Key Points **Industry/Company Involved**: * **Company**: Action Education * **Industry**: Education and Training **Core Views and Arguments**: 1. **Positive Start in October**: The company reported a good start in October, attributing it to government policies and improved confidence among entrepreneurs. [1] 2. **Dividend Policy**: The company maintains a high level of dividends, reflecting its commitment to returning value to investors and its optimism about future growth. [1] 3. **Large Customer Strategy**: The company has successfully implemented a large customer strategy, with 179 large customers contributing 60% of orders in the first three quarters. This strategy is expected to continue. [1] 4. **Order Trends**: The company plans to increase the number of courses in the fourth quarter and aims for a 20-30% growth rate for the year. However, there is uncertainty regarding the exact growth rate. [2] 5. **Contract Liabilities**: The growth rate of contract liabilities has slowed down, potentially due to longer payment cycles and the company's large customer strategy. [3] 6. **Revenue and Profitability**: Revenue increased due to higher prices, but profitability was affected by a decrease in the contribution of certain courses and changes in the revenue mix. [5] 7. **Cash Flow**: Net cash flow decreased due to increased payments to external teachers and the increase in the proportion of external teachers. [6] 8. **Sales and Marketing Expenses**: Sales and marketing expenses remained stable, with a slight increase in the third quarter due to larger events and advertising. [7] 9. **Government Subsidies**: Government subsidies are expected to be sustainable, with the company receiving around 1 million yuan in the fourth quarter. [7] 10. **Employee Bonuses**: Employee bonuses are expected to be higher at the end of the year, reflecting the company's growth target. [7] 11. **Growth Outlook**: The company expects the market environment to remain challenging, but aims to maintain similar absolute revenue levels to the previous year. [8] 12. **New Initiatives**: The company has introduced the "Golden Brick Plan" to target listed companies and has increased its investment in marketing and personnel. [9] 13. **New Large Customers**: The company has secured new large customers, including a major food company and a home appliance manufacturer. [10] 14. **Product and Course Changes**: The company has introduced new courses and instructors, including a teacher specializing in new manufacturing and a teacher on organizational leadership. [12] **Other Important Points**: * The company is facing challenges in the current market environment but is actively adapting and seeking new opportunities. * The company is committed to returning value to investors and maintaining its growth target. * The company is investing in marketing and personnel to expand its customer base and improve its market position.

公司报告 | 季报点评 三季度派发现金红利 0.6 亿元 公司发布三季报 公司 24Q3 收入 2 亿同增 0.3%，归母 0.6 亿同增 6%，扣非后 0.5 亿同增-15%； 24Q1-3 收入 6 亿同增 22%，归母 2 亿同增 21%，扣非后 1.9 亿同增 19%。 截止 2024 年 9 月 30 日，公司合同负债 9.6 亿元同增 10%。 24Q1-3 公司毛利率 75.9%同减 2.9pct；净利率 34.95%同增 0.04pct。 公司拟向全体股东每 10 股派发现金红利 5.00 元（含税），合计拟派发现金 红利 0.6 亿元（含税）。公司已于 2024 年半年派发现金红利 1.2 亿元（含 税）；今年以来已派发 1.8 亿元，分红比例 91%。 未来中国管理培训市场规模有望继续上涨 首先，中国经济持续增长，企业对人才需求不断增加。随着市场竞争加剧， 企业越来越注重人才培养和管理水平提升。管理培训作为提升员工能力和 组织绩效的重要手段，将继续受到企业青睐。 其次，政策环境对管理培训行业的发展起到积极推动作用。政府鼓励企业 加强内部培训，提高员工的专业素质和管理能力。政策的支持将进一步 ...

社会服务/教育 隐证券 公 司 研 究 行动教育（605098.SH） 2024 年 10 月 23 日 高分红策略延续，Q4 培训旺季或拉动业绩增长 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 肖江洁（联系人） fangguangzhao@kysec.cn 证书编号：S0790520030004 xiaojiangjie@kysec.cn 证书编号：S0790124070035 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/23 | | 当前股价 ( 元 ) | 37.00 | | 一年最高最低 ( 元 ) | 56.00/30.16 | | 总市值 ( 亿元 ) | 44.12 | | 流通市值 ( 亿元 ) | 44.12 | | 总股本 ( 亿股 ) | 1.19 | | 流通股本 ( 亿股 ) | 1.19 | | 近 3 个月换手率 (%) | 140.33 | 2024Q3 收入持平，利润保持增长，看好公司拓客能力，维持"买入"评级 2024Q3 公司营业收入为 1.73 亿元（同 ...

