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晨光股份(603899):一季度经营平稳,提升分红回馈股东,积极布局IP业务
Guoxin Securities· 2025-03-31 14:14
Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a slight decline in revenue in Q4 2024, with a total revenue of 242.3 billion (+3.8%) and a net profit attributable to shareholders of 14.0 billion (-8.6%). The company plans to distribute a cash dividend of 1.0 yuan per share, resulting in a cash dividend payout ratio of 65.6% (+17.2 percentage points) [1][4]. - The traditional core business remains stable, with online and overseas revenues showing significant growth. Online revenue reached 11.4 billion (+33%) and overseas revenue reached 10.4 billion (+21%) in 2024 [2]. - The retail segment, particularly the Morning Glory Life Hall, achieved revenue of 14.8 billion (+10.8%), driven by enhanced retail capabilities and IP product expansion [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 242.3 billion, with a net profit of 14.0 billion. Q4 revenue was 71.1 billion (-5.0%) and net profit was 3.7 billion (-13.5%) [1]. - The company’s gross margin for 2024 was 18.9% (+0.04 percentage points), while the net margin was 5.8% (-0.8 percentage points) [3]. Business Segments - The traditional core business generated revenue of 93.3 billion (+2.1%), with product quality improvements and channel expansions contributing to growth. The writing tools segment saw a revenue increase of 6.9% [2]. - The office direct sales business, represented by Keli Pu, achieved revenue of 138.3 billion (+3.9%) in 2024, despite a decline in Q4 [2]. Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 15.7 billion, 17.7 billion, and 19.5 billion, reflecting a year-on-year growth of 12.6%, 12.3%, and 10.7% respectively [4][5]. - The diluted EPS for the next three years is projected to be 1.7, 1.9, and 2.1 yuan, with corresponding PE ratios of 18.0, 16.1, and 14.5 [4][5].
晨光股份(603899):聚焦产品力与全渠道布局 文具龙头稳中求进
Xin Lang Cai Jing· 2025-03-30 02:29
Core Insights - In 2024, the company achieved a revenue of 24.228 billion yuan, a year-on-year increase of 3.76%, while the net profit attributable to shareholders was 1.396 billion yuan, a decrease of 8.58% [1] - The company is focusing on enhancing product capabilities and optimizing its multi-channel layout, with traditional business showing steady growth despite external pressures [5] Revenue Performance - The company's traditional core business, excluding certain segments, generated approximately 7.774 billion yuan, reflecting a slight decline of about 1% year-on-year [2] - In Q4 2024, the company reported a revenue of 7.114 billion yuan, down 5.04% year-on-year, and a net profit of 374 million yuan, down 13.50% [1] Retail Expansion - The company’s retail business, including the "Morning Light Living Hall" and "Jiumu Miscellaneous Society," generated 1.479 billion yuan in revenue, marking a 10% increase year-on-year [3] - As of 2024, the company operated 779 retail stores nationwide, an increase of 120 stores compared to the previous year [3] Product Segmentation - The company reported revenues of 2.429 billion yuan from writing tools, 3.471 billion yuan from student stationery, and 3.572 billion yuan from office stationery, with respective year-on-year growth rates of 6.86%, 0.14%, and 1.74% [4] - The subsidiary, Keli Pu, achieved a revenue of 13.831 billion yuan, reflecting a 4% increase year-on-year [4] Profitability Metrics - The company's gross margin for 2024 was 18.90%, an increase of 0.04 percentage points year-on-year, while the net margin was 6.00%, a decrease of 1.04 percentage points [4] - The company maintained a stable expense ratio of 11.84%, with sales, management, R&D, and financial expense ratios showing slight increases [4] Future Outlook - The company anticipates revenue growth for 2025-2027, projecting revenues of 27.504 billion yuan, 30.841 billion yuan, and 34.570 billion yuan, with net profits of 1.609 billion yuan, 1.822 billion yuan, and 2.062 billion yuan respectively [5] - The company aims to maintain a "buy" rating based on its focus on product strength and channel optimization despite facing challenges in the stationery industry [5]
