行动教育24年半年报点评：半年度维持高分红，观察下半年收入业绩增速

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company's performance meets expectations, and the logic behind high dividends continues to be validated [2]. - The company achieved a revenue of 389 million yuan in the first half of the year, representing a year-on-year increase of 35.16% [2]. - The net profit attributable to the parent company for the first half of the year was 136 million yuan, with a year-on-year increase of 29.19% [2]. - The gross profit margin remains stable, and the company has a strong order reserve [2]. Financial Summary - Revenue Forecast (in million yuan): - 2022: 451 - 2023: 672 - 2024E: 821 - 2025E: 942 - 2026E: 1,079 [2] - Net Profit Forecast (in million yuan): - 2022: 111 - 2023: 219 - 2024E: 279 - 2025E: 340 - 2026E: 399 [2] - Earnings Per Share (in yuan): - 2024E: 1.86 - 2025E: 2.36 - 2026E: 2.88 [2] - Cash Dividend Yield for the first half of the year was 2.9% [2]. Market Performance - The company's stock price is currently at 34.85 yuan, with a market capitalization of 4,115 million yuan [2]. - The report indicates that the company's stock price has fallen into a favorable range for investment, despite concerns about revenue growth deceleration [2].