Action Education(SH:605098) Changjiang Securities·2025-04-29 04:43Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In 2024, the company is projected to achieve a revenue of 783 million yuan, representing a year-on-year growth of 16.54%, and a net profit attributable to shareholders of 269 million yuan, reflecting a year-on-year increase of 22.39% [2][6]. - For the fourth quarter alone, the revenue is expected to be 221 million yuan, with a year-on-year growth of 4.47%, and a net profit of 73.97 million yuan, showing a year-on-year increase of 25.84% [2][6]. - The company plans to distribute a cash dividend of 7.5 yuan per 10 shares (tax included), with a proposed dividend payout ratio of 99.47% for 2024, corresponding to a dividend yield of 6.38% [2][6]. Revenue and Profitability Analysis - The company has adopted a major client strategy, resulting in a steady increase in revenue from management training services, which is expected to reach 633 million yuan in 2024, a year-on-year increase of 6%. The management consulting business is projected to grow significantly, with revenue expected to reach 146 million yuan, a year-on-year increase of 97% [2][6]. - The total contract liabilities at the end of the period are expected to be 1.08 billion yuan, reflecting a year-on-year increase of 12.70% [2][6]. - The overall gross margin for 2024 is projected to be 76.1%, a decrease of 2.2 percentage points year-on-year, primarily due to the rapid growth of the lower-margin management consulting business [2][6]. Future Outlook - The company aims to develop 500 new major clients by 2025, leveraging a high-performance team to achieve its growth targets [2][6]. - Profit forecasts for the company indicate net profits attributable to shareholders of 320 million yuan, 376 million yuan, and 436 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 14.79, 12.59, and 10.83 [2][6].