Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Insights - The company reported a revenue of 170 million yuan in Q3 2024, representing a year-on-year growth of 0.3%. The net profit attributable to shareholders was 58.41 million yuan, up 5.7% year-on-year. The company plans to distribute a cash dividend of 5.0 yuan per 10 shares [2][6]. - The revenue growth has slowed due to a seasonal downturn and consumer pressure, with contract liabilities growing at a reduced rate of 10% year-on-year. Despite a slight increase in expense ratios, government subsidies helped maintain profit margins [2][7]. - The company is focusing on a "key client strategy" to target high-consumption clients, which has led to service agreements with industry leaders [7]. - The company is continuously enhancing its product offerings, launching new courses to meet the urgent needs of entrepreneurs [7]. - The company expects revenue growth rates of 21%, 32%, and 24% for 2024, 2025, and 2026, respectively, with net profit growth rates of 25%, 30%, and 25% for the same years [7]. Financial Data Summary - For Q3 2024, the company achieved a gross margin of 75.4%, a slight decline of 4.2 percentage points year-on-year. The net profit margin was 34.1%, an increase of 1.8 percentage points year-on-year [7]. - The company forecasts total revenues of 813 million yuan for 2024, with a projected EBITDA of 337 million yuan and a net profit of 275 million yuan [8][10]. - The company's earnings per share (EPS) is expected to be 2.30 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.5 [8][10].

Summary of Conference Call Company and Industry - The conference call involved a company focused on education and training, specifically in the EMBA (Executive Master of Business Administration) sector. Key Points and Arguments Revenue Performance - The company experienced a slowdown in revenue during Q3, attributed to a decrease in enrollment rates for concentrated EMBA courses due to heightened economic concerns among entrepreneurs [1][2] - The outlook for Q4 shows some improvement in attendance for upcoming sessions, but the overall trend remains uncertain due to rapid changes in the economic environment [1][2] Enrollment and Course Structure - Enrollment for concentrated courses typically has a waiting period of about six months to a year, with no specific advance payment requirement [3] - The company plans to conduct 11 sessions in Q4, with a seasonal increase in demand expected [4] Pricing Strategy - There are no immediate plans for price increases for concentrated courses or other products, with any potential adjustments expected to be discussed in Q1 of the following year [5][6] Gross Margin Analysis - The gross margin for concentrated courses was reported at 85% and for EMBA at 87% for the first three quarters, with a slight decline in Q3 due to an increase in consulting services [6] - Consulting revenue for the first nine months was 106 million, representing an 18% share of total revenue, which has doubled compared to the previous year [6] Client Structure and Payment Terms - The company has expanded its client base, with 179 large clients accounting for 63% of orders in the first three quarters, with an average order value of 2.01 million [8][9] - The payment policy remains strict, requiring payment before service delivery, with no allowance for post-service payments [8] Sales Team and Growth - The sales team currently consists of approximately 160 members, with a target of 300, reflecting the growing client base and increasing demands for professional sales capabilities [10] Dividend Policy - The company has maintained a high dividend payout ratio of 91% in Q3 and intends to continue this strategy, reflecting confidence in its operational performance [10][11] Expense Management - Overall sales expenses have decreased by 2% compared to the previous year, despite a rise in costs associated with larger events [11] Revenue Breakdown - For the first three quarters, revenue was reported as follows: - Concentrated courses: 180 million, 32.01% of total revenue - EMBA: 204 million, 36% of total revenue - Consulting: 106 million, 18.79% of total revenue [12] Additional Important Information - The company is cautious about predicting future economic conditions and their impact on business, indicating a need for further observation before making definitive forecasts [9]

