1、基本信息 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市， 首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券 服务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格， 并已向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员 总数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。 上海晨光文具股份有限公司 对会计师事务所 2023 年度履职情况的评估报告 上海晨光文具股份有限公司（以下简称"公司"）聘请立信会计师事务所 （特殊普通合伙）（以下简称"立信"）作为公司 2023 年度年报审计机构。根 据《国有企业、上市公司选聘会计师事务所管理办法》，公司对立信 2023 年度 审计履职情况进行评估。经评估，公司认为立信资质等方面合规有效，履职保 持独立性，勤勉尽责，公允表达意见，具体情况如下： 一、资质条件 立信 2023 年业务收入（未经审计）46.14 ...

%% 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company achieved a revenue of 23.351 billion yuan in 2023, representing a year-on-year increase of 16.78%, and a net profit of 1.527 billion yuan, up 19.05% year-on-year [3][7] - The traditional core business showed stable growth, with revenue of approximately 9.136 billion yuan, a year-on-year increase of about 7.55% [4][8] - The retail segment, particularly the "Jiumu Miscellaneous Society," saw significant growth, achieving revenue of 1.335 billion yuan, a 51% increase, and marking its first profitable year [4][8] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 7.492 billion yuan, a year-on-year increase of 19.54%, and a net profit of 433 million yuan, up 24.62% year-on-year [3][7] - The company’s gross margin for 2023 was 18.86%, a decrease of 0.50 percentage points year-on-year, while the net profit margin was 7.04%, an increase of 0.26 percentage points year-on-year [9] Business Segments - The traditional core business and "Chenguang Technology" achieved revenues of 8.57 billion yuan, growing by 30% year-on-year [4][8] - The "Jiumu Miscellaneous Society" achieved revenue of 1.24 billion yuan, a 52% increase, and a net profit of 25.72 million yuan [4][8] Future Outlook - The company is expected to generate revenues of 27.173 billion yuan, 31.608 billion yuan, and 36.858 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.829 billion yuan, 2.126 billion yuan, and 2.456 billion yuan [10][11] - The company maintains a focus on enhancing product strength and optimizing its structure, with a clear second growth curve emerging from its retail expansion [10][11]

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. ...

Investment Rating - The investment rating for the company is "Buy" [1][3][11] Core Views - The company achieved a year-on-year revenue growth of 16.78% in 2023, reaching 23.35 billion, and a net profit growth of 19.05%, totaling 1.53 billion [1][2] - The traditional core business showed steady recovery, with revenue from writing instruments, student stationery, and office supplies increasing by 4.8%, 8.6%, and 8.9% respectively [1] - The retail large store segment reported a record revenue of 1.34 billion, marking a 51.1% increase and achieving profitability for the first time [1] - The company plans to distribute a cash dividend of 0.8 yuan per share, with total cash dividends and share buybacks accounting for 50% of net profit [1] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 23.35 billion, a 16.78% increase from the previous year, and a net profit of 1.53 billion, up 19.05% [1][2] - The fourth quarter of 2023 saw revenue of 7.49 billion, a 19.54% increase year-on-year, and a net profit of 433 million, reflecting a 24.62% growth [1] Business Segments - The traditional core business generated revenue of 9.14 billion, with a year-on-year growth of 7.5% [1] - The Keli Pu segment maintained rapid growth, achieving revenue of 13.31 billion, a 21.8% increase, and a net profit of 400 million [1] - The retail large store segment, including Jiwu & Life Hall, reached a revenue of 1.34 billion, with Jiwu contributing 1.24 billion and achieving a net profit of 26 million for the first time [1] Profitability and Cost Control - The company's gross margin slightly decreased by 0.5 percentage points to 18.9%, while net margin increased by 0.1 percentage points to 6.5% [1] - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios showing improvements [1] Future Outlook - The company expects net profit for 2024-2026 to be 1.85 billion, 2.19 billion, and 2.53 billion respectively, with year-on-year growth rates of 21%, 19%, and 15% [1][2] - The diluted EPS is projected to be 1.99, 2.37, and 2.73 yuan for the same period, with corresponding PE ratios of 18, 15, and 13 times [1][2]

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 ...