Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 23.35 billion yuan in 2023, representing a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 1.53 billion yuan, up 19.1% year-on-year [1][7]. - The traditional core business is recovering steadily, with a focus on optimizing product and channel strategies, while the retail segment continues to expand [1][2]. - The company is actively pursuing product and technology innovation, channel transformation, and internationalization strategies, enhancing its core competitiveness [1]. Financial Performance - In Q4 2023, the company reported a revenue of 7.49 billion yuan, a year-on-year increase of 19.5%, and a net profit of 433 million yuan, up 24.6% year-on-year [1]. - The traditional core business generated approximately 8.7 billion yuan in revenue in 2023, with a year-on-year growth of 6% [1]. - The gross profit margin for the traditional core products improved, with specific categories like writing tools and student stationery showing revenue growth of 4.8% and 8.6% respectively [1][2]. Retail and Expansion - The retail segment, including the Jiuwu Miscellaneous Society, achieved a revenue of 1.335 billion yuan in 2023, marking a 51.0% increase [2]. - The company expanded its retail stores to 659 by the end of 2023, with 618 stores under the Jiuwu Miscellaneous Society [2]. Cost Management and Cash Flow - The overall gross margin for the company was 18.9% in 2023, slightly down by 0.5 percentage points, but effective cost control measures were noted [2]. - The net operating cash flow improved to 2.617 billion yuan, reflecting a healthy cash flow position [2][7]. Future Outlook - The company forecasts net profits of 1.801 billion yuan, 2.118 billion yuan, and 2.488 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.5X, 15.7X, and 13.4X [6][7].

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's 2023 performance met expectations, with revenue reaching 23.35 billion yuan (+16.8% YoY) and net profit attributable to shareholders of 1.53 billion yuan (+19.1% YoY) [4] - Q4 2023 revenue was 7.49 billion yuan (+19.5% YoY), with net profit attributable to shareholders of 430 million yuan (+24.6% YoY) [4] - The company's traditional core business continues to expand through high-end and channel transformation, while the retail store business achieved record-high revenue and profit [4] - The company's second growth point is gradually emerging, with new business investments continuing [4] - 2024-2026 net profit forecasts adjusted to 1.83/2.11/2.43 billion yuan, with EPS of 1.98/2.28/2.63 yuan [4] Revenue Breakdown - Traditional core business revenue in 2023 was 9.14 billion yuan (+7.6% YoY), with Morning Light Technology contributing 860 million yuan (+31.2% YoY) [5] - Morning Light Kolibri revenue in 2023 was 13.31 billion yuan (+21.8% YoY), with gross margin of 7.2% (-1.2pct) [5] - Retail store revenue in 2023 was 1.34 billion yuan (+51.0% YoY), with Ji Mu Za Wu She contributing 1.24 billion yuan (+52.6% YoY) and achieving its first profit of 26 million yuan [5] - Ji Mu Za Wu She had 618 stores by the end of 2023 (417 directly operated, 201 franchised), with 129 new stores opened during the year [5] Profitability - 2023 gross margin was 18.9% (-0.5pct), with Q4 gross margin at 15.6% (-0.9pct) [6] - 2023 operating expense ratio was 10.7% (-0.8pct), with sales/management/R&D/financial expense ratios of 6.6%/3.5%/0.8%/-0.2% respectively [6] - 2023 net profit margin attributable to shareholders increased by 0.1pct to 6.5%, with Q4 net profit margin up 0.2pct to 5.8% [6] Financial Forecasts - 2024-2026 revenue forecasts: 27.69/32.36/37.25 billion yuan, with YoY growth of 18.6%/16.9%/15.1% [7] - 2024-2026 net profit attributable to shareholders forecasts: 1.83/2.11/2.43 billion yuan, with YoY growth of 20.1%/15.4%/15.0% [7] - 2024-2026 EPS forecasts: 1.98/2.28/2.63 yuan, with P/E ratios of 19.0/16.5/14.4x [7] - 2024-2026 gross margin forecasts: 18.7%/18.6%/18.6%, with net profit margin forecasts of 6.6%/6.5%/6.5% [7]

