Investment Rating - The report maintains a "Buy" rating for Chenguang Stationery (603899 SH) with a target price of 36 95 yuan per share [4] Core Views - Chenguang Stationery reported H1 2024 revenue of 11 051 billion yuan, up 10 95% YoY, and net profit attributable to shareholders of 633 million yuan, up 4 71% YoY [2] - Q2 2024 revenue was 5 566 billion yuan, up 9 58% YoY, but net profit attributable to shareholders declined by 6 59% YoY to 253 million yuan [2] - Traditional business remained stable, while new businesses showed strong growth [2] - Chenguang Technology revenue in Q2 2024 was 240 million yuan, up 28% YoY, driven by accelerated e-commerce investments and cross-platform expansion [2] - Kelipu revenue in Q2 2024 was 3 17 billion yuan, up 11% YoY, supported by diversified development in office supplies, MRO industrial products, marketing gifts, and employee benefits [2] - Retail stores revenue in Q2 2024 was 360 million yuan, up 19% YoY, with improved store efficiency and digital member engagement [2] - Gross margin in Q2 2024 was 18 7%, down 0 7 percentage points YoY, mainly due to product mix changes [2] - Net profit margin in Q2 2024 decreased by 0 96 percentage points YoY to 4 76%, impacted by business structure changes and employee stock incentive costs [2] Financial Forecasts - Revenue is expected to grow from 26 204 billion yuan in 2024E to 33 499 billion yuan in 2026E, with a CAGR of 12 2%-12 9% [3] - Net profit attributable to shareholders is projected to increase from 1 707 billion yuan in 2024E to 2 199 billion yuan in 2026E, with a CAGR of 11 7%-15 3% [3] - EPS is forecasted to rise from 1 85 yuan in 2024E to 2 38 yuan in 2026E [3] - P/E ratio is expected to decline from 14 36x in 2024E to 11 15x in 2026E, reflecting improved valuation [3] Business Performance - Traditional business maintained steady growth, with a focus on core product categories and improved product quality [2] - Chenguang Technology and retail stores are in the investment phase, contributing to revenue growth but impacting profitability [2] - Kelipu continues to expand its customer base despite changes in the office procurement environment [2] Valuation and Recommendations - The report values Chenguang Stationery at 20x PE for 2024, with a target price of 36 95 yuan per share, based on comparable company analysis [2][4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 11.05 billion yuan and a net profit attributable to shareholders of 633 million yuan in H1 2024, representing a year-on-year increase of 11% and 5% respectively [6]. - The traditional core business saw a steady revenue growth and an improvement in net profit margin, with H1 2024 revenue growing by 6.6% and Q2 2024 revenue increasing by 3.6% [6]. - The company is expected to achieve net profits of 1.687 billion yuan, 1.932 billion yuan, and 2.146 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15, 13, and 12 [7]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 11.05 billion yuan, a net profit of 633 million yuan, and a net profit excluding non-recurring items of 567 million yuan, with year-on-year growth of 11%, 5%, and 5% respectively [6]. - Q2 2024 figures showed revenue of 5.566 billion yuan, a net profit of 253 million yuan, and a net profit excluding non-recurring items of 240 million yuan, with year-on-year changes of +10%, -7%, and -3% [6]. Business Segments - Traditional business (excluding Morningside Technology) experienced steady revenue growth in Q2, with a year-on-year revenue increase of 13% in writing tools and a gross margin of 42.28% [6]. - Morningside Technology continued to show high revenue growth, with H1 2024 revenue increasing by 28.7% and Q2 2024 revenue by 24.7% [6]. - The retail segment, particularly the Jiwu Miscellaneous Store, saw a revenue increase of 21.3% in H1 2024, with plans to open over 100 new stores in the year [7]. Future Outlook - The company is expected to maintain a balanced growth trajectory across multiple business lines, supported by a strategy focused on "omni-channel + product focus & collaboration" [7]. - The projected net profit for 2024-2026 indicates a positive growth trend, with expectations of continued revenue and profit increases [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company achieved a revenue of 11.05 billion (+10.9%) and a net profit of 630 million (+4.7%) in H1 2024, with a notable impact from stock incentive expenses related to KeliPu [1] - The traditional core business remains stable, while new business ventures are being actively developed, particularly in overseas markets [1] - The report highlights a steady growth in the retail large store segment, with H1 revenue reaching 730 million (+20.0%) [1] Financial Performance Summary - H1 2024 revenue from traditional business was 4.20 billion (+8.7%), with Q2 revenue at 2.04 billion (+5.7%) [1] - KeliPu's revenue in H1 2024 was 6.12 billion (+11.0%), but net profit decreased by 26.7% to 132 million due to stock incentive expenses [1] - The company’s gross margin remained stable at 18.7% in Q2, with a slight increase in expense ratios [1][12] Profit Forecast and Financial Metrics - The forecast for net profit for 2024-2026 is adjusted to 1.74 billion, 1.98 billion, and 2.36 billion respectively, with a year-on-year growth of 14% for each year [1][2] - The diluted EPS is projected to be 1.87, 2.14, and 2.54 for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14, 13, and 11 [1][2][12]

