行动教育：中报业绩优异，合同负债稳步提升

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for the first half of 2024 reached 389 million, a year-on-year increase of 35.2%, with a net profit attributable to shareholders of 136 million, up 29.2% [1][2] - The company has successfully implemented a major client strategy, resulting in significant revenue growth, with management training contributing 80.4% of total revenue [2] - The overall gross margin decreased by 2.2 percentage points to 76.1%, primarily due to an increase in the proportion of management consulting services [2] - The company has reduced its expense ratios, with sales expense ratio down 2.4 percentage points to 23.0% and management expense ratio down 2.3 percentage points to 11.3% [2] - The net profit margin after deducting non-recurring items slightly increased to 35.0% [2] - Contract liabilities have shown stable growth, with cash received from sales and services reaching 451 million, a year-on-year increase of 11.4% [2] - The company offers a high dividend yield, with a payout ratio of 86.7% and a dividend yield of 5.2% based on 2023 dividends [2] - The company maintains strong profit forecasts for 2024-2026, with net profit estimates of 282 million, 359 million, and 456 million respectively, indicating strong valuation attractiveness at current stock prices [2] Financial Summary - Total revenue is projected to grow from 672 million in 2023 to 1.382 billion in 2026, with a compound annual growth rate (CAGR) of approximately 26.3% [3][5] - The net profit attributable to shareholders is expected to increase from 219 million in 2023 to 456 million in 2026, reflecting a CAGR of approximately 26.8% [3][5] - The gross margin is projected to improve gradually from 78.3% in 2023 to 80.7% in 2026 [3][5] - Return on equity (ROE) is expected to rise from 22.9% in 2023 to 29.2% in 2026 [3][5] - Earnings per share (EPS) is forecasted to grow from 1.86 in 2023 to 3.86 in 2026 [3][5] - The price-to-earnings (P/E) ratio is projected to decrease from 20.73 in 2023 to 9.03 in 2026, indicating increasing valuation attractiveness [3][5]