行动教育：Q3收款短期承压，高分红延续

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 563 million yuan for Q1-Q3 2024, representing a year-on-year increase of 22.07%, and a net profit of 195 million yuan, up 21.12% year-on-year. However, Q3 revenue growth slowed to 0.27% year-on-year, with net profit at 58.41 million yuan, a 5.74% increase year-on-year [1] - The company continues to execute its large customer strategy, which has provided revenue assurance despite a slowdown in cash collection due to macroeconomic pressures. As of the end of 2023, the company has established partnerships with over 240 industry leaders and aims to develop 300 large customers in 2024 [1] - The overall gross margin for Q3 2024 was 75.38%, a year-on-year increase of 4.17 percentage points, primarily due to a higher proportion of lower-margin consulting courses. The net profit margin was 33.68%, benefiting from government subsidies and other non-operating income [1] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 260 million yuan, 316 million yuan, and 384 million yuan, respectively, with growth rates of 18.3%, 21.6%, and 21.6% [2] - The company's revenue is expected to grow from 818 million yuan in 2024 to 1.212 billion yuan in 2026, with corresponding growth rates of 21.7% and 21.8% [2] - The current price corresponds to a P/E ratio of 17, 14, and 11 for the years 2024, 2025, and 2026, respectively [1][2] Market Position - The company is recognized as a leader in practical business education, with strengths in research, teaching staff, channels, and brand influence. It has a comprehensive channel network covering major cities and has strengthened its teaching quality through partnerships with top industry professionals [1]