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亚洲国产砖一线二线_的魅力:为何深受用户喜爱? - 怀亦网络
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亚洲国产砖一线二线_的魅力:为何深受用户喜爱?

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电话:2025 潍坊市(坊子区、寒亭区、奎文区、青州市、临朐县、潍城区、诸城市、昌邑市、安丘市、高密市、昌乐县、寿光市)
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郑州市(二七区、中牟县、中原区、惠济区、登封市、管城回族区、新密市、上街区、荥阳市、新郑市、金水区、巩义市)
西藏自治区
武汉市(东西湖区、汉南区、洪山区、武昌区、江汉区、青山区、硚口区、江岸区、蔡甸区、黄陂区、汉阳区、江夏区、新洲区)
舟山市(普陀区、岱山县、定海区、嵊泗县)








抚顺市(顺城区、望花区、抚顺县、新抚区、清原满族自治县、东洲区、新宾满族自治县)
黔南布依族苗族自治州(荔波县、罗甸县、独山县、平塘县、都匀市、龙里县、三都水族自治县、福泉市、贵定县、瓮安县、惠水县、长顺县)
孝感市(云梦县、大悟县、应城市、孝昌县、安陆市、孝南区、汉川市)
牡丹江市(穆棱市、爱民区、阳明区、宁安市、东安区、东宁市、林口县、西安区、绥芬河市、海林市)
绵阳市(游仙区、涪城区、江油市、北川羌族自治县、三台县、安州区、平武县、盐亭县、梓潼县)
鹤壁市(山城区、淇滨区、鹤山区、浚县、淇县)
博尔塔拉蒙古自治州(温泉县、博乐市、阿拉山口市、精河县)
苏州市(太仓市、相城区、吴中区、吴江区、张家港市、昆山市、姑苏区、虎丘区、常熟市)
新疆维吾尔自治区

——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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