行动教育（605098.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 持续分红回报股东，静待收款回暖 2024 年 10 月 23 日 ➢ 事件：行动教育发布 2024 年三季报。2024 年前三季度，公司实现收入 5.63 亿元/yoy+22.07%，归母净利润 1.95 亿元/yoy+21.12%，扣非归母净利润 1.86 亿元/yoy+18.72%；24Q3，公司收入 1.73 亿元/yoy+0.27%，归母净利润 5841.09 万元/yoy+5.74%，扣非归母净利润为 4939.34 万元/yoy-15.19%。 ➢ 毛利率或受产品结构影响有所下降，费用管控良好。2024 年前三季度，公 司实现毛利率 75.91%/yoy-2.89pcts，我们认为或与公司产品结构调整有关；公 司 销 售 费 用 率 / 管 理 费 用 率 / 研发费用率 / 财 务 费 用 率 分 别 为 24.98%/11.77%/2.65%/-3.20%，yoy-1.12/-1.09/-1.34/+0.93pcts，整体费用 管控良好；综合影响下，前三季度公司归母净利率 34.57%/y ...

证券研究报告 | 2024年10月23日 盈利预测和财务指标 2022 2023 2024E 2025E 2026E 营业收入(百万元) 451 672 804 955 1,129 (+/-%) -18.8% 49.1% 19.6% 18.8% 18.2% 净利润(百万元) 111 219 264 318 380 (+/-%) -35.1% 98.0% 20.4% 20.3% 19.7% 每股收益（元） 0.94 1.86 2.24 2.69 3.22 EBIT Margin 17.9% 33.2% 30.9% 30.7% 30.8% 净资产收益率（ROE） 10.4% 22.9% 26.8% 31.2% 36.0% 市盈率（PE） 42.4 21.4 17.8 14.8 12.4 EV/EBITDA 61.4 25.0 23.4 20.2 17.6 市净率（PB） 4.41 4.91 4.77 4.63 4.46 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·财报点评 社会服务·教育 证券分析师：曾光 证券分析 ...

[Table_Main] 公司研究|可选消费|消费者服务Ⅱ 证券研究报告 行动教育(605098)公司点评报告 2024 年 10 月 23 日 [Table_Title]业绩稳定，持续高分红回馈股东 ——行动教育(605098) 2024 年三季报点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 24Q3 业绩平稳，年内多次分红回馈股东 2024 年前三季度，公司实现营业收入 5.63 亿元，同比增长 22.07%；实现 归母净利润 1.95 亿元，同比增长 21.12%；实现扣非归母净利润 1.86 亿元， 同比增长 18.72%。单三季度看，公司实现营业收入 1.73 亿元，同比微增 0.27%，归母净利润 0.58 亿元，同比增长 5.74%。费用率角度，前三季度， 公司销售/管理/研发费用率分别为 24.98%/11.77%/2.65%，同比分别-1.12/- 1.09/-1.34pct，费用控制不断优化。公司发布 2024 年第三季度利润分配预 案，拟向全体股东每 10 股派发现金红利 5 元（含税），合计派发现金红利 5 ...

证券研究报告·公司点评报告·教育 行动教育（605098） 2024 年 第 三 季 报 点 评 ： 归 母 净 利 同 比 +5.74%，消课节奏变慢令业绩承压 2024 年 10 月 23 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 450.92 | 672.24 | 773.20 | 893.88 | 1,027.49 | | 同比（ % ） | (18.78) | 49.08 | 15.02 | 15.61 | 14.95 | | 归母净利润（百万元） | 110.86 | 219.45 | 250.63 | 289.24 | 337.13 | | 同比（ % ） | (35.10) | 97.95 | 14.21 | 15.41 | 1 ...

