Investment Rating - The report maintains a "Recommend" rating for Comix Group (002301 SZ) [5][7] Core Views - Comix Group's Q3 2024 revenue reached 3 399 billion yuan, a year-on-year increase of 2 78%, while net profit attributable to the parent company was 0 64 billion yuan, a year-on-year decrease of 5 79% [2] - The slowdown in Q3 revenue growth is attributed to changes in customer order patterns in the B2B business, but a return to high growth is expected in Q4 [2] - The company's cloud video business (Haoshitong) is undergoing internal adjustments, leading to a slight decline in profitability, with Q3 gross margin and net margin at 7 45% and 1 80% respectively [3] - Comix Group is focusing on enhancing its office procurement and MRO solutions, aiming to improve profitability through digital transformation and supply chain optimization [4] - The report forecasts Comix Group's net profit attributable to the parent company to reach 2 4/3 3/3 8 billion yuan in 2024/2025/2026, with corresponding P/E ratios of 18X/13X/11X [5] Financial Performance Summary - Q3 2024 operating cash flow increased by 27 44% year-on-year to 0 77 billion yuan, driven by higher VAT refunds [3] - Accounts receivable and notes increased by 17 40% year-on-year to 3 408 billion yuan in Q3 2024, with a turnover period of 162 days, an increase of 8 days [3] - The company's CAPEX in Q3 2024 was 0 09 billion yuan, a year-on-year increase of 20% [3] Business Strategy and Outlook - Comix Group is strengthening its office procurement and MRO solutions, focusing on high-value administrative office operation and maintenance material solutions [4] - The company is developing digital employee welfare solutions and marketing material solutions to enhance product integration, supply chain management, and delivery capabilities [4] - In the cloud video business, Comix Group is optimizing its customer structure and focusing on cost reduction and efficiency improvement [4] - The employee welfare business is being customized to meet customer needs and improve profitability [4] Financial Forecasts - Revenue is expected to grow from 13 007 billion yuan in 2024 to 18 377 billion yuan in 2026, with a CAGR of 18 9% [6][8] - Net profit attributable to the parent company is projected to increase from 2 4 billion yuan in 2024 to 3 8 billion yuan in 2026 [5][8] - The gross margin is forecasted to improve from 10 91% in 2024 to 11 17% in 2026 [8] - ROE is expected to rise from 7 33% in 2024 to 10 72% in 2026 [8]

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,398,585,525.57, representing a year-on-year increase of 2.78%[3] - The net profit attributable to shareholders for Q3 2024 was ¥63,814,120.31, a decrease of 5.79% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥65,242,693.28, down 10.44% year-on-year[3] - Total operating revenue for Q3 2024 reached ¥8,395,943,897.80, an increase of 8.2% compared to ¥7,759,736,253.90 in Q3 2023[20] - Net profit attributable to shareholders of the parent company was ¥158,566,060.75, up from ¥148,345,801.52 in the same period last year, representing a growth of 6.5%[21] - Total revenue for the third quarter was approximately CNY 152.57 million, a decrease of 4.3% compared to CNY 158.94 million in the previous quarter[22] - The company reported a total comprehensive income of CNY 143.14 million, down from CNY 151.24 million in the previous quarter[22] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥8,890,845,293.07, an increase of 7.44% from the end of the previous year[3] - Total assets increased to ¥8,890,845,293.07, compared to ¥8,275,480,977.61 at the end of Q3 2023, reflecting a growth of 7.4%[19] - Total liabilities rose to ¥5,727,993,509.25, up from ¥5,165,810,888.30, indicating an increase of 10.9%[19] - The company's total liabilities increased significantly, with contract liabilities rising by 234.16% to ¥183,795,212.81 compared to the beginning of the year[6] - The total current assets increased to CNY 7,808,474,780.27 from CNY 7,102,228,428.10, reflecting a growth of approximately 9.9%[17] - The total amount of other receivables increased to CNY 117,793,259.26 from CNY 90,793,776.77, reflecting a growth of about 29.7%[17] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥211,345,773.07, reflecting a year-on-year increase of 22.33%[3] - Cash flow from operating activities generated a net amount of CNY 211.35 million, an increase of 22.3% compared to CNY 172.76 million in the previous quarter[23] - Cash inflow from sales of goods and services reached CNY 12.10 billion, a 16.8% increase from CNY 10.35 billion in the previous quarter[23] - Cash outflow for purchasing goods and services was CNY 11.28 billion, up from CNY 9.62 billion, indicating a 17.3% increase[23] - Cash received from financing activities increased by 126.97% to ¥3,143,580,829.52, primarily due to increased maturity of pledged deposits[10] - The ending balance of cash and cash equivalents was CNY 1.79 billion, an increase from CNY 1.36 billion in the previous quarter[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,144, with the largest shareholder holding 34.36%[11] - The company’s largest shareholder, Shenzhen Qixin Holdings Co., Ltd., holds 34.36% of shares, amounting to 247,845,097 shares[11] - The top ten shareholders include Shenzhen Qixin Holdings Co., Ltd. with 247,845,097 shares, representing a significant portion of the total shareholding[12] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 1.98%, a decrease of 0.14% compared to the same period last year[3] - The company's basic earnings per share for Q3 2024 was ¥0.09, down 10.00% year-on-year[3] - Research and development expenses for the quarter were ¥44,682,879.40, slightly down from ¥47,947,422.69 in the previous year, a decrease of 4.7%[20] - The company reported a gross profit margin of approximately 8.5%, compared to 8.4% in the previous year, indicating a slight improvement[20] Impairment and Losses - Credit impairment losses surged by 324.09% to -¥21,020,525.61, mainly due to increased provisions for bad debts on accounts receivable[9] - Asset impairment losses increased significantly by 4326.29% to -¥17,476,968.52, primarily due to higher inventory impairment provisions[9]

