行动教育：公司点评：持续高分红回报股东，关注Q4报到率及订单量

Investment Rating - The report maintains a "Buy" rating for the company [2][5][8] Core Insights - The company announced its Q3 2024 results on October 23, 2024, reporting revenue of 173 million yuan, a year-over-year increase of 0.27%, and a net profit attributable to shareholders of 58 million yuan, up 5.74% year-over-year [2][5] - The company plans to distribute a dividend of 5 yuan for every 10 shares, totaling 60 million yuan, resulting in a dividend payout ratio of 91.32% [2][5] - The report highlights that the market's economic conditions have impacted the company's gross profit margin and growth rate, with a notable decline in gross profit and an increase in expense ratios [2][5][3] Summary by Sections Revenue Performance - In Q3 2024, the company achieved operating revenue of 173 million yuan, with a year-over-year growth of 0.27% and a quarter-over-quarter decline of 30.24% due to seasonal factors [2][5] - The revenue growth was flat year-over-year primarily due to a high base from the previous year driven by major client strategies [2][5] Profitability Metrics - The gross profit for Q3 2024 was 131 million yuan, reflecting a year-over-year decrease of 4.99% and a quarter-over-quarter decline of 33.1%, with a gross margin of 75.38% [2][5] - The net profit attributable to shareholders was 58 million yuan, with a net profit margin of 33.68%, showing a year-over-year increase of 1.74 percentage points [2][5] Expense Analysis - The expense ratios for sales, management, and R&D in Q3 2024 were 29.39%, 12.74%, and 2.43%, respectively, with year-over-year increases in sales and management expenses [2][5] - The overall expense ratio increased by 1.89 percentage points year-over-year, primarily due to events held during the quarter [2][5] Cash Flow and Liabilities - Cash received from sales and services in Q3 2024 was 143 million yuan, down 24.3% year-over-year [3] - Contract liabilities reached 965 million yuan, marking a year-over-year growth of 10.16% but a quarter-over-quarter decline of 3.61% [3] Future Earnings Forecast - The company is projected to generate revenues of 802 million yuan, 963 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 258 million yuan, 303 million yuan, and 362 million yuan [6][8]