行动教育20241023

Key Points Industry/Company Involved: * Company: Action Education * Industry: Education and Training Core Views and Arguments: 1. Positive Start in October: The company reported a good start in October, attributing it to government policies and improved confidence among entrepreneurs. [1] 2. Dividend Policy: The company maintains a high level of dividends, reflecting its commitment to returning value to investors and its optimism about future growth. [1] 3. Large Customer Strategy: The company has successfully implemented a large customer strategy, with 179 large customers contributing 60% of orders in the first three quarters. This strategy is expected to continue. [1] 4. Order Trends: The company plans to increase the number of courses in the fourth quarter and aims for a 20-30% growth rate for the year. However, there is uncertainty regarding the exact growth rate. [2] 5. Contract Liabilities: The growth rate of contract liabilities has slowed down, potentially due to longer payment cycles and the company's large customer strategy. [3] 6. Revenue and Profitability: Revenue increased due to higher prices, but profitability was affected by a decrease in the contribution of certain courses and changes in the revenue mix. [5] 7. Cash Flow: Net cash flow decreased due to increased payments to external teachers and the increase in the proportion of external teachers. [6] 8. Sales and Marketing Expenses: Sales and marketing expenses remained stable, with a slight increase in the third quarter due to larger events and advertising. [7] 9. Government Subsidies: Government subsidies are expected to be sustainable, with the company receiving around 1 million yuan in the fourth quarter. [7] 10. Employee Bonuses: Employee bonuses are expected to be higher at the end of the year, reflecting the company's growth target. [7] 11. Growth Outlook: The company expects the market environment to remain challenging, but aims to maintain similar absolute revenue levels to the previous year. [8] 12. New Initiatives: The company has introduced the "Golden Brick Plan" to target listed companies and has increased its investment in marketing and personnel. [9] 13. New Large Customers: The company has secured new large customers, including a major food company and a home appliance manufacturer. [10] 14. Product and Course Changes: The company has introduced new courses and instructors, including a teacher specializing in new manufacturing and a teacher on organizational leadership. [12] Other Important Points: * The company is facing challenges in the current market environment but is actively adapting and seeking new opportunities. * The company is committed to returning value to investors and maintaining its growth target. * The company is investing in marketing and personnel to expand its customer base and improve its market position.