investors have equal access to information[171] - The company continues to focus on strategic governance and compliance with relevant laws and regulations[186] - The company has completed updates to governance documents, enhancing the operational standards and governance level[171] Talent Management - The company is actively working on talent pipeline development to mitigate risks associated with personnel turnover[163] - Measures to retain talent include improving the compensation and performance management systems and implementing equity incentive plans[163] - The company has a strong team of practical mentors with over 20 years of experience in world-class enterprises, enhancing the effectiveness of its management training courses[92] Digital Transformation - The company is committed to digital transformation, optimizing its technological capabilities across five dimensions to improve customer experience and operational efficiency[158] - The company is exploring new technologies such as cloud computing and blockchain to improve service security and credibility[145] Financial Management - The company is actively involved in the strategic planning of its financial management and budget for 2023[196] - The company has proposed to use idle funds for cash management, indicating a proactive approach to financial efficiency[196] - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 1,233.64 million yuan[182]

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 ...

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