晨光股份(603899):2024A年报业绩点评报告:主动回购彰显信心,加大分红回馈股东
ZHESHANG SECURITIES· 2025-03-28 12:10
Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 24.228 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 1.396 billion yuan, a decrease of 8.6% year-on-year [1] - The company actively repurchased shares, demonstrating confidence, and plans to increase the dividend payout ratio, proposing a cash dividend of 1.0 yuan per share, which accounts for 65.6% of net profit [1] - The traditional core business revenue was 8.918 billion yuan, up 2.4% year-on-year, with significant growth in the technology segment [2] - The company is expanding its presence in the overseas market, achieving a revenue of 1.038 billion yuan, a year-on-year increase of 21% [2] - The company’s gross margin improved to 18.9% for 2024, with a notable increase in Q4 gross margin to 16.8% [5] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 24.228 billion yuan, with a year-on-year growth of 3.76% projected for 2025 [14] - The net profit attributable to shareholders for 2024 was 1.396 billion yuan, with a forecasted increase to 1.601 billion yuan in 2025, reflecting a growth of 14.70% [14] - The company’s comprehensive gross margin for 2024 was 18.9%, with a significant improvement in Q4 gross margin to 16.8% [5] Business Segments - The traditional core business generated a revenue of 8.918 billion yuan, with the writing tools segment showing a revenue of 2.429 billion yuan, up 6.9% year-on-year [2] - The company is actively developing its two-dimensional and IP products, which have received positive market feedback [2] - The retail segment, including the Jiuwu and lifestyle stores, reported a revenue of 1.479 billion yuan, with a growth of 11% year-on-year [4] Future Outlook - The company expects to achieve revenues of 26.875 billion yuan, 30.047 billion yuan, and 33.504 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 10.93%, 11.80%, and 11.50% [14] - The net profit is projected to increase to 1.601 billion yuan in 2025, with continued growth expected in subsequent years [14] - The company’s proactive share repurchase and increased dividend distribution reflect a strong long-term growth confidence [12]
晨光股份(603899):2024A业绩点评:业绩有所承压,期待IP赋能激发终端活力
Changjiang Securities· 2025-03-28 09:13
Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved total revenue of 24.228 billion yuan, a year-on-year increase of 4%, while net profit attributable to shareholders decreased by 9% to 1.396 billion yuan, and net profit excluding non-recurring items fell by 12% to 1.234 billion yuan [2][4] - In Q4 2024, total revenue was 7.114 billion yuan, down 5% year-on-year, with net profit attributable to shareholders declining by 14% to 374 million yuan, and net profit excluding non-recurring items dropping 24% to 306 million yuan [2][4] - The company's gross margin increased by 0.04 percentage points to 18.9%, while net profit margin and net profit margin excluding non-recurring items decreased by 0.8 and 0.9 percentage points to 5.8% and 5.1%, respectively [10] - The company is focusing on its "238" strategy, which aims to enhance retail performance and profitability through the introduction of new product lines and IP collaborations [10] Financial Performance Summary - The company’s total revenue for 2024 is projected to be 24.228 billion yuan, with a breakdown of operating costs at 19.650 billion yuan, resulting in a gross profit of 4.578 billion yuan [14] - The company’s operating profit for 2024 is estimated at 1.759 billion yuan, with a net profit of 1.396 billion yuan, leading to an EPS of 1.51 yuan [14] - The company expects to achieve net profits of 1.56 billion yuan, 1.74 billion yuan, and 1.96 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 18, 16, and 15 [10]
晨光股份:公司信息更新报告:2024业绩短暂承压,零售大店拥抱IP成长可期-20250328
