Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 37.86 CNY, unchanged from the previous forecast [3][8]. Core Views - The company's performance is in line with expectations, and a recovery in operations is anticipated. The report emphasizes a "one body, two wings" strategy aimed at steady growth despite short-term pressures from the consumer environment [8]. - Revenue for Q3 2024 reached 6.06 billion CNY, reflecting a year-on-year increase of 2.8%. The report highlights strong performance in online business and various product segments [8]. - The report projects EPS for 2024-2026 to be 1.89, 2.24, and 2.60 CNY respectively, with a reference valuation of 20X PE for 2024 [8][9]. Financial Summary - The company reported a net profit of 1.527 billion CNY for 2023, with a projected increase to 1.749 billion CNY in 2024, representing a growth rate of 14.5% [9]. - The gross profit margin for Q3 2024 was 20.5%, with a net profit margin of 6.6%, showing slight year-on-year improvements [8]. - The total market capitalization is 26.791 billion CNY, with a current share price of 29.00 CNY [4][3]. Revenue Breakdown - For the first three quarters of 2024, revenue from writing instruments, student stationery, office supplies, and other products was 2.02 billion CNY, 2.76 billion CNY, 2.47 billion CNY, and 670 million CNY respectively, with year-on-year growth rates of 8.8%, 0.5%, 4.5%, and 19.4% [8]. - The company operates 740 retail stores nationwide, with significant contributions from its sub-brands [8]. Strategic Outlook - The report indicates that the company is actively pursuing strategic changes to enhance store quality and expand online channels. The focus is on improving service quality and product variety to increase market share [8].

公司报告 | 季报点评 结构积极调整 公司发布 2024Q3 报告 24Q3 收入 60.6 亿，同增 2.8%；归母净利 3.9 亿，同减 20.6%；扣非归母净 利 3.6 亿，同减 20.4%； 24Q1-3 收入 171.1 亿，同增 7.9%；归母净利 10.2 亿，同减 6.6%；扣非归 母净利 9.3 亿，同减 6.8%。 分品类，24Q1-3 书写工具收入 20.2 亿，同增 8.8%，毛利率 42.1%，同增 0.9pct；学生文具收入 27.6 亿，同增 0.5%，毛利率 33.4%，同减 0.9pct； 传统办公收入 24.7 亿，同增 4.5%，毛利率 26.1%，同减 0.5pct。 24Q1-3 传统渠道收入（营业收入-科力普营业收入-零售大店营业收入）68.3 亿，同比+4.3%；面临国内需求较弱，公司产品开发减量提质，专注于调结 构、扩品类，聚焦经典畅销一盘货推广；此外，线上丰富产品线布局及拓 展新兴渠道，探索新的分销管理模式，24Q1-3 晨光科技实现营业收入 8.8 亿元，同增 34.2%。 出海方面，公司继续深耕非洲和东南亚，海外业务模式、渠道模式、团队 模式、产品模式等 ...

公司点评报告 · 轻工行业 短暂承压,看好未来经营修复 2024年10月 30日 核心观点 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

轻工制造/文娱用品 公 司 研 究 晨光股份（603899.SH） 2024 年 10 月 31 日 2024Q3 业绩承压，期待经营边际改善 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/10/30 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 骆扬（联系人） \nluoyang@kysec.cn 证书编号： S0790122120029 | 蒋奕 ...

