Action Education(SH:605098) Guoyuan Securities·2025-04-16 07:43Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved steady revenue growth in 2024, with total revenue reaching 783.43 million yuan, a year-on-year increase of 16.54%. The net profit attributable to shareholders was 268.57 million yuan, up 22.39% year-on-year [1]. - The company has a high dividend payout ratio, proposing a cash dividend of 0.75 yuan per share, totaling 89.44 million yuan, which represents a dividend payout ratio of 99.47% [1]. - The company has successfully implemented a large customer strategy, resulting in the acquisition of over 1,200 new clients in 2024, with a net promoter score of 76.9%, significantly above the industry average [2]. - The company is leveraging digital technology for comprehensive upgrades, including the development of AI-based educational tools [2]. Financial Performance Summary - In 2024, the company reported operating income of 783.43 million yuan, with a year-on-year growth of 16.54% [5]. - The net profit attributable to shareholders for 2024 was 268.57 million yuan, reflecting a year-on-year increase of 22.39% [5]. - The company forecasts net profits of 310 million yuan, 356 million yuan, and 402 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.60 yuan, 2.99 yuan, and 3.37 yuan [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 15x, 13x, and 12x, respectively [3].