证券研究报告 | 2024年04月01日 晨光股份（603899.SH） 买入 2023 年年报点评：传统核心业务稳健，零售大店首次盈利 核心观点 公司研究·财报点评 全年收入利润双位数增长，经营稳健。公司发布2023年年报，2023年全年 轻工制造·文娱用品 实现营收233.51亿/YoY+16.78%，归母净利润15.27亿/YoY+19.05%，扣非 证券分析师：陈伟奇 证券分析师：王兆康 归母净利润 13.98 亿/YoY+21.00%；其中 2023Q4 实现收入 74.92 亿 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn /YoY+19.54%，归母净利润4.33亿/YoY+24.62%，扣非归母净利润4.02亿 S0980520110004 S0980520120004 /YoY+28.14%。公司拟每股派发现金红利0.8元，现金分红及股份回购合计 基础数据 金额占归母净利润的50%。 投资评级 买入(维持) 合理估值 传统核心业务修复。传统核心业务2023年营收91.36亿/YoY+7.5%， ...

2024 年 04 月 01 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 传统核心业务盈利向上，零售大店蓬勃发展，营 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn 联系人 ： 杨蕊菁 S0350122090030 收利润齐增长 yangrj01@ghzq.com.cn ——晨光股份（ ） 年年报点评报告 603899 2023 最近一年走势 事件 : 3月30日，晨光股份发布2023年年度报告：2023年公司实现营业收入 233.51亿元/同比+16.78%，归母净利润15.27亿元/同比+19.05%，扣非 归母净利润13.98亿元/同比+21.00%。2023Q4实现营业收入74.92亿 元/同比+19.54%，归母净利润4.33亿元/同比+24.62%，扣非归母净利 润4.02亿元/同比+28.14%。 投资要点 : 相对沪深300表现 2024/03/29  聚焦产品力提升，传统核心业务业绩稳健增长。2023年公司传统核 表现 1M 3M 12M 心业务实现营业收入约91.36亿元/同比约+7.55%；晨光科技实现营 晨光 ...

上 市 公 司 轻工制造 2024 年04月 01 日 晨光股份 (603899) 公 司 研 究 ——2023 年报表现符合预期，传统核心稳健增长，一体 公 司 两翼推进，期待中长期品牌出海 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  公司发布2023年年报，表现符合预期：2023年实现收入233.51亿元，同比增长16.8%； 证 券 实现归母净利15.27亿元，同比增长19.1%；扣非净利润13.98亿元，同比增长21.0%； 研 其中Q4单季收入74.92亿元，同比增长19.5%，归母净利润4.33亿元，同比增长24.6%， 市场数据： 2024年03月29日 究 收盘价（元） 35.98 扣非净利润4.02亿元，同比增长28.1%。公司拟向全体股东每10股派发现金红利8元（含 报 一年内最高/最低（元） 50.71/29.75 税），合计拟派发现金红利7.39亿元（含税），2023年公司回购金额3571.95万元，现 告 市净率 4.3 金分红及回购合计7.75亿元，占2023年归母利润比例为50.7%。 息率（分红/股价） - 流通A股市值（百万元） 33239  传统 ...

股 票 研 究 [Table_industryInfo] 林纸产品/原材料 [ Table_Main[晨ITnaf 光bol]e 股_Ti份tle]( 603899) [评Tab级le_：Inv est] 增持 上次评级： 增持 产品渠道多措并举，零售大店增长靓丽 目标价格： 48.24 上次预测： 49.68 公 ——晨光股份2023 年年报点评 当前价格： 35.98 司 王佳(分析师) 2024.03.30 更 010-83939781 [交Ta易bl数e_M据a rket] 新 wangjia025750@gtjas.com 证书编号 S0880524010001 52周内股价区间（元） 30.64-50.04 报 总市值（百万元） 33,339 告 本报告导读： 总股本/流通A股（百万股） 927/924 流通 B股/H股（百万股） 0/0 公司 2023 年业绩符合预期，传统主业依靠产品减量提质和渠道精细运营实现稳健增 流通股比例 100% 长，零售大店盈利表现靓丽，预计伴随门店拓展有望持续贡献业绩增量。 日均成交量（百万股） 3.28 投资要点： 日均成交值（百万元） 112.80 [T ab ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 晨yCo 光mpa 股ny＃份 （ 603899 ） ＃ 000009 ＃title＃ investSug 增持 ( 维ges持tion C）h 2023 年业绩符合预期，传统核心业务毛利率有所提升 ange＃ ＃ createTime1＃ 公 2024年 3月 31日 司 投资要点 点 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年报。①2023年公司实现收入/归母净利润/扣非净利润 评 日期 2024-3-29 分别为233.51/15.27/13.98亿元，同比+16.78%/+19.05%/+21.00%；②其中23Q4 报 收盘价（元） 35.98 实现收入/归母净利润/扣非净利润分别为 74.92/4.33/4.02 亿元，同比 总股本（百万股） 926.60 +19.54%/+24.62%/+28.14%。③分红：拟向全体股东每 10 股派发现金红利 8 告 流通股本（百万股） 923.83 元（含税），分红率 48. ...