来源：公司年报、国金证券研究所 晨光股份 (603899.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 10 月 29 日公司发布三季度报告，24Q1-3 实现营收 171.1 亿元， 同比+7.9%，归母净利润 10.2 亿元，同比-6.6%。Q3 实现营收 60.6 亿元，同比+2.78%，归母净利润 3.9 亿元，同比-20.6%。 经营分析 传统核心：消费信心偏弱、终端动销表现疲软，晨光科技表现靓 丽。传统核心业务 24Q3 营收 26.4 亿元（-1.9%），书写/学生/办 公文具营收 8.8/11.9/7.1 亿元(同比+2.5%/-8.4%/+1.9%)，尽管 终端需求偏弱导致大学汛表现一般，但公司仍积极进行产品开发 减量提质，提高单款上柜率和销售贡献，以爆款思路开发产品， 优化产品结构，提高必备品上柜率，扶持渠道提升终端动销。晨 光科技延续快速成长，Q3 营收 4 亿元（+38.9%）。毛利率角度，Q3 书写/学生/办公/其他产品毛利率为 40.9%/30.8%/27.1%/42.9%， 同比变动+0.3/-2.7/+6.2/-2.1pct，学生文具毛利率波动预计主 要受产品结构 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 6,063,026,603.40, an increase of 2.78% year-over-year[2] - Net profit attributable to shareholders of the listed company was RMB 388,686,953.50, a decrease of 20.62% year-over-year[2] - Operating revenue for the first three quarters of 2024 reached 17,114,323,316.09 RMB, compared to 15,859,763,277.88 RMB in the same period last year[14] - Net profit for the first three quarters of 2024 was 1,067,603,294.04 RMB, down from 1,167,900,105.32 RMB in the same period last year[16] - Net profit attributable to parent company shareholders: 1,021,621,356.31 RMB, a decrease of 6.63% compared to 1,094,151,090.01 RMB in the same period last year[17] - Comprehensive income total: 1,062,613,052.61 RMB, a decrease of 8.55% compared to 1,161,921,219.56 RMB in the same period last year[17] - Basic earnings per share: 1.1058 RMB, a decrease of 6.52% compared to 1.1829 RMB in the same period last year[17] Asset and Liability Changes - Total assets as of the end of the reporting period were RMB 15,458,118,018.92, an increase of 0.94% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was RMB 8,602,349,963.08, an increase of 9.82% compared to the end of the previous year[3] - Total assets increased to 15,458,118,018.92 RMB, up from 15,313,962,312.00 RMB in the previous period[13] - Total liabilities decreased to 6,347,139,754.63 RMB, down from 6,962,797,515.62 RMB in the previous period[14] - Total equity attributable to owners of the parent company increased to 8,602,349,963.08 RMB, up from 7,833,178,803.52 RMB in the previous period[14] - Short-term borrowings increased to 279,985,947.22 RMB, up from 190,174,166.67 RMB in the previous period[13] - Contract liabilities increased to 123,933,605.24 RMB, up from 106,038,218.29 RMB in the previous period[13] Government Subsidies and Other Income - Government subsidies received during the reporting period amounted to RMB 31,807,362.83[4] - Other income increased by 69.76% to RMB 123,291,683.75 due to increased government subsidies related to business activities[5] Financial Assets and Investments - The company's financial assets increased by 60.82% to RMB 2,255,519,981.23 due to increased purchases of bank wealth management products[5] - Investment activities resulted in a net cash outflow of RMB 1,039,517,521.72, primarily due to increased purchases of bank wealth management products[6] - Net cash flow from investing activities: -1,039,517,521.72 RMB, a significant decrease compared to -153,914,452.67 RMB in the same period last year[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 32,479[7] - Chenguang Holdings (Group) Co., Ltd. holds 536,000,000 shares, accounting for 58.02% of the total shares[7] - Hong Kong Securities Clearing Company Limited holds 37,391,632 shares, accounting for 4.05% of the total shares[7] Revenue by Product Category - The revenue from writing tools is 2,022,211,388.66 yuan, with a year-on-year increase of 8.83%[9] - The revenue from student stationery is 2,757,372,074.73 yuan, with a year-on-year increase of 0.50%[9] - The revenue from office supplies is 2,468,505,746.77 yuan, with a year-on-year increase of 4.50%[9] - The revenue from other products is 667,422,963.27 yuan, with a year-on-year increase of 19.41%[9] - The revenue from office direct sales is 9,157,544,588.56 yuan, with a year-on-year increase of 10.07%[9] - Chenguang Kelipu achieved a revenue of 9,157,544,588.56 yuan, a year-on-year increase of 10.07%[10] - Chenguang Technology achieved a revenue of 881,910,100 yuan, a year-on-year increase of 34.19%[10] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 15,922,480,113.44 RMB, up from 14,569,961,760.08 RMB in the same period last year[16] - Sales expenses increased to 1,290,115,358.13 RMB, up from 1,125,301,635.11 RMB in the same period last year[16] - R&D expenses decreased slightly to 142,230,694.31 RMB, down from 144,466,329.35 RMB in the same period last year[16] Cash Flow and Financial Position - Cash received from sales of goods and services: 18,633,385,704.92 RMB, an increase of 8.85% compared to 17,119,031,852.81 RMB in the same period last year[18] - Net cash flow from operating activities: 1,420,728,379.34 RMB, an increase of 5.46% compared to 1,347,145,103.12 RMB in the same period last year[18] - Net cash flow from financing activities: -550,658,858.00 RMB, an improvement compared to -688,955,400.81 RMB in the same period last year[19] - Cash and cash equivalents at the end of the period: 3,538,386,387.66 RMB, a decrease of 4.58% compared to 3,708,085,136.83 RMB at the beginning of the period[19] Capital and Equity Changes - Capital reserve increased by 126.69% to RMB 845,749,114.56 due to changes in the equity ratio of Morning Glory Kelep[5] - Short-term borrowings increased by 47.23% to RMB 279,985,947.22 due to increased borrowing by Anshuo Stationery[5]

