Action Education(605098) 国元证券·2024-04-18 08:30Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [4][23]. Core Insights - The company achieved significant revenue and profit growth in 2023, with total revenue reaching 672.24 million yuan, a year-on-year increase of 49.08%, and net profit attributable to shareholders of 219.45 million yuan, up 97.95% year-on-year [7][13]. - The company's strategy focused on large clients has proven effective, leading to a substantial increase in order volume and brand influence [4][8]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 213 million yuan, which represents 96.85% of the net profit for the year [7]. Financial Performance - The company's core business, management training, generated revenue of 595 million yuan, accounting for 88.56% of total revenue, with a gross margin of 82.16%, an increase of 1.73 percentage points year-on-year [8]. - The company has a strong order backlog, with contract liabilities amounting to 958 million yuan, a year-on-year increase of 24.90%, indicating a solid foundation for future performance [8]. - The report forecasts net profits for 2024-2026 to be 284 million, 345 million, and 431 million yuan, respectively, with corresponding EPS of 2.40, 2.92, and 3.65 yuan per share [4][13]. Cost Management - The company effectively controlled its expenses, with sales, management, and R&D expense ratios decreasing to 26.52%, 13.58%, and 4.33%, respectively, compared to the previous year [7]. Market Position - The company has established deep partnerships with over 240 large clients, including industry leaders, enhancing its market position and brand recognition [8]. - The introduction of new courses and continuous iteration of existing offerings have strengthened the company's competitive advantage in the management training sector [8].