Financial Data and Key Metrics - Revenue for the first half of the year reached RMB 389 million, a year-on-year increase of 35.16% [1][2] - Net profit reached RMB 136 million, up 29.1% year-on-year [1][2] - Net cash flow from operating activities decreased by 27.38% to RMB 174 million [9] - Basic earnings per share increased by 29.21% to RMB 1.15 [9] Business Line Data and Key Metrics - Concentrated products accounted for 32% of revenue with a gross margin of 85.8% [3] - Principal Solution Classes contributed 11.1% of revenue with a gross margin of 65.6% [3] - Consulting business accounted for 18.8% of revenue with a gross margin of 46.4% [3] - Digital Business School and books contributed 2% and less than 1% of revenue, with gross margins of 97.2% and 26.3% respectively [3] Market Data and Key Metrics - The company successfully developed 129 major clients (single orders exceeding RMB 1 million), contributing RMB 264 million, accounting for over 58% of total orders [11] - The company is expanding its presence in Southeast Asia, particularly in Malaysia, with over 3,000 students and plans to further expand into Singapore and surrounding countries [19] Company Strategy and Industry Competition - The company is focusing on a major client strategy to increase market share and order volume, while also enhancing brand strength [4][11] - The company is exploring new product areas, including digital organization courses in collaboration with Alibaba DingTalk and new lean management courses [7][18] - The company has established a competitive moat through its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20] Management Commentary on Operating Environment and Future Prospects - The company adjusted its data release strategy to focus on quarterly reports to reduce unnecessary market fluctuations [4] - Despite short-term fluctuations, the company's overall performance reached a historical high and continues to actively expand its business [4] - The company is optimistic about its future growth potential, particularly in the Southeast Asian market [19] Other Important Information - The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year, increasing the frequency of classes [5][13] - The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [6][14] Q&A Session Summary Question: What was the company's revenue for the first half of the year? - Answer: The company's revenue for the first half of the year was RMB 389 million [9] Question: What was the year-on-year growth in net profit for the first half of the year? - Answer: Net profit increased by 29.1% year-on-year to RMB 136 million [9] Question: Why did the net cash flow from operating activities decrease? - Answer: The decrease was mainly due to the one-time expenditure of year-end bonuses, increased consulting business expenses, and higher corporate income tax [10] Question: How is the company addressing market concerns about its growth prospects? - Answer: The company adjusted its data release strategy to focus on quarterly reports and emphasized its commitment to maintaining financial health and growth potential [4] Question: What is the company's strategy for increasing market share? - Answer: The company is focusing on a major client strategy, enhancing brand strength, and expanding into new markets, particularly in Southeast Asia [11][19] Question: What are the company's plans for future course offerings? - Answer: The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year [13] Question: What is the company's dividend policy? - Answer: The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [14] Question: How is the company enhancing its brand strength? - Answer: The company is increasing advertising in key cities such as Shanghai and Shenzhen to enhance brand recognition and attract more business clients [17] Question: What is the company's competitive advantage in the education industry? - Answer: The company's competitive advantage lies in its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20]

各位领导头子早上好我是国投证券营业员苏多勇那么很高兴能够主持行动教育第二会议那么这次呢我们也很荣幸啊邀请到公司的副总董事会秘书杨总和证券代表孙总在线与大家互动交流上半年的经营情况并对未来进行展望那么本次会议呢先由公司对上半年的经营情况做简单的总结汇报那么同时我们也留足够的时间互动问答那么现在有请杨总 各位投资者各位专家老师各位股东大家上午好很高兴就是时隔一个多一两个月终于又跟大家汇报一下整个行动教育的近期的业务发展那么我先说一下 行动教育的业绩好不好那我们行动教育呢今年上半年整体的业务稍等一下我把这个报表拿出来刚刚就是拿错了一张报表我们整体的上半年呢是1到6月份呢是完成了3.89亿 那么跟去年上半年2.88亿增长了一个亿那增长率是35.16%归属于上次公司股东净利润是1.36亿比上一年度1.05亿是增长了29.19%归属于上次公司股东扣费后的净利润是1.36亿就是比上一年9800万是增长了38.84%经营活动产生的现金流量 中文字幕由Amara.org社区提供 也有增长了2.24%今年整体上半年1到6个月是基本就是每股收益是1.15元比上一年23年上半年是8.9元也是增长了29.21% 所以整体的公司的经营情 ...

证券研究报告 | 半年报点评 2024 年 08 月 11 日 行动教育（605098.SH） 延续高分红策略，聚焦品牌力提升 业绩概况：公司发布 2024 半年报。2024H1 公司实现营收 3.89 亿元（YoY+35.16%）， 归母净利润 1.36 亿元（YoY+29.19%），扣非归母净利润 1.36 亿元（YoY+38.84%）， 其中 2024Q2 实现营收 2.49 亿元（YoY+39.50%），归母净利润 1.12 亿元 （YoY+28.12%），扣非归母净利润 1.11 亿元（YoY+33.63%）。2024 年 5 月公司实 施 2023 年度权益分派，每 10 股派发现金红利 10 元（含税），合计派发现金红利 1.18 亿元（含税）。 2024H1 延续亮眼增长：1）市场需求强劲：宏观经济竞争压力加剧下企业培训需求强 劲，2023 年初至今企业需求与公司排课快速增长；2）优秀业务团队持续扩张：公司 遵循"人数×人效"的增长公式，结合业务发展需要，加强对新人才的留存及培养，报 告期内持续扩张，为后续业务增长打下基础；3）大客户战略成果显著：2023 年起公 司深入执行大客户战略，董事长 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.08.11 ——行动教育 2024H1 业绩点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | --- | |------------------|-------| | | | | | | | 021-38038344 | | | suying@gtjas.com | | | S0880522110001 | | 本报告导读： 2024H1 业绩符合预期，大客户战略成效显著；公司业绩稳健，拟实施中期分红回报 股东。 投资要点： [Table_Summary] 业绩符合预期，维持"增持"评级。公司排课新签回暖 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.11 | --- | --- | |---------------------|-----------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | liuyuenan@gtjas.com | | | S0880516030003 | 登记编号 | | --- | --- | |------------------|-------| | | | | | | | 021-38038344 | | | suying@gtjas.com | | | S0880522110001 | | 本报告导读： 2024H1 业绩符合预期，大客户战略成效显著；公司业绩稳健，拟实施中期分红回报 股东。 投资要点： ——行动教育 2024H1 业绩点评 业绩符合预期，中期分红回报股东 行动教育(605098) 教育产业 [Table_Industry] /社会服务 | --- | --- | --- | |---------------------------- ...

