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 ...

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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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [5][6][17]. Core Insights - The company reported a revenue of 5.49 billion, a year-on-year increase of 12.4%, and a net profit attributable to shareholders of 0.38 billion, up 13.9% year-on-year, reflecting stable performance in both revenue and profit [1]. - The traditional channel revenue reached 2.19 billion, growing 11.6% year-on-year, with significant contributions from writing tools and student stationery categories [1]. - The company is focusing on optimizing its product offerings and enhancing the quality of its stores, which has led to improved sales of essential and high-value products [1]. - The report highlights the successful expansion of the company's new channel businesses, including platforms like Pinduoduo and Douyin, with a notable revenue increase of 32.7% in the first quarter [1]. Financial Performance Summary - For Q1 2024, the company achieved a gross margin of 20.2%, a year-on-year increase of 0.5 percentage points, and a net margin of 7.4%, slightly down by 0.1 percentage points [4]. - The operating cash flow for Q1 2024 was 0.07 billion, a decrease of 0.07 billion year-on-year, primarily due to increased payment for goods [4]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.81 billion, 2.15 billion, and 2.55 billion respectively, with corresponding P/E ratios of 18, 15, and 13 [5][10].

Q1业绩稳健增长，传统业务持续修复 晨光股份（603899.SH）/轻工 证券研究报告/公司点评 2024年4月29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：35.19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% 18.3% 18 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2024 performance met expectations, with strong growth in retail large stores and online channels, leading to a positive outlook for the next five years under its new strategic plan [2][3] - The company is expected to see continuous improvement in profitability and stable growth in its traditional core business [2][3] Financial Performance Summary - In Q1 2024, the company achieved a revenue of 5.49 billion yuan, representing a year-on-year increase of 12.4% [8] - The net profit attributable to the parent company for Q1 2024 was 380 million yuan, with an EPS forecast of 1.98/2.28/2.63 for 2024-2026 [2][5] - The gross margin for Q1 2024 was 20.2%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 7.4%, a slight decrease of 0.1 percentage points [3][5] Revenue Breakdown - Revenue from writing tools, student stationery, office supplies, and office direct sales in Q1 2024 was 5.6 billion, 8.5 billion, 9.0 billion, and 29.5 billion yuan respectively, with year-on-year growth rates of 15.7%, 17.1%, 6.4%, and 11.6% [4] - The online channel revenue (Morningside Technology) reached 250 million yuan, growing by 32.7%, while the retail large store business generated 370 million yuan, up by 23.5% [4] - The office direct sales business (Keli Pu) saw revenue of 29.5 billion yuan, with a growth rate of 11.6%, indicating short-term pressure but potential recovery with economic improvement [4] Financial Forecasts - The company is projected to achieve revenues of 27.685 billion, 32.363 billion, and 37.246 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18.6%, 16.9%, and 15.1% [5][9] - The net profit attributable to the parent company is expected to be 1.834 billion, 2.115 billion, and 2.434 billion yuan for the same years, with growth rates of 20.1%, 15.4%, and 15.0% [5][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [10]. Core Insights - The company reported a revenue of 5.485 billion yuan for Q1 2024, reflecting a year-on-year growth of 12.4%, and a net profit of 380 million yuan, up 13.9% year-on-year [6][8]. - The traditional core business showed strong online growth, with a revenue increase of 9.5% year-on-year, while the technology segment grew by 32.7% [6]. - The company is focusing on enhancing its product structure and optimizing its supply chain, which has led to improved gross margins across its product categories [9][10]. Summary by Sections Market Data - Closing price: 34.2 yuan - One-year high/low: 47.58/29.75 yuan - Market capitalization: 31,595 million yuan [2]. Financial Data - Total revenue for 2023: 23,351 million yuan, with a projected increase to 27,835 million yuan in 2024 [11]. - Net profit for 2023: 1,527 million yuan, expected to rise to 1,784 million yuan in 2024 [11]. - Gross margin for Q1 2024: 20.2%, an increase of 0.5 percentage points year-on-year [9]. Business Performance - The retail segment, particularly the "九木" stores, saw a revenue increase of 23.5% year-on-year, with a total of 678 retail stores by the end of Q1 2024 [7]. - The company is actively expanding its overseas market presence, focusing on localized product development in regions like Africa and Southeast Asia [6][10].

