Investment Rating - Buy (Maintained) [3] Core Views - The company is a leader in the domestic stationery industry with a "one body, two wings" business layout, driving steady growth [3] - The stationery industry has a smooth price increase logic and a vast global market space [3] - The company's traditional core retail operations are deepening, with product and channel reforms driving growth [3] - The company's new retail exploration through JiMu ZaWuShe has been successful, forming a performance support [3] - The enterprise digital procurement market has huge potential, with KeLiPu's market share continuing to rise [3] Business Overview - The company's revenue in 2023 was 23.351 billion yuan, a year-on-year increase of 16.8%, with a CAGR of 24.2% from 2017 to 2023 [3] - Net profit attributable to the parent company in 2023 was 1.527 billion yuan, a year-on-year increase of 19.1%, with a CAGR of 15.8% from 2017 to 2023 [3] - The company's ROE has remained stable at over 20%, and is expected to rise steadily in the future [3] Industry Analysis - The domestic stationery market size in 2023 was 104.7 billion yuan, with significant room for growth compared to the Japanese market [3] - The global stationery market size is close to 200 billion USD, with Japanese companies like Pilot and Mitsubishi driving steady growth through globalization [3] - The domestic stationery industry is highly fragmented, with the company's market share at 7.5% in 2023, indicating room for further concentration [3] Traditional Core Business - The company's traditional core business has a strong retail operation capability, with product and channel reforms driving growth [3] - The company's product structure has been optimized, with the average product price continuously increasing since 2014 [3] - The company's channel strategy has shifted to focus on premium stores and increase online investment, with international expansion accelerating [3] JiMu ZaWuShe - JiMu ZaWuShe has successfully explored new retail, with 618 stores by the end of 2023 and a sales per square meter of 22,000 yuan, double that of 2018 [3] - JiMu ZaWuShe achieved profitability for the first time in 2023, and future franchise expansion is expected to accelerate, supporting revenue and profit growth [3] KeLiPu - The enterprise digital procurement market size in 2022 was 14.32 trillion yuan, with a CAGR of 14.0% from 2017 to 2022 [3] - KeLiPu's market share in office supplies and MRO is less than 5%, but the company's operational service capabilities are leading, with an ROE of over 25% [3] - KeLiPu is expected to maintain a high growth rate, with profitability improving as scale effects are realized [3] Financial Projections - The company's net profit attributable to the parent company is projected to be 1.784 billion yuan in 2024, 2.069 billion yuan in 2025, and 2.391 billion yuan in 2026, with year-on-year growth rates of 16.8%, 16.0%, and 15.6% respectively [3] - The company's PE ratio is expected to be 16X in 2024, 14X in 2025, and 12X in 2026, with a target PE of 22X and a target market value of 39.2 billion yuan, representing a 36% upside from the current level [3] Valuation and Target - The company's valuation has fallen to the bottom of its historical range, with a target PE of 22X and a target market value of 39.2 billion yuan, representing a 36% upside from the current level [3]

证券代码：603899 证券简称：晨光股份 公告编号：2024-020 上海晨光文具股份有限公司 关于控股子公司增资扩股及公司放弃优先认购权 暨关联交易的公告 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： 1 为扩大控股子公司上海晨光科力普办公用品有限公司（以下简称"晨光科力 普"）经营规模，提高经济效益和市场竞争力，同时基于晨光科力普未来长期 发展和治理、构建长效激励机制及充分调动管理层、核心员工的积极性的需 要，晨光科力普拟进行增资扩股。本次增资扩股分为两部分：1、晨光科力普 拟对其核心人员进行股权激励，激励对象将通过个人及 4 个持股平台持股的 方式参与本次增资扩股（以下简称"本次激励"），以 31,135.962 万元认购 晨光科力普新增注册资本 7,076.355 万元；2、上海晨光文具股份有限公司 （以下简称"公司"）2 位实际控制人对晨光科力普进行增资（以下简称"本 次增资"），以 17,934.048 万元认购晨光科力普新增注册资本 2,851.20 万 元。上述交易完成后，晨光科力普的注册资 ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-019 上海晨光文具股份有限公司 第六届监事会第七次会议决议公告 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 有限公司关于控股子公司增资扩股及公司放弃优先认购权暨关联交易的公告》 （公告编号：2024-020）。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 特此公告。 上海晨光文具股份有限公司监事会 2024 年 6 月 14 日 一、监事会会议召开情况 上海晨光文具股份有限公司（以下简称"公司"）第六届监事会第七次会议 于2024年6月13日上午10:00在公司会议室以现场表决方式召开。会议通知于2024 年6月7日以纸质文件方式发出。会议由监事会主席朱益平召集并主持，会议应出 席监事3名，实际出席监事3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》的有关规定，合法有效。 二、监事会会议审议情况 （一） 审议通过《关于控股子公司增资扩股及公司放弃优先认购权暨关联 交易的议案》 本次增资扩股暨关联交易符合上海晨光科力普办公用品有限公司的经营发 展需要，有利于增强其资 ...

