Action Education(605098) 国联证券·2024-11-07 10:18Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Insights - The company reported a revenue of 170 million yuan in Q3 2024, representing a year-on-year growth of 0.3%. The net profit attributable to shareholders was 58.41 million yuan, up 5.7% year-on-year. The company plans to distribute a cash dividend of 5.0 yuan per 10 shares [2][6]. - The revenue growth has slowed due to a seasonal downturn and consumer pressure, with contract liabilities growing at a reduced rate of 10% year-on-year. Despite a slight increase in expense ratios, government subsidies helped maintain profit margins [2][7]. - The company is focusing on a "key client strategy" to target high-consumption clients, which has led to service agreements with industry leaders [7]. - The company is continuously enhancing its product offerings, launching new courses to meet the urgent needs of entrepreneurs [7]. - The company expects revenue growth rates of 21%, 32%, and 24% for 2024, 2025, and 2026, respectively, with net profit growth rates of 25%, 30%, and 25% for the same years [7]. Financial Data Summary - For Q3 2024, the company achieved a gross margin of 75.4%, a slight decline of 4.2 percentage points year-on-year. The net profit margin was 34.1%, an increase of 1.8 percentage points year-on-year [7]. - The company forecasts total revenues of 813 million yuan for 2024, with a projected EBITDA of 337 million yuan and a net profit of 275 million yuan [8][10]. - The company's earnings per share (EPS) is expected to be 2.30 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.5 [8][10].