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Viewpoints - The company's B2B office procurement business has shown steady growth, with digital capabilities enhancing operational efficiency and customer reach [5] - The company's proprietary brand business has strengthened its ability to reach end customers through online and offline channels, including live streaming [5] - The company's SaaS software service continues to face losses, with a significant decline in revenue [5] - The company's gross margin has improved, driven by the B2B business, while the SaaS segment has seen a sharp decline in gross margin [5] - The company's net profit margin has slightly increased due to improved cost control and operational efficiency [5] Financial Performance Summary - In H1 2024, the company achieved revenue of RMB 4.997 billion, a YoY increase of 12.22%, and net profit attributable to shareholders of RMB 95 million, a YoY increase of 17.55% [5] - In Q2 2024, the company achieved revenue of RMB 2.807 billion, a YoY increase of 10.39%, and net profit attributable to shareholders of RMB 45 million, a YoY increase of 25.68% [5] - The B2B office procurement and proprietary brand business generated revenue of RMB 4.970 billion in H1 2024, a YoY increase of 12.71%, with a net profit of RMB 146 million [5] - The SaaS software service revenue declined by 37.62% to RMB 27.14 million, with a loss of RMB 51 million [5] - The company's gross margin in H1 2024 was 9.58%, an increase of 0.46 percentage points YoY [5] Financial Forecasts - The company is expected to achieve net profits of RMB 230 million and RMB 280 million in 2024 and 2025, respectively, with YoY growth rates of 199.5% and 21.8% [6] - The company's revenue is forecasted to grow to RMB 12.727 billion in 2024, RMB 14.627 billion in 2025, and RMB 16.811 billion in 2026, with YoY growth rates of 14.7%, 14.9%, and 14.9%, respectively [7] - The company's EPS is expected to be RMB 0.32 in 2024, RMB 0.39 in 2025, and RMB 0.47 in 2026 [7] - The company's ROE is projected to increase from 7.0% in 2024 to 9.1% in 2026 [7] Valuation and Peer Comparison - The company's PE ratio is 15.0x for 2024 and 12.3x for 2025, based on the closing price on September 11, 2024 [6] - The company's valuation range is estimated at RMB 6.40 to RMB 7.04, based on a PE multiple of 20-22x for 2024 [6] - Peer companies such as Chenguang Stationery and Shuhua Sports have PE ratios of 14.06x and 19.63x, respectively, for 2024 [8] Operational Efficiency and Financial Health - The company's asset turnover ratio is expected to remain stable at 1.34 in 2024 and increase to 1.50 by 2026 [10] - The company's fixed asset turnover ratio is projected to improve significantly from 25.03 in 2023 to 58.15 in 2026 [10] - The company's debt-to-asset ratio is expected to increase slightly from 62.4% in 2023 to 66.8% in 2026 [9] - The company's liquidity ratios, including the current ratio and quick ratio, are expected to remain stable, indicating healthy short-term financial health [10]

证券代码：002301 证券简称：齐心集团 深圳齐心集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|--------------------------|---------------|--------|----------| | | | | 编号： | 2024-008 | | | 特定对象调研 □分析师会议 | | | | | | □媒体采访 | □业绩说明会 | | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | □其他 （ ） | | | | 参与单位名称及人员姓名 申万菱信基金游彤煦、申万宏源轻工魏雨辰 | | | | | | 时间 2024 | 年 9 月 2 日 | 15:00-16:00 | | | | 地点 | 公司会议室 | | | | | 交流形式 视频会议 | | | | | | 上市公司接待人员姓名 副总经理、董事会秘书王占君，证券事务 ...