Investment Rating - The investment rating for the company is "Buy" [1][4][16] Core Views - The company's traditional core business continues to show positive trends, with stable growth in revenue and profit. In Q1 2024, the company achieved revenue of 5.485 billion (+12.37%) and a net profit attributable to shareholders of 380 million (+13.87%) [1] - The report highlights the resilience of the company's profitability, driven by structural adjustments and product category expansions, leading to a slight increase in gross margin [1] - The company is expected to maintain robust growth in its core business, with a focus on high-end products and scale effects enhancing profitability [1] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 5.485 billion, a year-on-year increase of 12.37%, and a net profit of 380 million, up 13.87% [1] - The gross margin improved slightly to 20.2%, reflecting structural enhancements from product optimization and a focus on classic bestsellers [1] - The company anticipates net profits for 2024-2026 to be 1.821 billion, 2.149 billion, and 2.494 billion respectively, with year-on-year growth rates of 19%, 18%, and 16% [1][2] Product Performance - The writing tools segment generated revenue of 560 million (+15.7%) with a gross margin of 43.8%, while student stationery revenue reached 850 million (+17.1%) with a gross margin of 34.7% [1] - The office supplies segment saw slower growth, with revenue of 900 million (+6.4%) and a gross margin of 27.5% [1] - The company continues to enhance its product offerings and optimize sales strategies, contributing to the growth of its core products [1] Market Position and Strategy - The company is expanding its retail presence, with 678 retail stores nationwide, including 639 under the Jiwu brand, which is expected to enhance retail capabilities [1] - The report emphasizes the company's effective cost control, with a slight increase in the expense ratio to 12.0% [1] - The company is positioned to benefit from the growth of its direct sales and retail store segments, which are expected to develop rapidly [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion for investment [6]. Core Views - The company reported a revenue of 5.485 billion yuan, a net profit attributable to shareholders of 380 million yuan, and a net profit excluding non-recurring items of 328 million yuan for Q1 2024, representing year-on-year growth of 12.37%, 13.87%, and 11.10% respectively [4][6]. - The revenue growth in Q1 2024 fell short of the annual guidance of 18%, primarily due to slower growth in traditional office supplies and a temporary slowdown in the KOLIP business, while writing tools and student stationery performed well [4][6]. - The gross margin improved year-on-year, with the overall gross margin at 20.17% and net margin at 6.92%, reflecting a slight increase of 0.49 percentage points and 0.09 percentage points respectively [4][6]. Summary by Sections Revenue Performance - Traditional core business saw online growth outperforming offline, with writing tools and student stationery showing strong revenue and profit performance. In Q1 2024, the growth rates for writing tools, student stationery, and office supplies were 15.74%, 17.12%, and 6.41% respectively [4]. - The KOLIP business generated revenue of 2.95 billion yuan in Q1 2024, with a year-on-year growth of 11.59%, although the growth rate has slowed due to short-term demand pressures [4]. Retail Business - The retail segment, particularly the Jiumu miscellaneous store, maintained profitability with a revenue increase of 25.05%, driven by store expansion [5]. - As of Q1 2024, the company operated 678 retail stores nationwide, with a 27% increase in store count [5]. Financial Projections - The company adjusted its earnings forecast, projecting revenues of 27.554 billion yuan and 31.408 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 1.757 billion yuan and 1.987 billion yuan [6][7]. - The projected PE ratios for 2024 and 2025 are 18.0 and 15.9 times, respectively [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 34.20 yuan [3]. Core Insights - The company achieved revenue of 5.485 billion yuan in Q1 2024, with a year-on-year growth of 12.37% [1]. - The new business segments showed strong revenue growth, while the traditional core business also experienced double-digit growth [1]. - The gross profit margin for Q1 2024 was 20.17%, with a slight year-on-year increase of 0.5 percentage points [2]. - The company is focusing on product optimization and channel development, leveraging digital tools for targeted promotions [2]. - The forecasted net profit for 2024 is 1.799 billion yuan, reflecting a growth rate of 17.8% [3]. Financial Performance - In Q1 2024, the company reported a net profit attributable to shareholders of 380 million yuan, up 13.88% year-on-year [1]. - The revenue breakdown for Q1 2024 includes 2.47 billion yuan from Morninglight Technology, 29.47 billion yuan from Keli Pu, and 3.71 billion yuan from Morninglight Life Hall, with respective growth rates of 32.7%, 11.6%, and 23.53% [1]. - The company plans to open approximately 100 new stores in 2024, expanding its retail presence [1]. Product and Market Strategy - The company is committed to refining its product offerings and enhancing profitability in its mass-market products, particularly in writing instruments and student stationery [2]. - The management strategy includes lean management practices and digital system enhancements to improve supply chain efficiency [2]. - The company is exploring differentiated marketing strategies on platforms like Tmall and Douyin to expand its online presence [2].