行动教育:与郎酒签1.7kw课程大单,大客户战略开门红,疫后加速发展

（以下内容从天风国际证券《行动教育:与郎酒签1.7kw课程大单,大客户战略开门红,疫后加速发展》研报附件原文摘录）
　　Shanghai Action Education Technology (605098 CH) 与郎酒签1.7kw课程大单，大客户战略开门红，疫后加速发展 RMB16.8m Langjiu course crowns AET’s key accounts strategy as post-pandemic recovery gains momentum BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 签订1680万课程订单，助力大客户构建管理体系 公司与郎酒股份签订战略合作协议，项目总计服务费用为1680万元，协议有效期为2023/6-2024/12，共计18个月； 双方具体合作内容包括：①共同梳理建立郎酒股份专属管理体系、管理之道；②基于其管理之道形成各模块共不低于30个管理课题；③公司为郎酒股份提供世界一流管理教育知识体系、方法和工具，用于其线上线下教学使用。 RMB16.8m Langjiu course jumpstarts major clients’ management business Action Education Technology (AET) signed a strategic cooperation agreement with major Chinese distiller Langjiu Co for services totaling RMB16.8m running for 18 months from June 2023 to December 2024. The specifics include: ·both parties will jointly evaluate Langjiu’s management methodology and set up an exclusive management system; ·each course module will comprise at least 30 topics based on Langjiu’s management methodology; ·AET supplies Langjiu with a world-class instruction and knowledge base for management education, including methodologies and tools for O2O classes. 我们此前在23年5月9日外发报告《聚焦大客户战略落地，22年分红率200%+现金流强劲》中提示关注公司大客户战略落地，本次郎酒战略合作具备较强代表意义及逻辑增强；具体来看： In terms of thematic and representative significance, the collaboration with Langjiu is a major win for the company’s key accounts strategy, which we had reminded investors to watch for its implementation in our 9 May 2023 report (2022 over-200% dividend payout and strong cash flow; our 2023E outlook focuses on key accounts strategy). The key accounts strategy has multiple implications: ①头部企业认可体现公司课程价值与实际意义。 此前市场或认为公司主要服务中小微客户，课程价值量低；但实际公司立足实效性商学院培训，通过教学理念与时俱进、课程体系升级完善、世界级名师合作引进，为用户提供高附加值教学产品。 Endorsement: patronage by market leaders shows courses’ value and practicality Industry recognition dispels market perception that AET provides low-value courses to micro and SME clients. In fact, it employs well-known world-class instructors in its practical business training courses, which teach high-value-added concepts that stay abreast of current practices, including curriculum upgrades and improvements. ②优质客户带动效应可期，深度打开成长空间。 我们看好公司服务受众广，郎酒战略合作或引导其他食饮领域客户开拓，对未来招生起到较好示范带头作用。 Widening user base: quality clients attract others and extends AET’s reach We believe the company’s wide client base and strategic cooperation with Langjiu may attract other clients in the catering field, which will be benefit for future enrollment. ③销售服务模式升级，有效提升盈利。 公司个性化定制课程相比于内容相对固定的浓缩EMBA或校长EMBA课程，有较强的定制化特点，针对客户需求进行评估、提案、制定学习和服务方案，该业务模式下盈利能力或有所提升；且有望进一步绑定企业长期跟踪，延长服务周期深挖头部单价。 Premium business model: highly customized courses yield higher profitability Compared with condensed or principal executive MBA courses with relatively fixed content, AET’s courses are highly customized. It evaluates, proposes and formulates learning and servicing curriculums according to client needs. This business model implies better profitability and we expect the company will attract more clients with long-term agendas and also extend its service cycle to secure orders from leading clients. 排课、到课恢复叠加去年同期低基数，疫后成长加速可期 我们预计疫情影响缓和后公司课程安排及学员到课率逐步恢复，且或加密排课以消化此前受影响订单，课程交付加速，从Q1来看新单收款情况较好，奠定增长基础；叠加22年同期低基数表现，成长速度可期。 Post-pandemic class resumption and low base add 2023E growth prospects We expect AET’s course schedules and student attendance rates will recover as the pandemic impact eases. It might add classes to fulfill undigested orders and expedite the delivery of courses. 23Q1 showed an improvement in receipts for new orders, suggesting a pick-up in this area; with this and a low base from 2022, we expect to see a growth trend in 2023E. 公司持续提升管理教育领域品牌心智，客户口碑及满意度较高，浓缩EMBA-校长EMBA-方案班/咨询服务的漏斗型课程设置或有效带动客户复购，深度挖掘客户潜力；同时销售团队继续扩充发力，目前公司已在北上深等多个城市设立子公司或分支机构，形成覆盖全国的服务及营销网络，课后跟踪及反馈带动形成正向循环。 Cross-China network: building a premium management education brand AET continues to raise brand awareness in its management education business, which has earned a good reputation from satisfied clients. Its funnel-shaped course setup covers condensed EMBA and principal EMBA programs, as well as consulting services, tapping into potential clients and encouraging returning clients. The sales team is also stepping up efforts. AET’s services and marketing network across China comprises multiple subsidiaries/branches in cities such as Beijing, Shanghai and Shenzhen. Its services incorporate after-class tracking and feedback complete a virtuous circle. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司Q1复苏趋势显著，在排课、线下交付恢复及去年低基数背景下，23年有望实现高速增长，同时大客户策略落地值得期待。我们预计公司23-25年EPS分别为2.1、2.6、3.2元/股，对应PE分别为20、16、13x。 Valuation and risks We anticipate good outcomes from AET’s key accounts strategy. Based on its strong recovery momentum in 23Q1, we expect growth to accelerate in 2023E on a combination of course scheduling, returning offline deliveries and last year’s low base. We maintain our EPS forecast for 2023/24/25E at RMB2.1/2.6/3.2, with PE at 20/16/13x. We also maintain our BUY rating on the stock. 风险提示：招生数量不及预期风险；疫情反复影响开课风险；高管或师资流失风险等。 Risks include: lower-than-expected enrollments; persistent pandemic impact on class commencements; and loss of executives or instructors. 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