证券研究报告·公司点评报告·教育 行动教育（605098） 2024 年 第 三 季 报 点 评 ： 归 母 净 利 同 比 +5.74%，消课节奏变慢令业绩承压 2024 年 10 月 23 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 450.92 | 672.24 | 773.20 | 893.88 | 1,027.49 | | 同比（ % ） | (18.78) | 49.08 | 15.02 | 15.61 | 14.95 | | 归母净利润（百万元） | 110.86 | 219.45 | 250.63 | 289.24 | 337.13 | | 同比（ % ） | (35.10) | 97.95 | 14.21 | 15.41 | 1 ...

来源：公司年报、国金证券研究所 事件 10 月 22 日公司公告 3Q24 业绩，前三季度收入 5.6 亿元/+22.1%， 归母净利 1.9 亿元/+21.1%，扣非归母净利 1.9 亿元/+18.7%；单 Q3 收入 1.7 亿元/+0.3%，归母净利 0.6 亿元/+5.7%,扣非归母净利 0.5 亿元/-15.2%。 公司 3Q24 拟向全体股东每 10 股派发现金红利 5 元，截至 24 年 10 月，24 年拟累计派发现金红利共计 1.8 亿元，占 1-9 月归母净利 润比例为 91.3%。截至 10 月 22 日收盘，股息率（TTM）达 6.3%。 点评 Q3 淡季收入略有承压，订单增速下滑。三季度为公司传统淡季， 但 3Q23 大客户战略驱动下收入高增，同比去年高基数下收入增速 有所承压，3Q24 收入 1.7 亿元/+0.3%。订单增速有所下滑，3Q24 销售商品、提供劳务收到的现金 1.4 亿元/-24.3%；截至 9 月末合 同负债 9.6 亿元/+10.2%，较 6 月末-3.6%。 毛利率略有下滑，费用率控制良好。成本费用端看，3Q24 毛利率/ 销售费用率 / 管 理 费 用 率 ...

Investment Rating - The report maintains a "Buy" rating for Action Education (605098 SH) [1] Core Views - The company achieved revenue of 563 million yuan in the first three quarters of 2024, a year-on-year increase of 2207% Net profit attributable to the parent company was 195 million yuan, up 2112% year-on-year [1] - In Q3 2024, revenue growth slowed to 027% year-on-year, with net profit attributable to the parent company increasing by 574% to 5841 million yuan [1] - The company plans to distribute a cash dividend of 500 yuan per 10 shares (tax included) [1] - The dividend payout ratio exceeds 90%, with a total planned cash dividend of 178 million yuan for the first three quarters of 2024 [2] Financial Performance Revenue and Profit - Q1 Q2 Q3 2024 revenue growth rates were 2811%, 3950%, and 027% respectively, showing a slowdown in growth [1] - Q3 2024 gross margin decreased by 417 percentage points to 7538% [1] - Q3 2024 net profit margin increased by 18 percentage points to 341%, partly due to 92 million yuan in government subsidies [1] Cash Flow and Liabilities - Q3 2024 cash received from sales of goods and services was 143 million yuan, a year-on-year decrease of 243% [1] - As of Q3 2024, contract liabilities were 965 million yuan, up 102% year-on-year but down 36% quarter-on-quarter [1] Future Projections - Adjusted net profit forecasts for 2024-2026 are 263 million, 309 million, and 362 million yuan respectively [2] - Current stock price corresponds to PE ratios of 18x, 15x, and 13x for 2024-2026 [2] Financial Indicators Income Statement - Projected operating income for 2024-2026: 808 million, 957 million, and 1116 billion yuan [3] - Projected net profit attributable to the parent company for 2024-2026: 263 million, 309 million, and 362 million yuan [3] Balance Sheet - Total assets projected to grow from 2269 million yuan in 2024 to 3049 million yuan in 2026 [4] - Current assets expected to increase from 1985 million yuan in 2024 to 2742 million yuan in 2026 [4] Cash Flow - Operating cash flow projected to grow from 278 million yuan in 2024 to 568 million yuan in 2026 [4] - Net cash flow from financing activities expected to be -120 million, -141 million, and -165 million yuan in 2024-2026 [4] Valuation Metrics - Projected EPS for 2024-2026: 220 yuan, 259 yuan, and 304 yuan [3] - Projected P E ratios for 2024-2026: 18x, 15x, and 13x [3] - Projected P B ratios for 2024-2026: 431x, 373x, and 323x [4]