Action Education(605098) 光大证券·2024-10-27 08:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company's revenue growth has slowed in Q3 2024 due to a decline in customer attendance rates influenced by the economic environment, leading to increased collection pressures [1] - Despite the weak market conditions, the company has a relatively strong order book for management training and consulting services [1] - The company has initiated quarterly dividends for the first time, proposing a cash dividend of 59.63 million yuan, reflecting a high payout ratio of 102% [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 22.1%, and a net profit of 190 million yuan, up 21.1% [2] - In Q3 2024, the revenue was 170 million yuan, showing a slight increase of 0.3%, while the net profit was 60 million yuan, up 5.7% [2] - The gross margin for the first three quarters of 2024 was 75.91%, down 2.89 percentage points year-on-year, primarily due to an increase in low-margin consulting revenue [1] Strategic Initiatives - The company has adopted a major client strategy since 2023, aiming to expand its large client base, which is expected to enhance revenue contributions and create a positive demonstration effect [2] - The target for large client development in 2024 is set at 300, building on the successful acquisition of 243 large clients in 2023 [2] Earnings Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been revised down to 264 million yuan, 309 million yuan, and 355 million yuan, respectively, reflecting decreases of 6%, 11%, and 15% [1] - The corresponding price-to-earnings ratios are projected at 16x, 14x, and 12x for the respective years [1]