Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - In the first three quarters, the company's revenue reached 563 million yuan, representing a year-on-year increase of 22.07%. The net profit attributable to the parent company was 195 million yuan, up 21.12% year-on-year, while the net profit after deducting non-recurring gains and losses was 186 million yuan, reflecting an 18.72% increase year-on-year. For the third quarter alone, revenue was 173 million yuan, a slight increase of 0.27% year-on-year, with a net profit of 58.41 million yuan, up 5.74% year-on-year, but a decline of 15.19% for the net profit after deductions [3][4][6]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included), totaling 59.63 million yuan (tax included). For the 2024 fiscal year, the total cash dividend planned is 178 million yuan (tax included), accounting for 91.32% of the net profit attributable to the parent company [3][4][6]. Financial Performance - The company's contract liabilities showed growth, increasing to 965 million yuan by the end of the third quarter, up 0.7% from the beginning of the year. This indicates the company's relative advantages in product, brand, and operations despite a challenging economic environment [4]. - The gross profit margin faced pressure, decreasing by 4.17 percentage points to 75.38%. The expense ratios for sales, management, R&D, and finance increased year-on-year, with sales expenses rising due to increased advertising spending. The combined effect of the gross profit margin and expense ratios led to a decline in net profit after deductions [4][6]. - The company has effectively built a professional talent team, enhancing organizational efficiency and improving individual performance, which supports sustained and stable growth in business performance [4]. Future Outlook - The company is expected to maintain its product positioning that is "down-to-earth and effective," adapting to market demand trends and continuously updating its offerings. It aims to execute a major client strategy, focusing on customer referrals and repeat purchases to optimize customer structure and expand market coverage [4]. - Forecasts for the net profit attributable to the parent company for 2024, 2025, and 2026 are 250 million yuan, 300 million yuan, and 360 million yuan, respectively, corresponding to price-to-earnings ratios of 17, 15, and 12 times [4][6].

2024 年 10 月 23 日 公司点评 买入/维持 行动教育(605098) 目标价: 昨收盘:37.00 Q3 订单收款下滑 再次分红回报股东 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 23/10/2324/1/424/3/1724/5/2924/8/1024/10/22 行动教育 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.19/1.19 总市值/流通(亿元) 44.12/44.12 12 个月内最高/最低价 (元) 56/30.16 相关研究报告 <<行动教育中标点评：业绩高增长符 合预期 关注下半年订单落地情 况>>--2024-08-12 <>--2024-04-26 <<业绩符合预期，大客户战略持续推 进>>--2024-04-21 证券分析师：王湛 电话：010-88321716 E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：公司发布 2024 三季报，前三季度公司实现营业收入 5.63 亿 元/+20.07%；实现归母净利润 1.95 亿/+21.12%；扣非归母净利润 1.86 亿元/+18.72 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a year-on-year revenue increase of 22.1% for the first three quarters of 2024, reaching 563 million yuan, and a net profit increase of 21.1%, totaling 195 million yuan. The third quarter of 2024 saw a slight revenue increase of 0.3% year-on-year, with net profit rising by 5.7% [2][3] - The company announced its first-ever third-quarter dividend plan, proposing a cash dividend of 178 million yuan, which accounts for 91.32% of the net profit attributable to the parent company [2][5] - The company is focusing on the recovery of course consumption rhythm and collection performance in Q4, as the revenue pressure in Q3 was attributed to a slowdown in the consumption rhythm of concentrated EMBA courses [3][6] Summary by Sections Financial Performance - In Q3 2024, the company's gross margin was 75.38%, down 3.2 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin consulting services [4] - The company’s cash collection remained flat year-on-year for the first nine months of 2024, with a contract liability of 965 million yuan at the end of Q3, reflecting a 10% year-on-year increase [3][4] Dividend Policy - The company has maintained a high dividend payout ratio, with cash dividend payment rates of approximately 109%, 213%, 97%, and 91% for the periods of 2021, 2022, 2023, and 2024 respectively, indicating a strong commitment to returning value to shareholders [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 783 million yuan, 909 million yuan, and 1.04 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.46%, 16.13%, and 14.39% [6][10] - The net profit attributable to the parent company is projected to be 259 million yuan, 302 million yuan, and 348 million yuan for the same years, with growth rates of 18.16%, 16.30%, and 15.24% [6][10]

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 ...