（603899.SH）:23Q4 继续 [Table_Contacts] [Table_Title] 晨光股份（603899.SH） 经营整体稳健，盈利短期承压，期待回暖 [Table_Summary] 核心观点： ⚫ 公司经营稳健，盈利略有承压。2024Q1-3 公司实现营业收入 171.1 亿 元，同比+7.9%；归母净利 10.2 亿元，同比-6.6%；扣非净利 9.3 亿 元，同比-6.8%。24Q3 营业收入 60.6 亿元，同比+2.8%；归母净利润 3.9 亿元，同比-20.6%；扣非净利 3.6 亿元，同比-20.4%。 ⚫ 经营整体稳健。（1）传统业务：传统业务 24Q1-3 收入预计稳增，产 品端聚焦核心品类，提升新品研发产品质量，渠道端聚焦重点终端、提 升单店效益，尽管消费习惯快速变化，但公司保持产品与收入改善，传 统业务稳中有增。晨光科技 24Q1-3 收入 88.19 亿元，同比+34.19%， 公司加速电商投放，跨平台扩张，实现渠道增量布局。（2）科力普： 24Q1-3 收入 91.58 亿元，同比+10.07%，办公一站式、MRO 工业品、 营销礼品和员工福利四大板块多元发展，尽 ...

Group 1: Financial Performance and Challenges - Despite stable revenue and net profit in recent years, gross margin and cash flow as a percentage of revenue have been declining, leading to investor concerns about future growth and a prolonged low stock price [1] - The company is implementing lean management to enhance efficiency and reduce costs, extending the MBS management system from production to business management [1] - The overall change in gross margin is primarily due to structural impacts, with lower margins from the KOLIPU direct sales business affecting the overall gross margin as its revenue grows [1] Group 2: Strategic Initiatives and Innovations - The company is focusing on technological and product innovation, adjusting its structure, expanding product categories, and enhancing market share through digital transformation and all-channel strategies [1] - In response to the national push for "new quality productivity" and digital transformation, the company emphasizes consumer-centric approaches and the construction of a big data platform for informed business decisions [2] Group 3: Expansion and Market Adaptation - The company plans to maintain an opening speed of over 100 stores for the Jiumu Miscellaneous Society, focusing on product mix, refined operations, and consumer insights to enhance profitability [2] - The company is actively promoting online strategies, with tailored product strategies for different platforms to improve efficiency and sales through refined operations and product line expansion [2] Group 4: ESG and Sustainability Efforts - The company is committed to sustainable development, focusing on sustainable products, climate change response, sustainable supply chains, and empowering employees and communities [2] - The company encourages feedback on its membership card marketing design and is committed to improving consumer experience through staff training [2]

liuxf3@essence.com.cn 2024 年 11月 07 日 展光股份(603899.SH) 收入稳健增长,盈利水平略有承压 目事件:晨光股份发布 2024 年三季报。24Q1-3 公司实现营业收 入 171.14 亿元,同比增长 7.91%;归母净利润 10.22 亿元,同比 下降 6.63%; 扣非后归母净利润 9.28 亿元, 同比下降 6.84%。24Q3 公司实现营业收入 60.63 亿元,同比增长 2.78%;归母净利润 3.89 亿元,同比下降 20.62%;扣非后归母净利润 3.61 亿元,同比下 降 20. 42%。 目市场承压推动积极变革,未来改善可期 2024 年国内需求乏力，消费场景多变。公司持续积极改革，调整 结构并拓展国际市场。具体来看，公司通过1）研发端: 产品开发 减量提质，提高单款上柜率和销售贡献；同时以消费者为中心, 深刻洞察客户需求，打造高品质、强功能的爆款产品;2) 渠道端: 全渠道布局,围绕用户需求和消费习惯的变化,优化零售运营体 系,进一步从批发商向品牌零售服务商;3)营销端:持续提升品 牌影响力,通过深耕传播内容、参与大型展会活动等形式,沉淀 品牌口 ...

晨光股份（603899.SH） 优于大市 2024 年三季报点评： 三季度收入增长稳健，盈利短期承压 三季度收入增长稳健，利润暂时承压。公司发布 2024 年三季报，2024Q1-Q3 实现收入 171.1 亿/+7.9%，归母净利润 10.2 亿/-6.6%，扣非归母净利润 9.3 亿/-6.8%；2024Q3 收入 60.6 亿/+2.8%，归母净利润 3.9 亿/-20.6%，扣非归 母净利润 3.6 亿/-20.4%。由于外部环境较弱、需求疲软与终端客流下降， 公司收入增长放缓，盈利下降主要与业务、品类的结构性变化有关。 传统业务增速放缓，线上增长提速。2024Q1-Q3 公司传统核心业务收入 68.4 亿/+4.4%，其中 Q3 收入 26.4 亿/-1.8%。分品类看，2024Q3 书写工具/学生 文具/办公文具收入同比+2.5%/-8.4%/+1.9%，其中学生文具受终端动销偏弱 与产品的结构变化影响而下滑较多；Q3 书写工具/学生文具/办公文具毛利率 分别为 40.9%/30.8%/27.1%，分别同比+0.3/-2.7/-1.7pct，毛利率下滑同样 与低毛利率的产品占比提升有关。2024Q ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY over the next six months [1][6]. Core Insights - The company reported a revenue of 17.11 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 7.9%. However, the net profit attributable to shareholders decreased by 6.6% to 1.02 billion CNY [1]. - The company's online business is growing rapidly, while traditional business faces pressure due to external consumption weakness. The retail segment, particularly the "Jiwu Zawushang" stores, showed a revenue increase of 15.43% [1]. - The company is focusing on key product categories to enhance consumer satisfaction and is leveraging digitalization to improve market responsiveness [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.06 billion CNY, a 2.8% increase year-on-year, but the net profit fell by 20.6% to 390 million CNY [1]. - The gross margin for the first three quarters was 19.8%, down 0.6 percentage points year-on-year, while the total expense ratio increased to 12.4% [1]. - The company’s operating cash flow for the first three quarters was 1.42 billion CNY, reflecting a 5.5% increase year-on-year [1]. Business Segment Analysis - The revenue from the retail segment reached 1.12 billion CNY, with a growth of 13.1%, while the "Chenguang Technology" segment saw a 34.2% increase in revenue to 880 million CNY [1]. - The company is expanding its retail store network, with a total of 740 stores by the end of Q3, including 702 "Jiwu Zawushang" stores [1]. - The company is also focusing on enhancing its direct sales business, which is expected to grow rapidly due to improved management efficiency and market expansion [5][6]. Earnings Forecast and Valuation - The expected EPS for 2024, 2025, and 2026 are 1.63 CNY, 1.92 CNY, and 2.27 CNY respectively, with corresponding PE ratios of 18, 15, and 13 [1][5]. - The report anticipates steady revenue growth driven by the expansion of retail stores and the direct sales business [1][6].