证券代码：605098 证券简称：行动教育 公告编号：2024-054 每股分配比例 A 股每股现金红利 0.50 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 | 2024/11/5 | － | 2024/11/6 | 2024/11/6 | 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 上海行动教育科技股份有限公司 2024 年第三季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： （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 563 million yuan for the first three quarters of 2024, representing a year-on-year growth of 22.1%. The net profit attributable to shareholders was 195 million yuan, up 21.1% year-on-year [5] - The company has a strong focus on shareholder returns, proposing a cash dividend of 5 yuan per 10 shares for the third quarter, totaling 59.63 million yuan [6] - The company maintains a healthy cash position with 1.235 billion yuan in cash and cash equivalents as of the end of the third quarter of 2024 [5] Financial Performance - The company's gross profit margin for the first three quarters of 2024 was 75.9%, a decrease of 2.9 percentage points year-on-year. The gross profit margins for the first, second, and third quarters were 71.8%, 78.6%, and 75.4%, respectively [5] - The operating expenses ratio improved to 36.2% for the first three quarters of 2024, down 2.6 percentage points year-on-year [6] - The company expects to maintain a high level of dividends in the future, with projected net profits for 2024-2026 of 261 million, 318 million, and 390 million yuan, respectively [7] Market Comparison - The company is expected to have a reasonable valuation range of 43.80 to 52.56 yuan per share based on a price-to-earnings ratio of 20-24 times for 2024 [7] - The company’s stock price has fluctuated between 30.16 and 56.00 yuan over the past 52 weeks [1] Future Outlook - The company is well-positioned to benefit from the increasing demand for talent development and management training in the growing Chinese economy [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.19, 2.67, and 3.28 yuan, respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][5][8] Core Insights - The company announced its Q3 2024 results on October 23, 2024, reporting revenue of 173 million yuan, a year-over-year increase of 0.27%, and a net profit attributable to shareholders of 58 million yuan, up 5.74% year-over-year [2][5] - The company plans to distribute a dividend of 5 yuan for every 10 shares, totaling 60 million yuan, resulting in a dividend payout ratio of 91.32% [2][5] - The report highlights that the market's economic conditions have impacted the company's gross profit margin and growth rate, with a notable decline in gross profit and an increase in expense ratios [2][5][3] Summary by Sections Revenue Performance - In Q3 2024, the company achieved operating revenue of 173 million yuan, with a year-over-year growth of 0.27% and a quarter-over-quarter decline of 30.24% due to seasonal factors [2][5] - The revenue growth was flat year-over-year primarily due to a high base from the previous year driven by major client strategies [2][5] Profitability Metrics - The gross profit for Q3 2024 was 131 million yuan, reflecting a year-over-year decrease of 4.99% and a quarter-over-quarter decline of 33.1%, with a gross margin of 75.38% [2][5] - The net profit attributable to shareholders was 58 million yuan, with a net profit margin of 33.68%, showing a year-over-year increase of 1.74 percentage points [2][5] Expense Analysis - The expense ratios for sales, management, and R&D in Q3 2024 were 29.39%, 12.74%, and 2.43%, respectively, with year-over-year increases in sales and management expenses [2][5] - The overall expense ratio increased by 1.89 percentage points year-over-year, primarily due to events held during the quarter [2][5] Cash Flow and Liabilities - Cash received from sales and services in Q3 2024 was 143 million yuan, down 24.3% year-over-year [3] - Contract liabilities reached 965 million yuan, marking a year-over-year growth of 10.16% but a quarter-over-quarter decline of 3.61% [3] Future Earnings Forecast - The company is projected to generate revenues of 802 million yuan, 963 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 258 million yuan, 303 million yuan, and 362 million yuan [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company's revenue growth has slowed in Q3 2024 due to a decline in customer attendance rates influenced by the economic environment, leading to increased collection pressures [1] - Despite the weak market conditions, the company has a relatively strong order book for management training and consulting services [1] - The company has initiated quarterly dividends for the first time, proposing a cash dividend of 59.63 million yuan, reflecting a high payout ratio of 102% [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 22.1%, and a net profit of 190 million yuan, up 21.1% [2] - In Q3 2024, the revenue was 170 million yuan, showing a slight increase of 0.3%, while the net profit was 60 million yuan, up 5.7% [2] - The gross margin for the