Investment Rating - The report maintains a "Buy" rating for Chenguang Stationery (603899 SH) [3] Core Views - Traditional core business shows steady recovery with optimized offline channel operations and accelerated online distribution [3] - Jiumu business demonstrates strong growth with revenue increasing by 51% YoY in 2023, becoming a new growth driver [3] - Kelipu business achieves robust performance with 21 8% YoY revenue growth in 2023, driven by expansion in government and financial clients [3] - Chenguang Technology continues to expand its presence on new e-commerce platforms like Pinduoduo, Douyin, and Kuaishou, with revenue growing 30% YoY in 2023 [3] - The company is actively exploring overseas markets in Africa and Southeast Asia to drive future growth [3] Financial Performance - 2023 revenue reached RMB 23 35 billion, up 16 8% YoY, with net profit attributable to shareholders of RMB 1 53 billion, up 19 1% YoY [3] - Gross margin for writing instruments increased by 2 4 percentage points to 41 9% in 2023 [3] - Jiumu business achieved net profit of RMB 22 91 million in 2023, with a net profit margin of 1 7% [3] - The company forecasts net profit attributable to shareholders of RMB 1 82 billion, RMB 2 14 billion, and RMB 2 51 billion for 2024-2026, respectively [3] Business Segments - Traditional core business generated RMB 9 14 billion in revenue in 2023, up 8% YoY, with writing instruments, student supplies, and office supplies contributing RMB 2 27 billion, RMB 3 47 billion, and RMB 3 49 billion, respectively [3] - Kelipu business achieved revenue of RMB 13 31 billion in 2023, with a gross margin of 7 2% and net margin of 3% [3] - Retail stores expanded to 659 by the end of 2023, with Jiumu stores accounting for 618 locations [3] Valuation - The current stock price implies a PE ratio of 18x, 16x, and 13x for 2024-2026, respectively [3] - The report highlights the company's strong channel moat and growth potential in new businesses as key valuation drivers [3]

