行动教育(605098)：大客户、品牌、科技三轮驱动营业收入稳步增长 “236工程”构建世界级实效商学教育平台

Core Insights - The company reported a revenue of 783 million yuan in 2024, representing a year-on-year increase of 16.54%, and a net profit attributable to shareholders of 269 million yuan, up 22.39% year-on-year [1] - The growth in revenue is driven by a successful large customer strategy, enhanced brand influence, and effective talent development [1] - The company implemented the "236 Project" to build a world-class business education platform, achieving significant operational results [2] Revenue and Profit Analysis - Revenue breakdown: management training revenue was 633 million yuan (up 6.31% year-on-year), management consulting revenue was 146 million yuan (up 97.38% year-on-year), and book sales reached 3.05 million yuan (up 47.07% year-on-year) [1] - The net profit attributable to shareholders was 269 million yuan, with a non-recurring net profit of 241 million yuan, primarily due to the increase in revenue [1] Strategic Initiatives - The "236 Project" includes two major initiatives: platform construction and high-quality development, resulting in over 1,200 new customers and 295 new large customers in 2024 [2] - The company achieved a net promoter score of 76.9%, significantly above the industry average, indicating strong customer satisfaction and loyalty [2] - Digital technologies were leveraged for precise marketing and streamlined business processes, enhancing operational efficiency [2] Shareholder Returns - The company plans to distribute a total cash dividend of 267 million yuan (including tax), which accounts for 99.47% of the net profit attributable to shareholders for 2024 [3] - As of December 31, 2024, the company had ample liquidity with total cash and trading financial assets amounting to 1.93 billion yuan, representing 86.47% of total assets [3] Future Outlook - The company is expected to achieve net profits of 301 million yuan, 335 million yuan, and 362 million yuan in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15.4, 13.9, and 12.8 [3]