行动教育：2024年中报点评：渠道产品因时而变，高增长高分红

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the second quarter of 2024, with revenue reaching 249 million yuan, a year-on-year growth of 40%, and net profit of 112 million yuan, a year-on-year increase of 28%. The company plans to distribute an interim dividend of 1.18 billion yuan, accounting for 86.7% of the half-year net profit [2][6] - The company is focusing on upgrading its sales team management to target high-net-worth clients and has developed new courses to meet the urgent needs of entrepreneurs. The company has also collaborated with notable figures to enhance its product offerings [6][7] - The company expects revenue growth of 29%, 23%, and 24% for the years 2024, 2025, and 2026, respectively, with net profit growth of 28%, 26%, and 24% for the same periods. The company anticipates a positive impact from its large client strategy and expects to achieve both volume and price increases [8] Summary by Sections Financial Performance - For the second quarter, the company achieved a revenue of 249 million yuan and a net profit of 112 million yuan, with respective year-on-year growth rates of 40% and 28% [6] - The company’s total market capitalization is approximately 4.15 billion yuan, with a current price of 35.15 yuan per share [4] - The company’s gross margin remained stable, while the interest income contribution decreased, leading to a net profit margin pressure [7] Strategic Initiatives - The company is implementing a "big client strategy" to select clients with stronger growth potential and budgets, enhancing its sales team training and management processes [6][7] - New courses have been developed in response to the urgent needs of entrepreneurs, with a notable collaboration with high-profile industry leaders [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 870 million, 1.07 billion, and 1.33 billion yuan, respectively, with corresponding growth rates of 29%, 23%, and 24% [8] - The company has raised prices for its principal products, indicating confidence in its growth strategy [8]