Investment Rating - The report maintains a "Buy" rating for the company [4][2][3] Core Insights - The company achieved a revenue of 11.05 billion yuan in H1 2024, representing a year-on-year increase of 11.0%, with a net profit of 630 million yuan, up 4.7% year-on-year [1][2] - The traditional core business showed steady growth, with revenue of approximately 4.2 billion yuan in H1 2024, a 9% increase year-on-year, and a net profit margin of around 13% [1][2] - The company is focusing on product development and optimizing its product structure to enhance profitability amidst a challenging consumer environment [1][2] Financial Performance Summary - For H1 2024, the company reported a revenue of 11.05 billion yuan and a net profit of 630 million yuan, with Q2 revenue at 5.57 billion yuan and a net profit of 250 million yuan [1][2] - The traditional core business generated revenue of 4.2 billion yuan in H1 2024, with a net profit margin improvement of 1 percentage point year-on-year [1][2] - The company expects net profits for 2024, 2025, and 2026 to be 1.65 billion yuan, 1.90 billion yuan, and 2.18 billion yuan respectively, with corresponding P/E ratios of 14.5X, 12.6X, and 11.0X [2][3][11] Business Segment Performance - The report highlights that the company's subsidiary, Kelepu, achieved revenue of 6.12 billion yuan in H1 2024, a year-on-year increase of 11.4%, with a net profit margin of 2.2% [2][3] - The subsidiary Jiuwu reported revenue of 720 million yuan in H1 2024, a 20% increase year-on-year, with a total of 671 stores as of Q2 2024 [2][3] - The company is enhancing its digital capabilities and focusing on the energy and finance sectors to drive growth [2][3] Market Position and Strategy - The company is actively expanding its market presence in Africa and Southeast Asia by developing localized products [1][2] - The report emphasizes the importance of channel upgrades and digital empowerment to improve market share and efficiency [1][2] - The company is also focusing on direct sales and online channels to increase revenue contribution [1][2]

