2024 年 04 月 18 日 公司点评 买入/维持 行动教育(605098) 目标价: 60 昨收盘:49.20 业绩符合预期，大客户战略持续推进 ◼ 走势比较 (30%) (12%) 6% 24% 42% 60% 23/4/1823/6/3023/9/11 23/11/2324/2/424/4/17 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) 58.09/58.09 12 个月内最高/最低价 (元) 50.5/32.77 相关研究报告 <<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 <<行动教育中报点评：业绩符合预 期，大客户战略效果显著>>--2023- 08-24 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 2023 年年报，报告期内公司实现营业收入 6.72 亿 /+49.08%；实现净利润 2.2 亿元/+96.54%；截至 2023 年，公司总资产 20. ...

| --- | --- | --- | --- | --- | --- | |--------------|--------------------------|-----------------------|-------------------------------|-------------------------|--------------------------| | | | | | | | | | 广州市 | 深圳市 | 北京市 | 上海市 | 香港 | | 地址 | 广州市天河区马场路 | 深圳市福田区益田路 | 北京市西城区月坛北 | 上海市浦东新区南泉 | 香港湾仔骆克道 81 号 | | | 26 号广发证券大厦 47 | 6001 号太平金融大厦 | 街 2 号月坛大厦 18 层 | 北路 429 号泰康保险 | 广发大厦 27 楼 | | | 楼 | 31 层 | | 大厦 37 楼 | | | 邮政编码 | 510627 | 518026 | 100045 | 200120 | - | | 客服邮箱 | gfzqyf@gf.com.cn | | | | | | [Table_Le ...

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

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 ...