KAIYUAN SECURITIES· 2025-03-28 08:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is expected to experience a temporary pressure on performance in 2024, with projected revenue of 24.23 billion yuan (up 3.8% year-on-year) and a net profit attributable to shareholders of 1.4 billion yuan (down 8.6%) [4] - The company is focusing on embracing IP growth in its retail large store segment, which is anticipated to yield positive results in the future [4][6] - The new five-year strategy is expected to support steady development, with traditional core businesses showing stable growth and continuous improvement in profitability [4] Financial Performance Summary - Revenue for 2024 is projected at 242.3 billion yuan, with a net profit of 14.0 billion yuan [4] - The company achieved a revenue of 71.1 billion yuan in Q4 2024, reflecting a decrease of 5.0%, and a net profit of 3.7 billion yuan, down 13.5% [4] - The gross margin for 2024 is expected to remain stable at 18.9%, while the net profit margin is projected to decrease to 6.0% [5] - The company’s revenue breakdown shows traditional core business revenue at 9.33 billion yuan (up 2%), with a significant increase in the revenue from Morning Light Technology at 1.14 billion yuan (up 33%) [6] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.58 billion yuan, 1.76 billion yuan, and 1.95 billion yuan respectively, with corresponding EPS of 1.71 yuan, 1.91 yuan, and 2.11 yuan [4][7] - The current stock price corresponds to a P/E ratio of 18.1 for 2025, 16.3 for 2026, and 14.7 for 2027 [4][7] Business Segment Insights - The retail large store segment achieved a revenue of 1.48 billion yuan in 2024, with a notable increase of 11%, driven by the performance of Jiwu Miscellaneous Society [6] - The company has expanded its retail large store count to 779 by the end of 2024, with a net addition of 120 stores during the year [6]
晨光股份(603899):公司信息更新报告:2024业绩短暂承压,零售大店拥抱IP成长可期
KAIYUAN SECURITIES· 2025-03-28 07:44
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is expected to experience a temporary pressure on performance in 2024, with projected revenue of 24.23 billion yuan (up 3.8% year-on-year) and a net profit attributable to shareholders of 1.4 billion yuan (down 8.6%) [4] - The company is focusing on embracing IP growth in its retail large store segment, which is anticipated to drive future growth [4][6] - The new five-year strategy is expected to support steady development, with traditional core business showing stable growth and continuous improvement in profitability [4] Financial Performance Summary - In 2024, the company achieved a revenue of 242.3 billion yuan and a net profit of 1.4 billion yuan, with a quarterly revenue of 71.1 billion yuan in Q4 2024 (down 5.0%) and a net profit of 370 million yuan (down 13.5%) [4] - The gross margin for 2024 was 18.9%, with a slight increase in Q4 to 16.8% [5] - The net profit margin for 2024 was 6.0%, down 1.0 percentage points [5] Revenue Breakdown - The traditional core business generated revenue of 93.3 billion yuan (up 2%), with a significant increase in revenue from Morninglight Technology at 11.4 billion yuan (up 33%) [6] - The company successfully expanded its customer base in various sectors, including military and energy, contributing to a revenue of 138.3 billion yuan from Morninglight Kolip [6] - The retail large store segment achieved revenue of 14.8 billion yuan (up 11%), with the Jiwu Miscellaneous Store contributing 14.1 billion yuan (up 13.4%) [6] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.58 billion yuan, 1.76 billion yuan, and 1.95 billion yuan respectively, with corresponding EPS of 1.71 yuan, 1.91 yuan, and 2.11 yuan [4][7] - The current stock price corresponds to P/E ratios of 18.1, 16.3, and 14.7 for 2025-2027 [4][7]
晨光股份(603899):坚持长期主义,积极拥抱IP
Tianfeng Securities· 2025-03-27 14:11
公司报告 | 年报点评报告 晨光股份(603899) 证券研究报告 坚持长期主义,积极拥抱 IP 公司发布 2024 年年报 2024Q4 公司实现收入71.14 亿,同比-5.0%;归母净利润3.74 亿,同比-13.5%; 扣非归母净利润 3.06 亿,同比-23.9%; 2024 年,公司实现营业收入 242.28 亿元,同比+3.76%;归母净利润 13.96 亿元,同比-8.58%;扣非归母净利润 12.34 亿,同比-11.8%;扣除股份支付 后的归属于上市公司股东的净利润 14.46 亿元,同比-2.81%。 24 年经营承压主要系外部环境复杂性及不确定性上升,市场形势变化,有 效需求不足,消费者消费偏好、购买习惯和消费场景持续变化;公司巩固 传统核心业务竞争优势,持续发展壮大新业务,并积极拓展国际市场。 24 年公司拟分红 9.2 亿元,分红比例 65.6%,此外 24 年 8 月-25 年 2 月公 司回购 1.5 亿元,积极分红+回购维护股东权益。 传统业务:聚焦产品力提升,积极拓展 IP 及二次元产品 2024 年公司书写工具/学生文具/办公文具收入 24.29 亿/34.71 亿/35 ...