first three quarters of 2024 was 75.91%, down 2.89 percentage points year-on-year, primarily due to an increase in low-margin consulting revenue [1] Strategic Initiatives - The company has adopted a major client strategy since 2023, aiming to expand its large client base, which is expected to enhance revenue contributions and create a positive demonstration effect [2] - The target for large client development in 2024 is set at 300, building on the successful acquisition of 243 large clients in 2023 [2] Earnings Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been revised down to 264 million yuan, 309 million yuan, and 355 million yuan, respectively, reflecting decreases of 6%, 11%, and 15% [1] - The corresponding price-to-earnings ratios are projected at 16x, 14x, and 12x for the respective years [1]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 563 million yuan for Q1-Q3 2024, representing a year-on-year increase of 22.07%, and a net profit of 195 million yuan, up 21.12% year-on-year. However, Q3 revenue growth slowed to 0.27% year-on-year, with net profit at 58.41 million yuan, a 5.74% increase year-on-year [1] - The company continues to execute its large customer strategy, which has provided revenue assurance despite a slowdown in cash collection due to macroeconomic pressures. As of the end of 2023, the company has established partnerships with over 240 industry leaders and aims to develop 300 large customers in 2024 [1] - The overall gross margin for Q3 2024 was 75.38%, a year-on-year increase of 4.17 percentage points, primarily due to a higher proportion of lower-margin consulting courses. The net profit margin was 33.68%, benefiting from government subsidies and other non-operating income [1] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 260 million yuan, 316 million yuan, and 384 million yuan, respectively, with growth rates of 18.3%, 21.6%, and 21.6% [2] - The company's revenue is expected to grow from 818 million yuan in 2024 to 1.212 billion yuan in 2026, with corresponding growth rates of 21.7% and 21.8% [2] - The current price corresponds to a P/E ratio of 17, 14, and 11 for the years 2024, 2025, and 2026, respectively [1][2] Market Position - The company is recognized as a leader in practical business education, with strengths in research, teaching staff, channels, and brand influence. It has a comprehensive channel network covering major cities and has strengthened its teaching quality through partnerships with top industry professionals [1]

证券代码：605098 证券简称：行动教育 公告编号：2024-052 上海行动教育科技股份有限公司 关于 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：本次减持主体为上海行动教育科技股份有限公司 （以下简称"公司"）控股股东、实际控制人的一致行动人上海云盾商务咨询合 伙企业（有限合伙）（以下简称"上海云盾"），上海云盾持有公司股份 12,219,633 股，占公司总股本比例为 10.2470%，上海云盾与其一致行动人合计持有公司股 份 51,699,364 股，占公司总股本比例为 43.3534%。 减持计划的主要内容：上海云盾计划通过大宗交易方式按市场价格减持 不超过 106 万股，减持比例不超过公司总股本的 0.8889%,并自本公告发布之日 起 15 个交易日后的 3 个月内实施，且在任意连续 90 个自然日内通过大宗交易减 持股份的总数不超过公司股份总数的 2%。上述减持方式由上海云盾根据实际情 况执行，减持价格将按照减持实施时的市场价格及 ...

证券代码：605098 证券简称：行动教育 公告编号：2024-053 股东持股的基本情况：截至本公告披露日，上海行动教育科技股份有限 公司（以下简称"公司"）股东上海蓝效商务咨询合伙企业（有限合伙）（以下简 称"上海蓝效"）持有公司无限售流通股 22,505,438 股，占公司总股本的 18.8723%。 减持计划的主要内容：上海蓝效计划通过大宗交易方式按市场价格减持 不超过 58 万股，减持比例不超过公司总股本的 0.4864%，并自本公告发布之日 起 15 个交易日后的 3 个月内实施,且在任意连续 90 个自然日内通过大宗交易减 持股份的总数不超过公司股份总数的 2%。上述减持方式由上海蓝效根据实际情 况执行，减持价格将按照减持实施时的市场价格及相关规定确定。 公司不存在破发、破净情形，且不存在最近三年未进行现金分红、累计 现金分红金额低于最近三年年均净利润 30%的情况。 | 股东名称 | | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 2024 performance was below expectations, with macroeconomic factors affecting payment willingness and cash collection [2][3] - A high dividend payout is planned for Q3, continuing to reward shareholders [2][3] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 563 million yuan, a year-on-year increase of 22.07%, and a net profit attributable to shareholders of 195 million yuan, up 21.12% [3] - In Q3 2024, the company reported revenue of 173 million yuan, a slight increase of 0.27% year-on-year, and a net profit of 58 million yuan, up 5.74% [3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 59.63 million yuan, which represents 91.32% of the net profit attributable to shareholders for the first three quarters [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 277 million, 332 million, and 398 million yuan respectively, with EPS revised to 2.32, 2.78, and 3.34 yuan [3][12] - The target price is adjusted to 46.40 yuan based on a 20x PE ratio for 2024 [3][12] Market Data - The current stock price is 36.45 yuan, with a 52-week price range of 30.30 to 55.38 yuan [4][5] - The total market capitalization is 4.347 billion yuan [5] Valuation Comparison - The average PE ratio of comparable companies for 2024 is 22.37 [12][13]