Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][12] Core Views - The company reported steady revenue growth in Q3 2024, with a total revenue of 60.6 billion (+2.8% YoY) and a net profit of 3.9 billion (-20.6% YoY) [1] - The decline in profitability is attributed to structural changes in business and product categories, alongside weak external demand and reduced customer traffic [1] - The traditional core business saw a revenue of 68.4 billion (+4.4% YoY) in the first three quarters of 2024, while online sales surged with a revenue of 8.8 billion (+34.2% YoY) [1] - The company is optimistic about the recovery of its office direct sales and retail stores as procurement normalizes and bidding processes resume [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved a total revenue of 171.1 billion (+7.9% YoY) and a net profit of 10.2 billion (-6.6% YoY) [1] - The gross profit margin for Q3 2024 was 20.5%, down 1.4 percentage points YoY, primarily due to an increase in low-margin product sales [1] - The company expects net profits for 2024-2026 to be 15.3 billion, 17.3 billion, and 19.2 billion respectively, with a diluted EPS of 1.7, 1.9, and 2.1 [1][2] Market Position and Strategy - The company has expanded its retail presence, with a total of 740 retail stores nationwide, including 702 stores under the "Ji Mu" brand, which saw a net increase of 84 stores since the beginning of the year [1] - The company aims to optimize its product mix and enhance store operations to strengthen the "Ji Mu" brand as a key element of its product upgrade strategy [1] - The current stock price corresponds to a PE ratio of 18.5, 16.4, and 14.8 for the years 2024, 2025, and 2026 respectively [2][3]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, with a notable performance in its online business. The third quarter revenue reached 6.01 billion yuan, reflecting a year-on-year increase of 7.91% [1] - The net profit attributable to the parent company for the third quarter was 1.022 billion yuan, a decrease of 6.63% year-on-year. The adjusted net profit was 928 million yuan, down 6.84% year-on-year [1] - The report indicates that the gross profit margin has come under pressure, decreasing by 0.61 percentage points to 19.78% year-on-year, while the net profit margin also fell by 1.12 percentage points [1] Financial Performance Summary - Revenue Forecasts: - 2023A: 23,351 million yuan - 2024E: 25,483 million yuan (growth rate of 9%) - 2025E: 29,069 million yuan (growth rate of 14%) - 2026E: 33,091 million yuan (growth rate of 14%) [1] - Net Profit Forecasts: - 2023A: 1,527 million yuan - 2024E: 1,562 million yuan (growth rate of 2%) - 2025E: 1,798 million yuan (growth rate of 15%) - 2026E: 1,959 million yuan (growth rate of 9%) [1] - Earnings Per Share (EPS): - 2023A: 1.65 yuan - 2024E: 1.69 yuan - 2025E: 1.94 yuan - 2026E: 2.11 yuan [1] - Cash Flow: - Operating cash flow for the first three quarters was 14.21 billion yuan, with a quarterly cash flow of 6.87 billion yuan, up 2.38% year-on-year [1] Business Segment Performance - The online business has performed exceptionally well, while traditional business revenue showed signs of recovery. The report highlights that the core category of writing instruments remains resilient, with third-quarter revenue of 7.13 billion yuan, reflecting a year-on-year increase of 1% [1] - The report notes that the company has 740 lifestyle stores nationwide, with the revenue from these stores increasing by 13% year-on-year [1] Investment Recommendation - The report suggests that the company, as a leader in the stationery industry, is expected to drive long-term stable growth through both traditional core business and new business initiatives. The profit forecast has been adjusted downward based on the third-quarter performance, with expected net profits for 2024-2026 being 1.56 billion, 1.79 billion, and 1.96 billion yuan respectively [1]

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 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [7][16]. Core Insights - The company reported a revenue of 6.06 billion in Q3 2024, a year-on-year increase of 2.8%, while the net profit attributable to shareholders decreased by 20.6% to 390 million [1]. - For the first three quarters of 2024, the total revenue reached 17.11 billion, reflecting a 7.9% increase, but the net profit attributable to shareholders fell by 6.6% to 1.02 billion [1]. - The company is focusing on product development and structural adjustments in response to weak domestic demand, aiming to enhance product quality and expand its product categories [1][5]. Financial Performance Summary - In Q1-Q3 2024, the revenue from writing instruments was 2.02 billion, up 8.8%, with a gross margin of 42.1%, while student stationery revenue was 2.76 billion, up 0.5%, with a gross margin of 33.4% [1]. - The traditional office supplies segment generated 2.47 billion in revenue, a 4.5% increase, but with a slight decrease in gross margin to 26.1% [1]. - The company's operating cash flow improved, with a net cash flow of 1.42 billion, a year-on-year increase of 0.07 billion [5]. Business Segment Insights - The office direct sales segment,科力普, achieved a revenue of 9.16 billion in Q1-Q3 2024, a 10.1% increase, driven by enhanced service quality and product diversification [3]. - The retail store segment, including晨光生活馆, reported a revenue of 1.12 billion, a 13.1% increase, with a total of 740 stores by the end of Q3 [4]. - The company is actively expanding its overseas business in Africa and Southeast Asia, refining its business models and establishing a solid foundation for future growth [2].

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 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...