Action Education(605098) 民生证券·2025-03-09 05:23Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Viewpoints - The company is positioned as the "first stock" in practical management education, aiming to become a global practical business school by providing comprehensive lifecycle services for enterprises, including management training, consulting, and learning tools [1][11]. - The management training business is the core focus, with a compound annual growth rate (CAGR) of 21.68% from 2020 to 2023, accounting for 88.56% of the business in 2023, with a gross margin of 82.16% [2][18]. - The company has adopted a "one core, two wings" strategy to enhance its market network and is actively seeking opportunities for international expansion [3][36]. - The company has a strong cash position with a high average dividend payout ratio, and it has seen a significant increase in new orders, indicating good growth potential [4][5]. Summary by Sections Company Overview - The company, Shanghai Action Education Technology Co., Ltd., was established in March 2006 and became the first stock in practical management education in April 2021 [1][11]. - It focuses on providing comprehensive knowledge services and intellectual support to small and medium-sized enterprises, aiming to build a world-class practical business school [1][11]. Industry Analysis - The management training industry is experiencing rapid growth, with a projected market size of over 900 billion yuan in 2023, expected to reach 1.3194 trillion yuan by 2025 [2][30]. - The industry is characterized by a large number of small companies, with leading firms having low market share, indicating significant growth opportunities for top players [2][34]. Strategic Development - The "one core, two wings" strategy focuses on strengthening management training while expanding management consulting and equity investment businesses [3][36]. - The company has established a digital platform for management consulting, enhancing service delivery and standardization [3][36]. Financial Performance - The company has a high asset quality with no interest-bearing debt, and a cash flow ratio of 1.34 times in 2023, indicating strong financial health [4][5]. - Revenue projections for 2024-2026 are 863 million yuan, 1.036 billion yuan, and 1.191 billion yuan, respectively, with corresponding net profits of 279 million yuan, 333 million yuan, and 393 million yuan [5][6].