Investment Rating - The report maintains a "Buy" rating for the company [19] Core Views - The company reported a strong Q1 2024 with revenue growth of 28.11% year-on-year and net profit growth of 34.42% [11] - The company is in a mature phase with a target cash dividend ratio of no less than 80%, achieving a dividend rate of 96.85% in 2023 [11] - The company has a robust growth strategy focusing on large clients, with significant partnerships established, including a renewed multi-million cooperation agreement with Sichuan Langjiu [11] - The average price of courses has increased, contributing to revenue growth, with EMBA course prices rising by 30.3% [11] - The company expects to maintain high growth rates in net profit for 2024-2026, with projected figures of 2.8 billion, 3.4 billion, and 4.3 billion respectively [11] Financial Summary - Revenue (in million yuan) is projected to grow from 672 in 2023 to 1,274 in 2026, with a year-on-year growth rate of 49.1% in 2023 and 24.2% in 2026 [3] - Net profit (in million yuan) is expected to increase from 219 in 2023 to 427 in 2026, with a year-on-year growth rate of 98.0% in 2023 and 24.1% in 2026 [3] - The latest diluted EPS is projected to rise from 1.86 in 2023 to 3.61 in 2026 [3] - The company’s P/E ratio is expected to decrease from 29.8 in 2023 to 15.3 in 2026, indicating improving valuation [3] Performance Indicators - The company achieved a gross margin of 71.78% in Q1 2024, despite a slight decline due to changes in product mix [11] - The net profit margin reached a historical high of 17.03% in Q1 2024, reflecting continuous improvement in profitability [11] - The company’s cash collection in Q1 2024 was 1.6 billion yuan, up 31.74% year-on-year, indicating strong future revenue potential [11]

公 司 研 究 Q1 增长超预期，合同负债创新高 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 23/4/2523/7/723/9/18 23/11/3024/2/1124/4/24 行动教育 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.18/1.18 总市值/流通(亿元) 62.01/62.01 12 个月内最高/最低价 (元) 55.77/32.77 相关研究报告 <<业绩符合预期，大客户战略持续推 进>>--2024-04-21 <<业绩预告符合预期 大客户战略效 果显著>>--2024-01-23 <<业绩符合预期，Q4 迎行业旺季>>- -2023-10-27 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：公司发布 2024Q1 季报，报告期内公司实现营业收入 1.41 亿 /+28.11%；实现净利润 2399 万元/+34.42%；实现归母扣非净利润 2555 万 元/+67.05%。 点评： Q1 收入利润双双实现高增长。2024Q1 公司实现收入 1.41 亿元，收 入大部分来自 ...

培训教育 2024 年 04 月 25 日 风险提示：政策变动，竞争加剧，关键师资力量及销售人员流失 买入（维持评级） 当前价格： 52.52 元 目标价格： 65.06 元 | --- | --- | |--------------------------|---------------| | 基本数据 | | | 总股本/流通股本(百万股 ) | 118.08/118.08 | | 流通 A 股市值 (百万元) | 6,201.49 | | 每股净资产(元 ) | 8.33 | | 资产负债率 (%) | 52.94 | | 一年内最高/最低价(元 ) | 55.77/32.77 | | | | 一年内股价相对走势 团队成员 分析师： 来舒楠(S0210523040002) LSN3916@hfzq.com.cn 相关报告 1、23 年利润 2.2 亿，大客户与实效性引领增长— —2024.04.16 2、行动教育（605098.SH）：大客户战略持续兑 现，校长节进一步提升影响力——2023.10.26 3、行动教育（605098.SH）：大客户战略持续落 地，交付旺季业绩兑现——2023.08.22 ...

2024 年 04 月 25 日 行动教育(605098.SH) 本报告仅供 Choice 东方财富 使用，请勿传阅。 营收业绩持续高增，在手订单快速增长 收入业绩持续高增，订单充沛保障发展。公司 2024Q1 实现营业 收入 1.41 亿元，同比增长 28.11%，公司管理培训订单加速确认， 收入持续高速增长。公司 2024Q1 实现归母净利润 0.24 亿元，同 比增长 34.42%；扣非后归母净利润 0.26 亿元，同比增长 67.05%。 目前公司大客户战略效果显著，与大客户企业开展深度合作，带 动公司在手订单快速增长，截至 2024 年一季度末，公司合同负债 9.70 亿元，同比增长 25.75%，为 2023 年营业收入的 1.44 倍，公 司在手订单充沛。 净利率持续提升，费用率控制得当。盈利能力方面，2024Q1 公 司整体毛利率 71.78%，较去年同期降低 5.90 个百分点，公司净 利率 17.68%，较去年同期提高 2.42 个百分点；净资产收益率（加 权）2.47%，较去年同期提高 0.73 个百分点。费用率方面，2024Q1 公司期间费用率 49.19%，较去年同期显著降低 8.8 ...

