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 ...

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 "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 ...