证券代码：603899 证券简称：晨光股份 公告编号：2024-035 上海晨光文具股份有限公司 关于开展外汇衍生品交易业务的公告 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 交易目的：为有效规避外汇市场的风险，防范汇率大幅波动对上海晨光 文具股份有限公司（以下简称"公司"）及子公司造成不良影响，结合资金管理 要求和日常经营的需要，公司拟与金融机构开展外汇衍生品交易业务。 交易品种及工具：外汇远期、外汇掉期、外汇期权、结构性远期、利率 掉期、货币互换等产品或上述产品的组合。 交易场所：具有外汇衍生品交易业务经营资质的境内外商业银行。 交易金额：公司及子公司拟开展的外汇衍生品交易业务，在期限内任一 时点的外汇衍生品余额不超过 7.5 亿元人民币（或其他等值外币）。在期限内任 一时点占用的交易保证金和权利金余额不超过 0.7 亿元人民币（或其他等值外 币）。交易期限自公司第六届董事会第九次会议审议通过之日起 6 个月内有效。 在交易期限内任一时点的交易金额（含前述交易的收益进行再交易的相关金额） 不超过上述额度。 ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-034 上海晨光文具股份有限公司 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。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过《2024 年第三季度报告》 具体内容详见公司于同日在上海证券交易所网站披露的《上海晨光文具股份 有限公司 2024 年第三季度报告》。 本议案提交董事会审议前已经公司董事会审计委员会审议通过。 第六届董事会第九次会议决议公告 表决结果：同意 7 票、反对 0 票、弃权 0 票。 （二）审议通过《关于建立公司<外汇衍生品业务管理制度>的议案》 表决结果：同意 7 票、反对 0 票、弃权 0 票。 上海晨光文具股份有限公司（以下简称"公司"）第六届董事会第九次会议 以通讯表决的方式召开，会议通知于2024年10月12日以电子邮件方式发出。本次 会议表决截止时间为10月29日中午12时，会议应参加表决的董事7名，实际参加 表决的董事7名。会议的召集、召开及表决程序符合《中华人民共和国公司法》 和《上海晨光文具股份有限公司章程》 ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-033 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： 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 根据《上市公司股份回 ...

证 券 研 究 报 告 晨光股份（603899）2024 年中报点评 强推（维持） 收入平稳增长，激励落地提振经营信心 目标价：37.9 元 当前价：25.28 元 事项： ❖ 公司发布 2024 年中报。上半年，公司实现营收/归母净利润/扣非归母净利润 110.5/6.3/5.7 亿元，同比+10.9%/4.7%/+4.5%。单二季度，公司实现营收/归母净 利润/扣非归母净利润 55.7/2.5/2.4 亿元，同比+9.6%/-6.6%/-3.3%。 评论： ❖ 传统业务稳健增长，线上延续高增态势。24H1，传统核心业务实现营收约 42.0 亿元/yoy+8.7%，其中 $$\circ 2$$ 实现营收 20.4 亿元/+5.7%。分产品看，24Q2 书写工 具/学生文具/传统办公分别实现收入 5.7/7.1/8.6 亿元/yoy+13.0%/-0.3%/+4.7%。 公司以爆品思路开发产品，配合全渠道布局，聚焦线下单店质量提升和有效单 品上柜，线上渠道则进一步推进拼多多、抖音、快手等新渠道业务，24H1 晨 光科技实现营业收入 4.83 亿元，同比增长 28%。此外，公司还快速推进海外 市场发展，因地制宜 ...