Action Education(605098) Guotai Junan Securities·2024-10-25 09:11Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 2024 performance was below expectations, with macroeconomic factors affecting payment willingness and cash collection [2][3] - A high dividend payout is planned for Q3, continuing to reward shareholders [2][3] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 563 million yuan, a year-on-year increase of 22.07%, and a net profit attributable to shareholders of 195 million yuan, up 21.12% [3] - In Q3 2024, the company reported revenue of 173 million yuan, a slight increase of 0.27% year-on-year, and a net profit of 58 million yuan, up 5.74% [3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 59.63 million yuan, which represents 91.32% of the net profit attributable to shareholders for the first three quarters [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 277 million, 332 million, and 398 million yuan respectively, with EPS revised to 2.32, 2.78, and 3.34 yuan [3][12] - The target price is adjusted to 46.40 yuan based on a 20x PE ratio for 2024 [3][12] Market Data - The current stock price is 36.45 yuan, with a 52-week price range of 30.30 to 55.38 yuan [4][5] - The total market capitalization is 4.347 billion yuan [5] Valuation Comparison - The average PE ratio of comparable companies for 2024 is 22.37 [12][13]