Financial Performance - In 2023, the company achieved a revenue of RMB 23.351 billion, representing a year-on-year growth of 16.78%[2] - The net profit attributable to shareholders reached RMB 1.526 billion, with a year-on-year increase of 19.05%[2] - The company's operating revenue for 2023 reached ¥23,351,304,328.03, representing a 16.78% increase compared to ¥19,996,315,623.32 in 2022[18] - Net profit attributable to shareholders for 2023 was ¥1,526,801,727.16, up 19.05% from ¥1,282,456,788.17 in 2022[18] - The net cash flow from operating activities increased by 93.57% to ¥2,616,600,617.09 in 2023, compared to ¥1,351,783,827.08 in 2022[18] - The company's total assets as of the end of 2023 were ¥15,313,962,312.00, a 17.60% increase from ¥13,022,593,379.49 at the end of 2022[20] - Basic earnings per share for 2023 were ¥1.6577, reflecting a 19.48% increase from ¥1.3874 in 2022[21] - The weighted average return on equity for 2023 was 20.97%, an increase of 1.37 percentage points from 19.60% in 2022[21] Business Segments and Growth - The new business segment, Jiuwu Zawushang, generated a revenue of RMB 1.24 billion, growing by 52.58% year-on-year, and the number of stores exceeded 600[2] - The retail large store business saw record high revenue and profit, becoming a new growth point for the company[26] - The office direct sales business continued to grow rapidly, enhancing operational capabilities[26] - Online sales increased by 30%, with revenue from online channels reaching 857 million yuan[29] - The revenue from Jiwu Zawushi reached 1.24 billion yuan, with a year-on-year increase of 52%, marking its first profitable year with a net profit of 25.72 million yuan[32] - The office direct sales segment, Chenguang Keli Pu, reported a revenue of 13.31 billion yuan, up 21% year-on-year, with a net profit of 401.21 million yuan, an 8% increase[34] Strategic Initiatives - The company aims to enhance its technological innovation capabilities and strengthen its core business competitiveness in 2024[2] - The company is focusing on product and technology innovation, channel transformation, and internationalization strategies to maintain sustainable growth[2] - The company is committed to a long-term strategy, focusing on key terminals and expanding its omnichannel layout[2] - The company is actively expanding international markets and leveraging digital tools for organizational upgrades[26] - The company is pushing for a direct supply model to enhance service capabilities and create incremental growth[29] - The company is implementing a multi-channel strategy to improve store quality and increase market share[91] Market Trends and Challenges - The company acknowledges the challenges posed by a complex international environment and domestic economic issues in 2023[2] - The demand for mid-to-high-end stationery products is rising, driven by changes in consumer preferences and a declining birth rate[41] - The domestic market for mid-to-high-end stationery products is continuously growing, providing opportunities for the company[47] - The company faces market risks due to structural changes in the stationery market, which may lead to demand contraction and increased competition if it fails to adapt quickly[96] Corporate Governance and Leadership - The company has a diverse leadership team with extensive experience in the stationery and office supplies industry, including roles in investment and management[108] - The company is led by Chairman Chen Huwen, who has been involved in the stationery manufacturing industry since 1997 and has a background in finance and investment[108] - The company has appointed independent directors with significant experience in law and finance, enhancing its governance structure[108] - The company has a commitment to maintaining a stable leadership team, with many directors and executives having tenures extending to 2026[106] Sustainability and Social Responsibility - The company is committed to sustainable development, emphasizing sustainable products and supply chains[88] - The company invested 2.39 million yuan in environmental protection during the reporting period[143] - The company has implemented carbon reduction measures, achieving a reduction of 6,059 tons of CO2 equivalent emissions[148] - The company made a total donation of 6.08 million yuan for social responsibility projects, benefiting 430,000 people[151] Shareholder Returns and Financial Policies - The company plans to distribute a cash dividend of RMB 0.8 per share (before tax) based on the total share capital as of the dividend distribution date[5] - The total amount for share buybacks reached 150 million yuan, with a proposed cash dividend of 0.8 yuan per share, pending shareholder approval, representing 50% of the net profit attributable to shareholders[38] - The company has distributed over 3.5 billion yuan in cash dividends since its listing in 2015[38] - The total dividend amount, including cash dividends, is ¥774,710,290.56, representing 50.74% of the net profit attributable to ordinary shareholders[135] Research and Development - The company has over 1,200 patents, showcasing its strong capabilities in product design and innovation[55] - The total R&D expenditure for the year was CNY 177,525,143.59, accounting for 0.76% of total revenue[72] - The company has established multiple national-level technology platforms, enhancing its influence across various industries[55] Employee and Workforce Management - The total number of employees in the parent company is 2,583, and in major subsidiaries, it is 3,256, resulting in a total of 5,839 employees[127] - The workforce includes 1,427 production personnel, 1,464 sales personnel, and 503 technical personnel, highlighting a diverse professional composition[127] - The company has established a comprehensive training system to enhance core professional skills among employees[130] Future Outlook - The company plans to achieve a revenue of 27.5 billion yuan in 2024, representing an 18% year-on-year growth[89] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% and an increase in user base to 12 million[163] - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative technology solutions[164]

晨光股份（603899.SH）2023年年报点评 线下回暖，高端化进程现转机 2024年03月30日 [T able_Author] 分析师：徐皓亮 研究助理：杜嘉欣 执业证号：S0100522110001 执业证号：S0100123030012 邮箱：xuhaoliang@mszq.com 邮箱：dujiaxin@mszq.com ➢ 事件：公司发布 23 年年报：公司实现营收/归母净利润/扣非净利润 推荐 维持评级 233.51/15.27/13.98 亿元，同比增长 16.8%/19.1%/21.0%；23Q4 实现营收/ 当前价格： 35.98元 归母净利润/扣非净利润74.92/4.33/4.02亿元，同比增长19.5%/24.6%/28.1%。 ➢ 各项业务稳健增长，零售大店蓬勃发展。2023年，传统核心业务（不含晨 相关研究 光科技，未考虑内部抵减，下同）/晨光科技/科力普/零售大店分别实现收入 1.晨光股份（603899.SH）2023年三季报点 78.53/8.57/133.06/13.35亿元，同比增长4.26%/30.0%/21.74%/51.02%。主 评：大学汛新品表现优异，盈利进入 ...