证券代码：603899 证券简称：晨光股份 公告编号：2024-031 上海晨光文具股份有限公司 关于以集中竞价交易方式首次回购公司股份 暨回购进展公告 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： | 回购方案首次披露日 | 2024/8/28 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 万元 15,000 万元~30,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 30 | | 累计已回购股数占总股本比例 | 0.03% | | 累计已回购金额 | 775.79 万元 | | 实际回购价格区间 | 25.75 元/股~25.98 元/股 | 一、 回购股份的基本情况 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance relative to the market [10]. Core Insights - The company reported a revenue of 11.05 billion yuan for the first half of 2024, reflecting an 11.0% year-on-year growth, while the net profit attributable to shareholders was 633 million yuan, up 4.7% year-on-year [6][10]. - The second quarter of 2024 saw a revenue of 5.57 billion yuan, a 9.6% increase year-on-year, although the net profit decreased by 6.6% to 253 million yuan due to stock incentive payment impacts [6][10]. - The company is focusing on enhancing its online presence and optimizing its product structure, which has led to improved gross margins across various product categories [7][10]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 11.05 billion yuan, with a net profit of 633 million yuan and a non-GAAP net profit of 567 million yuan, showing growth rates of 11.0%, 4.7%, and 4.5% respectively [6][10]. - The company’s gross margin for the first half of 2024 was 19.4%, slightly down by 0.1 percentage points year-on-year [10]. Business Strategy - The company is implementing a dual strategy focusing on traditional core business and retail transformation, aiming to build a competitive edge in the market [10]. - The retail segment, particularly the "Jiumu Zawushi" stores, has shown significant growth, with revenues reaching 728 million yuan in the first half of 2024, a 20% increase year-on-year [7][10]. Product Development - The company has optimized its product structure, with revenues from writing instruments, student stationery, and office supplies growing by 14.4%, 8.5%, and 5.6% respectively in the first half of 2024 [7][10]. - The online business is expanding rapidly, with a focus on enhancing product offerings across various platforms to meet diverse consumer needs [6][10]. Market Outlook - The company anticipates a continued upward trend in revenue growth for the second half of 2024, driven by new customer orders and market expansion efforts [10]. - The long-term growth strategy includes developing localized products for overseas markets, particularly in Africa and Southeast Asia [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company's traditional core business shows steady growth, with a clear growth trajectory for its new business segments, including Jiumu Zawushi [1][3][4] - In H1 2024, the company achieved a revenue of 11.05 billion yuan, a year-on-year increase of 10.95%, and a net profit of 633 million yuan, up 4.71% year-on-year [3][4] - The company is focusing on enhancing its core competitiveness and expanding its international market presence while leveraging digital tools for organizational upgrades [3][4] Summary by Sections Financial Performance - In H1 2024, the company's traditional core business generated approximately 3.72 billion yuan in revenue, a year-on-year increase of about 6.27% [3] - Jiumu Zawushi achieved a revenue of 690 million yuan in H1 2024, reflecting a year-on-year growth of 22% [3] - The company reported a gross margin of 19.41% and a net margin of 6.05% in H1 2024 [4][6] Business Segments - The company is actively expanding its retail presence, with a total of 709 retail stores nationwide, including 671 Jiumu Zawushi stores [3][4] - The new business segment, Jiumu Zawushi, is enhancing its product mix and operational standards, contributing to stable growth in offline channels [3][4] Future Projections - Revenue projections for 2024-2026 are estimated at 26.66 billion yuan, 31.01 billion yuan, and 36.16 billion yuan, respectively, with corresponding net profits of 1.70 billion yuan, 1.89 billion yuan, and 2.19 billion yuan [5][6] - The company is expected to maintain a P/E ratio of 15, 13, and 11 for the years 2024, 2025, and 2026, respectively [5][6]

上海晨光文具股份有限公司 2024年8月投资者关系活动记录表 证券简称：晨光股份 证券代码：603899 | --- | --- | |-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

公 司 研 究 晨光股份（603899.SH） 2024 年 08 月 29 日 2024H1 收入平稳增长，科力普股权激励提振信心 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/29 | | 当前股价 ( 元 ) | 26.43 | | 一年最高最低 ( 元 ) | 40.99/25.23 | | 总市值 ( 亿元 ) | 244.17 | | 流通市值 ( 亿元 ) | 244.17 | | 总股本 ( 亿股 ) | 9.24 | | 流通股本 ( 亿股 ) | 9.24 | | 近 3 个月换手率 (%) | 21.16 | 股价走势图 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 2024-08 晨光股份 沪深300 数据来源：聚源 相关研究报告 《2024Q1 业绩符合预期，零售大店及 线上渠道增速靓眼—公司信息更新报 告》-2024.4.30 《2023 业绩符合预期， ...

晨光股份 2024 年第一次临时股东大会会议资料 上海晨光文具股份有限公司 2024 年第一次临时股东大会 会议资料 二〇二四年九月十三日 晨光股份 2024 年第一次临时股东大会会议资料 上海晨光文具股份有限公司 2024 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股东大会的顺利 进行，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》）等相关法律法规和《公司章程》《股东大会议事规则》的有关规定，特制 定会议须知如下，望出席股东大会全体人员遵守： 晨光股份 2024 年第一次临时股东大会会议资料 目录 | 上海晨光文具股份有限公司 | 2024 年第一次临时股东大会会议须知 | 1 | | --- | --- | --- | | 上海晨光文具股份有限公司 | 2024 年第一次临时股东大会会议议程 | 2 | | 议案一 | 关于补选公司第六届监事会非职工代表监事的议案 | 3 | 一、本次股东大会设秘书处，具体负责大会有关程序方面的事宜。 二、股东大会期间，全体出席人员应以维护股东的合法权益，确保大会正常秩序 ...