行动教育：2024年中报点评：营收利润稳健增长，关注后续订单情况

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 389 million yuan for H1 2024, representing a year-over-year increase of 35.16%, and a net profit of 136 million yuan, up 29.19% year-over-year [1]. - The company's large client strategy has shown significant results, with over 100 deep collaborations established with major clients by June 30, 2024 [1]. - Sales cash flow and contract liabilities growth have slowed down, indicating a decrease in customer payment willingness and a slowdown in order growth [1]. - The company has effectively controlled costs, maintaining stable profitability, with a gross margin of 78.61% in Q2 2024 [1]. - A mid-term dividend of 10 yuan per 10 shares is proposed, with a payout ratio of 87% [1]. - The company is expected to resist temporary demand weakening risks due to its large client and talent strategies, with projected net profits of 275 million, 332 million, and 410 million yuan for 2024, 2025, and 2026 respectively [1]. Summary by Sections Financial Performance - H1 2024 revenue reached 389 million yuan, with a growth rate of 35.16% year-over-year [1]. - Q2 2024 revenue was 249 million yuan, reflecting a year-over-year increase of 39.50% [1]. - The company achieved a net profit of 136 million yuan in H1 2024, up 29.19% year-over-year [1]. Business Strategy - The large client strategy has been effective, with significant partnerships formed with industry leaders [1]. - The company has focused on recruiting and training sales talent, alongside launching new products [1]. Cost Management - The gross margin for Q2 2024 was 78.61%, a slight decrease of 0.15 percentage points year-over-year [1]. - The overall expense ratio remained stable, with sales, management, and R&D expense ratios at 19.85%, 7.11%, and 1.31% respectively [1]. Shareholder Returns - A cash dividend of 10 yuan per 10 shares is proposed for H1 2024, with a high payout ratio of 87% [1]. Future Outlook - The company is projected to achieve net profits of 275 million, 332 million, and 410 million yuan for 2024, 2025, and 2026, indicating growth rates of 25.5%, 20.6%, and 23.5% respectively [1].