Action Education(605098) 太平洋证券·2024-08-12 09:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company has demonstrated significant revenue growth, with a reported revenue of 389.43 million yuan for the first half of 2024, reflecting a year-on-year increase of 35.16%. The net profit attributable to shareholders reached 136.19 million yuan, up 29.19% year-on-year [1][2]. - The management training courses are the primary revenue source, contributing nearly 80% of total income, with a revenue increase of 23.72% [1]. - The company has a strong focus on large clients, with 58% of new orders coming from this segment, ensuring stable revenue growth even in a challenging economic environment [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 290.45 million yuan, with a growth rate of 32.09%. The earnings per share (EPS) for 2024 is estimated at 2.46 yuan [3][5]. - The overall gross margin for 2024 is expected to be 76.14%, a slight decrease of 2.21 percentage points year-on-year, primarily due to the increased proportion of lower-margin management consulting services [1][4]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, totaling 118 million yuan, which represents 86.7% of the net profit for the first half of the year [1][2]. Order and Contract Status - The company signed new orders worth 452 million yuan in the first half of 2024, an increase of 11.6% compared to the same period in 2023. The contract liabilities reached a record high of 1 billion yuan, ensuring revenue stability for the upcoming years [1][2].