深圳齐心集团股份有限公司 关于公司及子公司担保事项的进展公告 证券代码：002301 证券简称：齐心集团 公告编号：2024-040 二、担保总体进展情况 近期公司就深圳市齐心供应链管理有限公司、齐心商用设备（深圳）有限公司、齐心（亚 洲）有限公司等5家子公司与中信银行股份有限公司深圳分行、中国银行股份有限公司深圳高 新区支行、大华银行有限公司香港分行等7家银行办理了授信业务担保事项，被担保最高债权 本金合计36,281.84万元人民币。 www.qx.com www.qx.com 上述担保事项在公司2023年年度股东大会审议通过的公司及子公司担保额度预计范围内， 无需再次提交公司董事会或股东大会审议，程序符合《深圳证券交易所股票上市规则》《上市公 司监管指引第8号——上市公司资金往来、对外担保的监管要求》等相关监管法规的要求。本 次担保对象均是公司合并报表范围内的全资子公司，经营状况良好，财务风险处于公司有效的 控制范围之内，本次担保有利于解决子公司日常经营和业务发展的资金需求，促进子公司持续 稳定发展，符合公司整体利益。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述 ...

www.qx.com 证券代码：002301 证券简称：齐心集团 公告编号：2024-039 深圳齐心集团股份有限公司 www.qx.com 关于 2020 年员工持股计划股票出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳齐心集团股份有限公司（以下简称"公司"）2020 年员工持股计划所持公司股票已于 近日全部出售完毕，根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》以及公司《2020 年员工持股计划(修订稿)》等相关规定，现将有关情况公告如下： 一、本员工持股计划的基本情况 1、2020 年 10 月 27 日召开的第七届董事会第九次会议和 2020 年 11 月 13 日召开的 2020 年第一次临时股东大会审议通过《2020 年员工持股计划》等相关议案，同意公司实施 2020 年 员工持股计划。本期员工持股计划股票来源为公司回购专用账户内已回购的股份，受让公司回 购股份的价格为 7.26 元/股，为董事会决议日（2020 年 10 月 27 日）收盘后近 20 个交易日公 司股票收盘均价的 50% ...

轻工制造 证 券 研 究 报 告 2024 年 08 月 27 日 齐心集团 (002301) —— 2024 年中报点评：B2B 主业持续增长，利润率改 善 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 4.65 | | 一年内最高/最低（元） | 7.48/4.33 | | 市净率 | 1.1 | | 息率（分红/股价） | 1.78 | | 流通 A 股市值（百万元） | 3,339 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 4.29 | | 资产负债率 % ...

公司报告 | 半年报点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告：轻工制造 | 公司点评报告 2024 年 8 月 27 日 公司基本情况 最新收盘价（元） 4.74 总股本/流通股本（亿股）7.21 / 7.18 总市值/流通市值（亿元）34 / 34 52 周内最高/最低价 7.28 / 4.51 资产负债率(%) 62.4% 市盈率 43.09 第一大股东深圳市齐心控股有限公 司 股票投资评级 买入|维持 个股表现 -32% -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 齐心集团 轻工制造 资料来源：聚源，中邮证券研究所 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 齐心集团(002301) B2B 业务稳步增长，盈利水平同比向上 ⚫ 事件： 公司发布 2024 年中报： 2024H1 公司实现收入 49.97 亿元，同比+12.22%；归母净利润 0.95 亿元，同比+17.55%。其中，2024Q2 公司实现收入 28.07 亿元，同比 ...

证券代码：002301 证券简称：齐心集团 深圳齐心集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------|----------------------------------|--------------------------------------| | | | 编号：2024-007 | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | | | | 参与单位名称及人员姓名 | | | | | 德邦证券、方正证券、国海证券等近 | 位分析师和投资者。 | | 时间 2024 | 年 8 月 24 日 | | | 地点 公司会议室 | | | | 交流形式 视频会议 | | | | | | | | 上市公司接待人员姓名 | 董事、副总经理、B2B | 事业部总经理戴盛杰，副总经理、董事会 | 秘书王占君 交流内容及具体问答记录 一、董事长致辞 尊敬各位投资者，大家好！2024 年上半年虽然外部环境不是很好，但公 ...