Action Education(605098) 信达证券·2025-04-15 01:03Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 780 million yuan in 2024, representing a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 270 million yuan, up 22.4% year-on-year [2] - The company proposed a cash dividend of 7.5 yuan per 10 shares (including tax) [2] - The company maintained a high dividend payout ratio of 99.5% and a dividend yield of 5.7% [3] Financial Performance Summary - In 2024, the company experienced a marginal improvement in Q4 compared to Q3, with revenue growth rates of 28.1%, 39.5%, 0.3%, and 4.5% for Q1 to Q4 respectively [3] - The net profit growth rates for the same quarters were 34.4%, 28.1%, 5.7%, and 25.8% [3] - Management training revenue was 630 million yuan, up 6.3%, while management consulting revenue doubled to 150 million yuan, a 97% increase [3] - The overall gross margin decreased by 2.2 percentage points to 76.1%, attributed to the higher proportion of lower-margin management consulting services [3] - The company’s cash received from sales and services was 930 million yuan, a 3.8% increase, and contract liabilities grew by 12.7% to 1.08 billion yuan [3] Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 301 million yuan, 350 million yuan, and 399 million yuan respectively, with corresponding price-to-earnings ratios of 15x, 13x, and 12x [3] - The company has consistently maintained a high dividend yield since its listing [3] Important Financial Indicators - Total revenue for 2024 is projected at 783 million yuan, with a growth rate of 16.5% [4] - The net profit attributable to shareholders for 2024 is expected to be 269 million yuan, with a year-on-year growth of 22.4% [4] - The gross margin for 2024 is estimated at 76.1% [4] - The return on equity (ROE) for 2024 is projected at 27.9% [4] - The earnings per share (EPS) for 2024 is expected to be 2.25 yuan [4]