%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨晨光股份（ ） 603899.SH [晨Ta光b股le_份Tit2le02] 3A 年报点评：传统零售变革之年 经营质量提升，多条成长曲线开始发力 报告要点 [公Ta司ble2_0S23um年m实a现ry]营收/归母净利润/扣非净利润233.51/15.27/13.98亿元，同增17%/19%/21%； 其中2023Q4实现营收/归母净利润/扣非净利润74.92/4.33/4.02亿元，同增20%/25%/28%。 公司2023年度计划分红总额7.74亿元（含税），分红比例50.74%。公司2024年计划实现营 收275亿元，同增18%。2023Q4经营性净现金流12.69亿元，同比+205%，预计主因科力普 ...

产品结构升级重回正轨，杂物社增长靓丽扭亏为盈 晨光股份（603899.SH）/轻工 证券研究报告/公司点评 2024年3月31日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及估值 市场价格：35.98元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 19,996 23,351 27,869 33,269 39,059 分析师：张潇 增长率yoy% 13.6% 16.8% 19.3% 19.4% 17.4% 执业证书编号：S0740523030001 净利润（百万元） 1,282 1,527 1,803 2,133 2,486 Email：zhangxiao06@zts.com.cn 增长率yoy% -15.5% 19.1% 18.1% 18.3% 16.6% 每股收益（元） 1.38 1.65 1.95 2.30 2.68 分析师：邹文婕 每股现金流量 1.46 2.82 1.94 2.47 2.95 执业证书编号：S0740523070001 净资产收益率 17.7% 18.3% 18. ...

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%， ...

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 - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a revenue of 23.35 billion yuan for 2023, reflecting a year-on-year growth of 16.8%. The net profit attributable to shareholders was 1.53 billion yuan, up 19.1% from the previous year [6][7]. - The traditional core business showed steady growth, with a revenue of 7.85 billion yuan in Q4 2023, marking a 19.5% increase year-on-year. The company is focusing on enhancing its product offerings and optimizing its sales channels [6][10]. - The company is actively expanding its overseas market presence, achieving 0.85 billion yuan in overseas revenue, which is a 21.6% increase year-on-year, contributing to 3.7% of total revenue [6][10]. Financial Performance - In 2023, the company achieved a gross profit margin of 18.9%, with a slight decrease of 0.5 percentage points compared to the previous year. The net profit margin was 6.5%, showing a slight improvement [9][11]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares, totaling 739 million yuan, which represents 50.7% of the net profit for the year [6][7]. - Revenue projections for the next few years are optimistic, with expected revenues of 27.91 billion yuan in 2024, 33.07 billion yuan in 2025, and 39.08 billion yuan in 2026, reflecting a compound annual growth rate of approximately 18.2% [7][11]. Business Strategy - The company is enhancing its product structure and focusing on high-quality retail channels to drive growth. It aims to optimize its product offerings and improve sales efficiency through digital tools [6][10]. - The retail segment, particularly the "Jiuwu" brand, has shown significant growth, with a revenue increase of 51.0% in 2023, indicating strong market demand and operational improvements [6][10]. - The company is committed to diversifying its sales channels and adapting to changing consumer preferences, with a focus on both traditional and online sales strategies [10].

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]

Investment Rating - The report maintains an "Overweight" rating for the company [6][10]. Core Views - The company reported 2023 results in line with expectations, with revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses reaching 23.351 billion, 1.527 billion, and 1.398 billion yuan respectively, representing year-on-year growth of 16.78%, 19.05%, and 21.00% [6][7]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares, with a dividend payout ratio of 48.40% and a dividend yield of 2.22% based on the closing price on March 29, 2024 [6][7]. - The traditional core business showed a recovery in profit margins, with a net profit margin increase of 1.1 percentage points to 12.7% in 2023 [4][6]. Summary by Sections Revenue Performance - In 2023, the traditional core business (excluding sales to KeliPu and retail stores) achieved a revenue growth of 6.4%, while KeliPu and retail stores grew by 21.8% and 51.0% respectively [6][4]. - In Q4 2023, the traditional core business, KeliPu, and retail stores saw revenue growth of 3.8%, 24.8%, and 81.1% respectively [6][4]. Profitability - The company's gross margin and net margin for 2023 were 18.86% and 6.54%, showing a year-on-year change of -0.50 and +0.12 percentage points [6][4]. - In Q4 2023, the gross margin and net margin were 15.63% and 5.78%, with year-on-year increases of 0.91 and 0.24 percentage points [6][4]. Cash Flow - The company achieved a significant improvement in operating cash flow, with a net operating cash flow of 2.617 billion yuan in 2023, up 93.57% year-on-year [6][4]. Future Projections - The company expects revenue for 2024 and 2025 to be 27.54 billion and 31.40 billion yuan, representing year-on-year growth of 17.9% and 14.0% respectively [6][7]. - The projected net profit attributable to shareholders for 2024 and 2025 is 1.84 billion and 2.11 billion yuan, with growth rates of 20.5% and 14.6% respectively [6][7].

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 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 23.351 billion yuan in 2023, representing a year-on-year growth of 16.78%. The net profit attributable to shareholders was 1.527 billion yuan, up 19.05% year-on-year [1]. - The fourth quarter of 2023 saw a revenue of 7.492 billion yuan, with a year-on-year increase of 19.54%, and a net profit of 433 million yuan, growing 24.62% year-on-year [1]. - The comprehensive gross margin for 2023 was 18.86%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved to 7.04%, an increase of 0.26 percentage points year-on-year [1]. - The traditional core business grew steadily, with a revenue of 8.709 billion yuan in 2023, a year-on-year increase of 6.43% [1]. - The retail large store business showed significant growth, achieving a revenue of 1.335 billion yuan in 2023, up 51.03% year-on-year, and turning profitable [1]. - The office direct sales business also grew steadily, with a revenue of 13.307 billion yuan in 2023, a year-on-year increase of 21.75% [1]. Summary by Sections Financial Performance - Total revenue for 2023 was 23.351 billion yuan, with a year-on-year growth of 16.78% [2]. - Net profit attributable to shareholders was 1.527 billion yuan, reflecting a year-on-year increase of 19.05% [2]. - The company expects earnings per share (EPS) to be 1.98, 2.35, and 2.77 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 18X, 15X, and 13X [2]. Business Segments - The traditional core business generated a revenue of 8.709 billion yuan in 2023, growing 6.43% year-on-year [1]. - The retail large store segment achieved a revenue of 1.335 billion yuan, with a significant year-on-year growth of 51.03% [1]. - The office direct sales segment reported a revenue of 13.307 billion yuan, marking a year-on-year increase of 21.75% [1]. Future Outlook - The company is expected to continue optimizing its traditional core business layout and enhance product structure and channel efficiency [1]. - The projected revenues for 2024, 2025, and 2026 are 28.129 billion yuan, 33.629 billion yuan, and 39.791 billion yuan respectively, with growth rates of 20.46%, 19.55%, and 18.32% [2].