晨光股份(603899):24 年营收个位数增长,线上、海外业务发力
Yin He Zheng Quan· 2025-03-27 12:24
Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative performance increase of over 10% compared to the benchmark index [7]. Core Insights - The company is continuously optimizing its traditional core business layout, adjusting product structure, and enhancing channel efficiency. The retail large store business is steadily expanding, and the office direct sales business is deepening, which is expected to sustain growth in the future [7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.73, 1.95, and 2.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17X, 15X, and 14X [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 24,228.25 million yuan - 2025E: 27,416.61 million yuan (growth of 13.16%) - 2026E: 30,666.37 million yuan (growth of 11.85%) - 2027E: 34,017.35 million yuan (growth of 10.93%) [7][9] - **Net Profit Forecast**: - 2024A: 1,395.84 million yuan - 2025E: 1,599.00 million yuan (growth of 14.55%) - 2026E: 1,805.23 million yuan (growth of 12.90%) - 2027E: 2,024.20 million yuan (growth of 12.13%) [7][9] - **Gross Margin**: - 2024A: 18.90% - 2025E: 18.86% - 2026E: 18.67% - 2027E: 18.43% [7][9] - **Key Financial Ratios**: - Return on Equity (ROE) is projected to increase from 15.67% in 2024A to 18.40% in 2027E [9]. - The company's debt-to-equity ratio is expected to rise from 43.11% in 2024A to 45.23% in 2027E [9]. Market Data - The company's stock code is 603899.SH, with a closing price of 30.13 yuan and a market capitalization of 27.835 billion yuan as of March 26, 2025 [4].
晨光股份(603899):24年营收个位数增长 线上、海外业务发力
Xin Lang Cai Jing· 2025-03-27 06:37
事件:公司发布2024年年度报告。2024年,公司实现营收242.28亿元,同比+3.76%;归母净利润 13.96亿元,同比-8.58%;扣除股份支付后归母净利润14.46亿元,同比-2.81%。24Q4,公司实现营收 71.14亿元,同比-5.04% 归母净利润3.74亿元,同比-13.5%;扣非净利润3.06亿元,同比-23.92%。 毛利率同比略有改善,费用率提升致扣非净利率受损。 2024年,公司综合毛利率为18.9%,同比+0.04Pct。24Q4,单季毛利率为 16.78%,同比+1.15pct, 环比-3.68pct。 零售大店新业务稳健发展。九木杂物社线下门店数量稳步增加,门店在产品组合、精细化运营以及 消费者洞察及服务等方面继续提升。线上业务多渠道发展,天猫、拼多多、抖音、社区电商、即时零售 等新型渠道均有提升。产品方面,IP类(二次元、容子及周边衍生品)产品资源投入和销售占比均有提 升;晨光产品和自有品牌的占比提升。 报告期内,晨光生活馆(含九木杂物社)实现营业收入14.79亿元,同比增长 10%,其中,九木杂 物社实现营业收入14.06亿元,同比增长13%。截至报告期未,公司在全国拥有 ...
晨光股份(603899):24年营收个位数增长,线上、海外业务发力
Yin He Zheng Quan· 2025-03-27 06:27
⚫ ⚫ ⚫ ⚫ ⚫ | 市场数据 | 2025-3-26 | | --- | --- | | 股票代码 | 603899.SH | | A 股收盘价(元) | 30.13 | | 上证指数 | 3,368.70 | | 总股本(万股) | 92,383 | | 实际流通 A 股(万股) | 92,383 | | 流通 A 股市值(亿元) | 278.35 | -40% -20% 0% 20% 40% 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 晨光股份 沪深300 公司点评报告 · 轻工行业 国银河证券|CGS 金融客户方面,新入围华夏银行、泰康保险和阳光保险等项目,进一步扩大在 金融领域的优势。 MRO 工业品方面,对已合作项目做到持续深挖,在国家电投、三峡集团、中 国有色和电气装备等多个项目上拓宽新的业务边界。 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...