24Q2預告中樞收入2.3億同增31%，歸母淨利1.2億同增32%
公司發佈業績預增預告，24Q2收入預計2.1-2.6億，同增17%-45%；歸母淨利潤預計1.1-1.3億，同增21%-44%，扣非歸母淨利潤預計1-1.2億，同增20-44%；24H1收入預計3.5-4億，同增21%-39%；歸母淨利潤預計1.3-1.5億，同增23%-42%，扣非歸母淨利潤預計1.25-1.45億，同增27-48%。
業績增長主要系：1）大客戶戰略成果持續顯現；2）品牌影響力持續提升；3）人才梯隊建設卓有成效，業務人員專業度及客戶滿意度提升。
在去年高基數背景下公司Q2收入業績仍保持較快增長，我們認爲一方面或系濃縮EMBA及校長EMBA新訓人數增長，伴隨課程單價提升，奠定增長基礎；同時部分課程排課或有所加密，加速課程交付及收入確認。
AET guides net profit up 21-44% yoy in Q2E and up 23-42% yoy in H1E
Action Education Technology (AET) released 24Q2E and 24H2E earnings guidance:
Q2E:
it is expecting revenue to range RMB210-260m in 24Q2E, up 17-45% yoy, and net profit ranging RMB110-130m, up 21-44% yoy, and ex-nonrecurring net profit ranging RMB100-120m, up 20-44% yoy. The median values place Q2E revenue at RMB230m (up 31% yoy) and net profit at RMB120m (up 32% yoy).
H1E:
the company expects 24H1E revenue to range RMB350-400m, up 21-39% yoy, with net profit at RMB130-150m, up 23-42% yoy, and ex-nonrecurring net profit at RMB125-145m, up 27-48% yoy.
Growth drivers: the company attributes the main factors as:
•effects of its key-customer strategy
•effects of building up its brand profile
•effective nurturing of its team of talents led to higher professionalism among business personnel and increased client satisfaction.
Notably, the robust Q2E revenue growth comes on top of an already high base last year. One factor, we believe, was a rise in new trainees for the condensed and executive MBA courses, alongside higher course fees, both of which provided a firm basis for growth. Second, increased privacy in scheduling some of the courses could have increased course delivery and revenue recognition.
持續踐行大客戶戰略，人效提升顯著
23年公司聚焦大客戶戰略，將年累計訂單量達百萬的客戶定義爲大客戶，精準制定客戶畫像，針對客戶需求進行評估、提案、制定學習和服務方案，創造商機並持續跟進。公司23年目標開發200家大客戶，截至23年末實際與240+家大客戶企業達成深度合作；24年目標開發300家。
同時圍繞大客戶打造特戰隊，相關主題培訓共開展42期；23年末銷售人員達720人，淨增113人，24年或持續招募強化銷售團隊。
Sticking with the key client strategy while raising manpower efficiency
Effective client development:
AET stepped up its key client strategy in 2023. Having delineated that key clients are those whose annual order volume amounts to RMB1m, the company went on to precisely develop, evaluate, propose and set up learning and service plans based on their requirements. In this way, it creates and follows up on business opportunities. The company set a goal in 2023 to help build up 200 major clients and it has formed deep ties with more than 240 major client companies as of end-2023. Next, its goal for 2024 is to build up 300 companies.
Talent:
AET set up a special team to handle major clients and they conducted 42 sessions of related thematic training. The sales staff had grown to 720 by the end of 2023, a net increase of 113 personnel, and it might further strengthen the team and continue with recruitment in 2024E.
強現金流+歷史高分紅水平，兼備成長與分紅價值
公司在預收款模式下具備較強現金流；從歷史分紅水平來看，公司2021、2022、2023年分紅率分別爲109%、213%、97%，有望繼續保持較高分紅比例，是兼具業績成長價值與高分紅價值的優質標的。
High growth, high dividend: strong cash flow and historical high dividends
We regard AET as a premium stock in terms of both high growth and high dividends. First, its prepayment model ensures strong cash flow. Second, we gauge the company will maintain a high dividend payout ratio, based on its historical DPRs of 109%/213%/ 97% in 2021/22/23.