重要内容提示： 证券代码：603899 证券简称：晨光股份 公告编号：2024-018 上海晨光文具股份有限公司 股权激励限制性股票回购注销实施公告 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。 回购注销原因 上海晨光文具股份有限公司（以下简称"公司"）2020 年限制性股票激励计 划中 32 名激励对象因个人原因离职，1 名激励对象因退休离职，不再具备激励 对象资格。同时，首次授予的限制性股票第三个解除限售期和预留授予的限制性 股票第二个解除限售期公司层面业绩考核条件未达标。根据《上市公司股权激励 管理办法》以及公司《2020 年限制性股票激励计划》（2022 年修订）的规定，公 司对前述已获授但尚未解除限售的限制性股票合计 2,768,150 股予以回购注销。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2,768,150 | 2,768,150 | 2024 6 | 年 | 月 ...

股权激励限制性股票回购注销实施之法律意见书 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"晨光股份"或"公司")的委托,担任晨光股份股权激励限制性股 票回购注销实施(以下简称"本次回购注销")的特聘专项法律顾问,并根据《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》")、中国证券监督管理委员会(以下简称"中国证监会")《上市 公司股权激励管理办法》(以下简称"《管理办法》")等中国(为出具本法律意见 书之目的,不包括香港、澳门特别行政区和台湾地区)法律、行政法规、部门规 章及规范性文件和公司现行有效的《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,就本次回购注销相关事宜出具本法律意见书。 中国上海石门一路288号 兴业大古汇委港兴业中心 申话:(86-21) 5298 5488 君合律师事务所上海分所 关于上海晨光文具股份有限公司 为出具本法律意见书,本所依据《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等有关规定,编制和落实 ...

2023 Environmental, Social, and Governance Report Writing a Sustainable Business Future Shanghai M&G Stationery Inc. Stock Code: 603899 Contents Opening | About this Report | 01 | | | --- | --- | --- | | President's Message | 03 | Focus: Developing | | Sustainability Highlights of the Year | 05 | | | About the Company | 07 | Sustainable Products of the Year | Focus: Developing Sustainable Products Environmental Development | | 21 | | --- | --- | | Sustainable Design Concept | 24 | | Sustainable Materials | ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-017 上海晨光文具股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.8 元 根据公司 2023 年年度股东大会审议通过的《2023 年度利润分配预案》，公司 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/23 | － | 2024/5/24 | 2024/5/24 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 23 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国 ...

:上 (以 " ")接 (以 " " " ")的 ,担 (以 " ")的 ,并 (以 " ") (以 " ") (以 " ") 7号—— (以 " 7号 ") (以 " ")等 (为 ,不 )法 (以 " ")的 ,就 ,本 (试 )》 ,编 ,亲 ,查 ,提 ,并 ,且 | :(8⒍ 10l851⒐ 1300 | :(8⒍ 21)529⒏ 5488 | :(8eˉ 755〉 258⒎0765 | :(8⒍ 20l280⒌ 9088 | | --- | --- | --- | --- | | :(86-10〉 8519ˉ 1350 | :(86-21)5298ˉ5492 | :(a6~755)2587ˉ 0780 | :(86-20)2805-9099 | | :(8⒍ 411〉 825⒍7578 | (8⒍898)68512544 | :(8⒍ 22)599⒍ 1301 | :(8⒍ 532)6869-5000 | | R∶ (86-411)8250-7579 | :(86ˉ 898)6851-3514 | :(86-22)5θ 90-1302 | : (86-532) 686θ -5610 | | :(8 ...

