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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
英语课代表下课让我诵30分钟,发现不可错过的高品质生活方式与消费指南!
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英语课代表下课让我诵30分钟,发现不可错过的高品质生活方式与消费指南!

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宁夏回族自治区








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恩施土家族苗族自治州(宣恩县、巴东县、鹤峰县、利川市、咸丰县、恩施市、来凤县、建始县)








台州市(黄岩区、三门县、天台县、玉环市、椒江区、温岭市、仙居县、临海市、路桥区)

——洞悉新消费,打造品牌&渠道&供应链研究新范式,化妆品,医美,免税,物流,电商,零售,教育,黄金珠宝,小家电,国牌崛起,产业互联网等消费领域深度研究。

投资要点

事件:2025年4月14日,行动教育发布2024年年报,2024年公司实现营收7.83亿元,同比+16.5%;归母净利润2.69亿元,同比+22.4%;扣非归母净利润2.41亿元,同比+12.2%。

业绩符合预期,高分红持续:单Q4收入2.2亿元,yoy+4%,归母净利润0.7亿元,yoy+26%,扣非归母0.6亿元,yoy-5%。期末拟派发现金分红0.89亿元,本年度合计派发2.67亿元,分红率达99.5%,对应股息率5.7%。24年公司现金收款9.3亿元,yoy+3.8%,Q4现金收款3.4亿元,yoy+11.1%。截至2024年底,合同负债10.8亿元,yoy+12.7%。

管理咨询收入提速:分业务看,24年管理培训/管理咨询/图书销售收入分别为6.3/1.5/0.03亿元,yoy+6%/97%/47%,毛利率分别为84%/44%/27%,yoy+1.5/-4.1/-14.7pct。24年公司开发新客户1200余家,新大客户数量达295家。在客户中的转介绍率与复购率再一次提升,净推荐值达到76.9%。

25年计划从三方面稳健增长:用户增长方面,开发500家新大客户,运用AI战略;伙伴增长方面,“每人每月一家大客户”策略提高人效,“百校计划”开设新分校推动人数增长;品牌增长方面,实现“大客户复购率90%+转介绍率90%“目标。

盈利预测与投资评级:行动教育作为企业培训龙头,大客户战略助力品牌成长。调整2025、2026业绩预测并新增2027年预测,预计2025-2027年归母净利润分别为3.0/3.3/3.6亿元(2025/2026年前值为2.9/3.4亿元),对应2025-2027年PE估值为15/14/13倍,维持“增持”评级。

风险提示:订单不及预期,收款不及预期,消课进度不及预期,客户支付意愿较弱等风险。

欢迎联系

东吴商社 吴劲草团队

吴劲草/石旖瑄/张家璇/阳靖/王琳婧/郗越

【东吴商社吴劲草团队简介】

团队荣誉:

2024年新财富批零与社服行业最佳分析师第6名

2024年水晶球商贸零售/社会服务最佳分析师第3/5名

2024年上证报批零社服行业最佳分析师第5名

2024年WIND商贸零售行业金牌分析师第2名

2023年新财富批零与社服行业最佳分析师第6名

2023年水晶球商贸零售行业最佳分析师第2名

2023年上证报批零社服行业最佳分析师第5名

2023年WIND商贸零售行业最佳分析师第2名

2021-2022年新财富/水晶球/上证报/WIND/金牛奖/金麒麟等奖项荣获最佳分析师

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