上海晨光文具股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发 布公司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日下午 15:00-16:30 参加 2024 年上海辖区上市公司三季报集体业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：603899 证券简称：晨光股份 公告编号：2024-037 上海晨光文具股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩 1、投资者可在 2024 年 11 月 13 日（星期三）下午 15:00-16:30，通过互联 网登录上证路演中心（https://roadshow.sseinfo.com/）或关注微信公众号上 证路演中心，在线参与本次业绩说明会，公司将及时回答投资者的提问。 2、投资者可于 2024 年 11 月 12 日（星期二）16:00 ...

晨光股份（603899.SH） 文娱用品 证券研究报告/公司点评报告 2024 年 11 月 02 日 收入稳定增长，线上业务表现靓丽 ——晨光股份 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------|----------------------------------|------------------------------| | 评级： 买入（维持） | | 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][2] Core Insights - The company reported a revenue of 6.063 billion yuan in Q3 2024, a year-on-year increase of 2.8%, while the net profit attributable to shareholders was 389 million yuan, a decrease of 20.6% year-on-year [1] - The traditional core business experienced slight pressure, but e-commerce and overseas expansion showed significant growth [1] - The company is focusing on enhancing direct sales and online channel contributions, with e-commerce revenue growing by 38.9% year-on-year in Q3 2024 [1] - The company is actively developing localized products for the African and Southeast Asian markets, maintaining a relatively fast growth rate in overseas business [1] Financial Performance Summary - For Q3 2024, the traditional core business generated approximately 2.64 billion yuan in revenue, a year-on-year decrease of 2% [1] - The revenue from writing instruments, student stationery, and office supplies was 880 million yuan, 1.19 billion yuan, and 710 million yuan respectively, with year-on-year changes of +2.5%, -8.4%, and +1.9% [1] - The gross profit margins for writing instruments, student stationery, and office supplies were 40.9%, 30.8%, and 27.1% respectively [1] - The company’s overall gross margin for Q3 2024 was 20.5%, a year-on-year increase of 1.4 percentage points [2] - The net operating cash flow for Q3 2024 was 687 million yuan, reflecting a healthy cash flow situation [2] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 1.5 billion yuan, 1.74 billion yuan, and 2 billion yuan respectively, with corresponding P/E ratios of 17.8X, 15.4X, and 13.4X [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [10] Core Views - The company reported a revenue of 17.11 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.9%, while the net profit attributable to the parent company was 1.02 billion yuan, down 6.6% year-on-year [10] - External pressures have increased in Q3, impacting traditional core offline channels, while online sales continue to grow significantly [7][10] - The company is actively expanding its online business and enhancing its product lines to meet diverse consumer demands across various platforms [7] - The long-term growth potential is supported by the company's ongoing development in overseas markets, particularly in Africa and Southeast Asia [7][10] Financial Summary - For Q3 2024, the company's revenue was 6.06 billion yuan, a 2.8% increase year-on-year, while the net profit attributable to the parent company was 389 million yuan, down 20.6% year-on-year [10] - The gross profit margin for Q3 was 20.5%, a decrease of 1.4 percentage points year-on-year, influenced by changes in product structure and increased online sales [10] - The company plans to adjust its profit forecasts for 2024-2026, with expected net profits of 1.5 billion yuan, 1.68 billion yuan, and 1.85 billion yuan respectively, reflecting a year-on-year decrease of 1.8% for 2024 [10][11]

上海晨光文具股份有限公司 上海晨光文具股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开了 第六届董事会第八次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金通过集中竞价交易方式回购公司股份，用于 实施员工持股计划或股权激励。本次回购的资金总额不低于人民币 15,000 万元（含） 且不超过人民币 30,000 万元（含），回购价格不超过人民币 42 元/股（含）。回购 期限为自董事会审议通过回购股份方案之日起6个月内。具体内容详见公司于2024 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《上海晨光文具股 份有限公司关于以集中竞价交易方式回购公司股份方案暨回购报告书的公告》（公 告编号：2024-027）。 二、 回购股份的进展情况 证券代码：603899 证券简称：晨光股份 公告编号：2024-036 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露 ...