Investment Rating - Strong Buy (Maintained) with a target price of 47.2 CNY, compared to the current price of 39.56 CNY [1] Core Views - Traditional business shows steady growth, with online channels performing exceptionally well [1] - Retail stores have turned profitable, with significant revenue growth in 2023 and 2024 Q1 [1] - Kelipu's revenue growth slowed slightly in 2024 Q1 but remains on a positive long-term trajectory [1] - The company maintains stable profitability with effective cost control [1] Financial Performance 2023 Annual Performance - Revenue: 23.35 billion CNY, YoY +16.8% [1] - Net profit attributable to shareholders: 1.53 billion CNY, YoY +19.1% [1] - Core traditional business revenue: 9.14 billion CNY, YoY +7.5% [1] - Retail stores revenue: 1.34 billion CNY, YoY +51.0% [1] - Kelipu revenue: 13.31 billion CNY, YoY +21% [1] 2024 Q1 Performance - Revenue: 5.49 billion CNY, YoY +12.4% [1] - Net profit attributable to shareholders: 380 million CNY, YoY +13.9% [1] - Core traditional business revenue: 2.31 billion CNY, YoY +13.1% [1] - Retail stores revenue: 370 million CNY, YoY +23.5% [1] - Kelipu revenue: 2.95 billion CNY, YoY +11.6% [1] Business Segments Traditional Business - Writing instruments revenue: 2.27 billion CNY, YoY +4.8% in 2023 [1] - Student stationery revenue: 3.47 billion CNY, YoY +8.6% in 2023 [1] - Office supplies revenue: 3.51 billion CNY, YoY +8.9% in 2023 [1] Retail Stores - Nine Wood杂物社 revenue: 1.24 billion CNY, YoY +52.6% in 2023 [1] - Number of retail stores: 659 by the end of 2023, increasing to 678 by the end of 2024 Q1 [1] Kelipu - Revenue growth slowed to 11.6% YoY in 2024 Q1, compared to 21% YoY in 2023 [1] Profitability and Cost Control - Gross margin: 18.9% in 2023, slightly down by 0.5 percentage points YoY [1] - Net profit margin: 6.5% in 2023, up by 0.1 percentage points YoY [1] - Sales/management/financial expense ratios: 6.6%/3.5%/-0.2% in 2023, showing effective cost control [1] Future Projections - Expected revenue for 2024-2026: 27.45/31.53/35.85 billion CNY [2] - Expected net profit attributable to shareholders for 2024-2026: 1.80/2.16/2.52 billion CNY [2] - PE ratio for 2024-2026: 20/17/14X [2] Valuation - Current market capitalization: 36.66 billion CNY [4] - 12-month high/low price: 46.08/30.64 CNY [4]

公司报告 | 季报点评 晨光股份（603899） 证券研究报告 2024年04月 30日 投资评级 业务聚焦优化，大店盈利改善 行业 轻工制造/文娱用品 6个月评级 买入（维持评级） 当前价格 35.37元 公司发布2024年一季报 目标价格 元 24Q1收入54.9亿，同比+12.4%，归母净利润3.8亿，同比+13.9%，扣非归 母净利润3.3亿，同比+11.1%；收入及利润表现稳健。 基本数据 传统核心聚焦、协同，重点终端、品类持续赋能 A股总股本(百万股) 926.60 流通A股股本(百万股) 923.83 24Q1传统渠道收入（营业收入-科力普-九木杂物社）21.9亿，同比+11.6%， A股总市值(百万元) 32,773.72 收入增长稳健；分品类来看，书写工具收入 5.6 亿，同比+15.7%，毛利率 流通A股市值(百万元) 32,675.81 43.8%，同比+3.3pct；学生文具收入8.5亿，同比+17.1%，毛利率34.7%， 同比+1.0pct；传统办公收入9.0亿，同比+6.4%，毛利率27.5%，同比-0.7pct。 每股净资产(元) 8.86 资产负债率(%) 39.58 公司深 ...