公司报告 | 半年报点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|----------------------------------------------------------------| | 行动教 ...

[Table_Industry] 半年度维持高分红，观察下半年收入业绩增速 ——行动教育 24 年半年报点评 行动教育(605098.SH)/休闲 服务 证券研究报告/公司点评 2024 年 08 月 08 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

联系人 公司点评 | 行动教育 营收利润稳健增长，关注后续订单情况 行动教育（605098.SH）2024 年中报点评 事件：公司发布 2024 年中报，24H1 营收 3.89 亿元，YoY+35.16%；归母 净利润 1.36 亿元，YoY+29.19%；24Q2 营收 2.49 亿元，YoY+39.50%，归 母净利润 1.12 亿元，YoY+28.12%。 大客户战略成效显著，营业收入持续增长。分业务看，24H1 公司管理培训/ 管理咨询实现收入 3.13/0.73 亿元，管理培训及管理咨询收入同比+35%，主 要原因为：1）大客户战略成果显著，期内与郎酒、今世缘、艾比森、友发 钢管、创新金属、火星人集成灶等行业、区域龙头达成合作，截至 2024 年 6 月 30 日，已与超百家大客户企业达成深度合作；2）注重销售人才招募与 培养；3）不断推出新产品，2024 年 4 月，公司携手阿里钉钉推出《校长 EMBA》选修大课，6 月与精益管理大师田中正知合作选修课《新精益管理》。 销售现金流及合同负债增速放缓。24Q2 公司实现销售商品&劳务现金收入 2.92 亿元，YoY+2.75%（v.s. Q1 Yo ...

[Table_Main] 公司研究|可选消费|消费者服务Ⅱ 证券研究报告 行动教育(605098)公司点评报告 2024 年 08 月 10 日 [Table_Title] 业绩稳定增长，中期分红回馈股东 ——行动教育(605098) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年报。 点评： 收入及利润稳步增长，中期分红回馈股东 2024H1，公司实现营业收入 3.89 亿元，同比增长 35.16%；实现归母净利 润 1.36 亿元，同比增长 29.19%；实现扣非归母净利润 1.36 亿元，同比增 长 38.84%。收入及利润端稳步增长主要由于公司执行大客户战略成效显 著；上市以来品牌影响力持续提升，对市场产生积极影响以及公司人才梯队 建设卓有成效，培训和咨询业务订单量充裕，培训课程及咨询服务开展增 加 。 费 用 率 角 度 ， 公 司 2024H1 销 售 / 管 理 / 研 发 费 用 率 分 别 为 23.02%/11.34%/2.74%，同比分别-2.39/-2.33/-1.21pct，公司费用控制效果 较好。公司拟向全体股东每 10 股派发现金红利 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for the first half of 2024 reached 389 million, a year-on-year increase of 35.2%, with a net profit attributable to shareholders of 136 million, up 29.2% [1][2] - The company has successfully implemented a major client strategy, resulting in significant revenue growth, with management training contributing 80.4% of total revenue [2] - The overall gross margin decreased by 2.2 percentage points to 76.1%, primarily due to an increase in the proportion of management consulting services [2] - The company has reduced its expense ratios, with sales expense ratio down 2.4 percentage points to 23.0% and management expense ratio down 2.3 percentage points to 11.3% [2] - The net profit margin after deducting non-recurring items slightly increased to 35.0% [2] - Contract liabilities have shown stable growth, with cash received from sales and services reaching 451 million, a year-on-year increase of 11.4% [2] - The company offers a high dividend yield, with a payout ratio of 86.7% and a dividend yield of 5.2% based on 2023 dividends [2] - The company maintains strong profit forecasts for 2024-2026, with net profit estimates of 282 million, 359 million, and 456 million respectively, indicating strong valuation attractiveness at current stock prices [2] Financial Summary - Total revenue is projected to grow from 672 million in 2023 to 1.382 billion in 2026, with a compound annual growth rate (CAGR) of approximately 26.3% [3][5] - The net profit attributable to shareholders is expected to increase from 219 million in 2023 to 456 million in 2026, reflecting a CAGR of approximately 26.8% [3][5] - The gross margin is projected to improve gradually from 78.3% in 2023 to 80.7% in 2026 [3][5] - Return on equity (ROE) is expected to rise from 22.9% in 2023 to 29.2% in 2026 [3][5] - Earnings per share (EPS) is forecasted to grow from 1.86 in 2023 to 3.86 in 2026 [3][5] - The price-to-earnings (P/E) ratio is projected to decrease from 20.73 in 2023 to 9.03 in 2026, indicating increasing valuation attractiveness [3][5]