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

Investment Rating - Investment rating: Buy (maintained) as of October 30, 2024 [1] Core Views - The company is experiencing pressure on its performance in Q3 2024, but there are expectations for operational margin improvement [1] - Revenue for Q1-Q3 2024 reached 17.11 billion yuan, a year-on-year increase of 7.9%, while net profit attributable to the parent company was 930 million yuan, down 6.8% [1] - The company aims to adjust its profit forecast due to weak downstream consumer demand and intensified competition [1] Financial Performance Summary - For Q1-Q3 2024, the gross margin was 20.5%, a decrease of 1.4%, and the net profit margin was 6.1%, down 0.5 percentage points [2] - In Q3 2024, the company reported a gross margin of 20.5% and a net profit margin of 6.6%, reflecting a decline of 2.1 percentage points [2] - Revenue breakdown for Q3 2024: writing tools 880 million yuan (+2.5%), student stationery 1.19 billion yuan (-8.4%), and office stationery 710 million yuan (+1.9%) [3] - Online sales showed strong performance with revenue of 400 million yuan in Q3 2024, an increase of 38.9% [3] Revenue and Profit Forecast - Projected revenue for 2024-2026: 15.59 billion yuan, 18.16 billion yuan, and 20.95 billion yuan respectively [1] - Projected net profit for 2024-2026: 1.69 yuan, 1.97 yuan, and 2.27 yuan per share respectively [1] - Expected revenue growth rates: 9.5% in 2024, 14.3% in 2025, and 14.5% in 2026 [4] - Expected net profit growth rates: 2.1% in 2024, 16.4% in 2025, and 15.4% in 2026 [4] Key Financial Ratios - Gross margin is expected to stabilize around 19.1% from 2025 to 2026 [4] - Net profit margin is projected to be 6.1% in 2024, improving slightly to 6.3% by 2026 [4] - Return on equity (ROE) is expected to be 17.4% in 2024, increasing to 18.1% by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported a revenue of 17.11 billion RMB for the first three quarters of 2024, a year-on-year increase of 7.9%, while the net profit attributable to shareholders was 1.02 billion RMB, a decrease of 6.6% [2] - In Q3 2024, the company achieved a revenue of 6.06 billion RMB, up 2.78% year-on-year, but the net profit attributable to shareholders fell by 20.6% to 390 million RMB [2] - The traditional core business faced weak consumer confidence and sluggish terminal sales, while the technology segment showed strong performance with a revenue increase of 38.9% in Q3 [2] - The company is focusing on product development and optimizing product structure to enhance sales contribution and improve shelf rates [2] - The report highlights the potential for growth in the retail segment and overseas markets, particularly in Africa and Southeast Asia [2] Summary by Sections Performance Analysis - The traditional core business revenue in Q3 2024 was 2.64 billion RMB, down 1.9% year-on-year, with specific segments showing varied performance: writing instruments at 880 million RMB (+2.5%), student stationery at 1.19 billion RMB (-8.4%), and office supplies at 710 million RMB (+1.9%) [2] - The technology segment's revenue reached 400 million RMB in Q3, reflecting a robust growth of 38.9% [2] Financial Forecasts - The company expects net profits attributable to shareholders to be 1.55 billion RMB in 2024, 1.84 billion RMB in 2025, and 2.16 billion RMB in 2026, with corresponding P/E ratios of 18, 15, and 13 times [2][5] - Revenue projections for 2024, 2025, and 2026 are 25.21 billion RMB, 28.88 billion RMB, and 33.24 billion RMB respectively, with growth rates of 7.95%, 14.57%, and 15.10% [5] Market Positioning - The company is actively enhancing its channel efficiency and market share through online sales and direct sales strategies [2] - The report emphasizes the importance of the company's deep channel moat and the growth potential of new business segments [2]

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 ...

上海石门一路 288 号兴业太古汇香港 关于上海晨光文具股份有限公司 2024年第一次临时股东大会之法律意见书 致:上海晨光文具股份有限公司 君合律师事务所上海分所(以下简称"本所")接受上海晨光文具股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东大 会规则》(以下简称"《股东大会规则》")等法律、法规、规范性文件(以下简称 "法律、法规"）及《上海晨光文具股份有限公司章程》(以下简称"《公司章程》" 的有关规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,就公司 2024 年第一次临时股东大会（以下简称"本次股东大会"）有关事宜出具本法律意 见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东大会有关的 文件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行核查和验 证的过程中,本所假设: 1. 提供予本所之文件中的所有签署、盖章及印章都是真实的,所有作为正本 提交给本所的文件都是真实、准确、完整的; 2. 提供予本所之文件中所述的全部事实都是真实、准确、完整的; ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-032 上海晨光文具股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 277 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 632,839,723 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 68.7451 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司董事长陈湖文先生主持会议。会议采用现场投 票和网络投票相结合的表决方式。本次会议的召集、召开程序以及表决方式和表 决程序符合《公司法》和《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 9 月 13 日 (二) 股东大会召开的地点：上海市松江区新桥镇千帆路 288 弄 5 号楼 (三) 出席 ...