3 证券研究报告 财务预测与估值 证券研究报告 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明的除外）。评级标准为报告 发布日后 6 到 12 个月内的相对市场表现，也即报告 | 股票 | 增持 | 股价表现优于市场代表性指数 10%-20%之间 | | 发布日后的 6 到 12 个月内公司股价（或行业指数） | 投资评级 | 中性 | 股价表现介于市场代表性指数±10%之间 | | 相对同期相关证券市场代表性指数的涨跌幅作为基 准。A 股市场以沪深 300 指数（000300.SH）作 ...

行动教育(605098)/商业零售及社会服务 分析师承诺 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------- ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 140,844,295.74, representing a year-on-year increase of 28.11%[3] - The net profit attributable to shareholders for the same period was RMB 23,988,686.54, reflecting a growth of 34.42% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 67.05%, amounting to RMB 25,546,910.64[3] - The basic and diluted earnings per share were both RMB 0.20, up 33.33% year-on-year[3] - The net profit for Q1 2024 was CNY 24,905,340.57, an increase of 48.5% compared to CNY 16,775,982.74 in Q1 2023[19] - Operating profit rose to CNY 29,740,221.53, up 54.4% from CNY 19,252,835.07 in the same period last year[19] - Total revenue from sales and services reached CNY 159,906,298.67, a 31.7% increase from CNY 121,379,453.54 in Q1 2023[21] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 63.63%, totaling RMB 12,766,260.30, primarily due to higher year-end bonuses and tax payments[3] - The cash flow from operating activities generated a net inflow of CNY 12,766,260.30, down 63.6% from CNY 35,105,397.11 in Q1 2023[22] - The company experienced a net cash outflow of CNY 128,476,321.39 during the quarter[23] - Investment activities resulted in a net cash outflow of CNY 137,927,224.67, compared to a net inflow of CNY 138,519,187.75 in Q1 2023[23] - The company reported a significant increase in operating cash inflows, totaling CNY 163,308,084.61, compared to CNY 122,736,538.40 in the previous year[22] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,102,208,199.72, a slight increase of 0.27% from the previous year[4] - Total assets as of March 31, 2024, were RMB 2,102,208,199.72, a slight increase from RMB 2,096,479,278.79 at the end of 2023[16] - Total liabilities decreased to RMB 1,112,941,632.15 from RMB 1,133,998,637.92, a reduction of 1.86%[15] - The equity attributable to shareholders at the end of the period was RMB 983,936,172.16, up 2.59% from the previous year[4] - The equity attributable to shareholders of the parent company increased to RMB 983,936,172.16 from RMB 959,066,899.49, reflecting a growth of 2.59%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,989[8] - Major shareholder Li Jian holds 31.29% of the company's shares, making him the controlling shareholder[9] Operating Costs and Expenses - Total operating costs for Q1 2024 were RMB 109,902,531.19, up from RMB 94,120,347.57 in Q1 2023, reflecting a growth of 16.66%[18] - Research and development expenses for Q1 2024 were RMB 7,425,541.45, slightly down from RMB 7,964,471.93 in Q1 2023[18] Investment Income - The company reported an investment income of RMB 1,130,592.62 for Q1 2024, compared to RMB 2,916,620.16 in Q1 2023, indicating a decrease of 61.24%[18] Cash and Cash Equivalents - The company's cash and cash equivalents as of March 31, 2024, amounted to RMB 1,383,594,453.58, compared to RMB 1,358,004,999.62 at the end of 2023, showing a slight increase[13] - Cash and cash equivalents at the end of Q1 2024 were CNY 727,085,853.58, down from CNY 861,383,775.32 at the end of Q1 2023[23] - Accounts receivable decreased to RMB 87,072.34 from RMB 166,306.67, indicating a reduction of 47.73%[13] - Inventory decreased significantly from RMB 2,873,718.27 to RMB 1,837,382.81, a decline of 36.16%[13] Return on Equity - The company reported a weighted average return on equity of 2.47%, an increase of 0.81 percentage points[3]

我， 汪立亭，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表 达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研 究报告发布后的 3 个工作日内交易此研究报告所讨论目标公司的证券。I, Liting Wang, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations ...

市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的 投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，海通证券及其所属 关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 请务必阅读正文之后的信息披露和法律声明 本报告仅向特定客户传送，未经海通证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或 复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公 司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络海通证券研究所并获得许可，并需注明出处为海通证券研究所，且 不得对本文进行有悖原意的引用和删改。 根据中国证监会核发的经营证券业务许可，海通证券股份有限公司的经营范围包括证券投资咨询业务。 [Table_MainInfo] 公司研究/旅游服务业 证券研究报告 行动教育（605098）公司年报点评 2024 年 04 月 22 日 市场表现 [Tab ...