证券代码：603899 证券简称：晨光股份 公告编号：2025-003 上海晨光文具股份有限公司 关于股份回购实施结果暨股份变动的公告 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 个月 6 | | 预计回购金额 | 万元~30,000 万元 15,000 | | 回购价格上限 | 42 元/股 | | 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 | | 实际回购股数 | 517.5 万股 | | 实际回购股数占总股本比例 | 0.56% | | 实际回购金额 | 万元 15,001.92 | | 实际回购价格区间 | 25.29 元/股~33.31 元/股 | 一、 回购审批情况和回购方案内容 上海晨光文具股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开了 第六届董事会第八 ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-002 一、 回购股份的基本情况 上海晨光文具股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开了 第六届董事会第八次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金通过集中竞价交易方式回购公司股份，用于 实施员工持股计划或股权激励。本次回购的资金总额不低于人民币 15,000 万元（含） 且不超过人民币 30,000 万元（含），回购价格不超过人民币 42 元/股（含）。回购 期限为自董事会审议通过回购股份方案之日起6个月内。具体内容详见公司于2024 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《上海晨光文具股 份有限公司关于以集中竞价交易方式回购公司股份方案暨回购报告书的公告》（公 告编号：2024-027）。 二、 回购股份的进展情况 根据《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，现将公司回购股份的进展情况公告如下： 1、2025 年 1 月，公司通过集中竞价交易方式累计回购公司股份 118 ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-038 上海晨光文具股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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~30,000 万元 15,000 | | 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 245.5 | | 累计已回购股数占总股本比例 | 0.27% | | 累计已回购金额 | 万元 7,062.71 | | 实际回购价格区间 | 元/股~33.31 元/股 25.29 | 一、 回购股份的基本情况 上海晨光文具股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开了 第六届董事会第八次会议，审议通过了《关于以集中竞价交 ...

（603899.SH）:23Q4 继续 [Table_Contacts] [Table_Title] 晨光股份（603899.SH） 经营整体稳健，盈利短期承压，期待回暖 [Table_Summary] 核心观点： ⚫ 公司经营稳健，盈利略有承压。2024Q1-3 公司实现营业收入 171.1 亿 元，同比+7.9%；归母净利 10.2 亿元，同比-6.6%；扣非净利 9.3 亿 元，同比-6.8%。24Q3 营业收入 60.6 亿元，同比+2.8%；归母净利润 3.9 亿元，同比-20.6%；扣非净利 3.6 亿元，同比-20.4%。 ⚫ 经营整体稳健。（1）传统业务：传统业务 24Q1-3 收入预计稳增，产 品端聚焦核心品类，提升新品研发产品质量，渠道端聚焦重点终端、提 升单店效益，尽管消费习惯快速变化，但公司保持产品与收入改善，传 统业务稳中有增。晨光科技 24Q1-3 收入 88.19 亿元，同比+34.19%， 公司加速电商投放，跨平台扩张，实现渠道增量布局。（2）科力普： 24Q1-3 收入 91.58 亿元，同比+10.07%，办公一站式、MRO 工业品、 营销礼品和员工福利四大板块多元发展，尽 ...

Group 1: Financial Performance and Challenges - Despite stable revenue and net profit in recent years, gross margin and cash flow as a percentage of revenue have been declining, leading to investor concerns about future growth and a prolonged low stock price [1] - The company is implementing lean management to enhance efficiency and reduce costs, extending the MBS management system from production to business management [1] - The overall change in gross margin is primarily due to structural impacts, with lower margins from the KOLIPU direct sales business affecting the overall gross margin as its revenue grows [1] Group 2: Strategic Initiatives and Innovations - The company is focusing on technological and product innovation, adjusting its structure, expanding product categories, and enhancing market share through digital transformation and all-channel strategies [1] - In response to the national push for "new quality productivity" and digital transformation, the company emphasizes consumer-centric approaches and the construction of a big data platform for informed business decisions [2] Group 3: Expansion and Market Adaptation - The company plans to maintain an opening speed of over 100 stores for the Jiumu Miscellaneous Society, focusing on product mix, refined operations, and consumer insights to enhance profitability [2] - The company is actively promoting online strategies, with tailored product strategies for different platforms to improve efficiency and sales through refined operations and product line expansion [2] Group 4: ESG and Sustainability Efforts - The company is committed to sustainable development, focusing on sustainable products, climate change response, sustainable supply chains, and empowering employees and communities [2] - The company encourages feedback on its membership card marketing design and is committed to improving consumer experience through staff training [2]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 39.80 CNY [6][14]. Core Views - The company has shown steady revenue growth, with a reported revenue of 17.114 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 7.91%. However, the net profit attributable to shareholders decreased by 6.63% to 1.022 billion CNY during the same period [2][12]. - The company is undergoing active reforms to adapt to market pressures, focusing on product quality enhancement, channel optimization, and brand influence improvement [3][4]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 24.8529 billion CNY, 27.9627 billion CNY, and 31.4705 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 6.43%, 12.51%, and 12.54% [14][15]. Financial Performance - For the first three quarters of 2024, the company's gross margin was 19.78%, a decrease of 0.61 percentage points year-on-year. The gross margin for Q3 2024 was 20.46%, down 1.40 percentage points year-on-year [12]. - The company managed to control its expense ratio well, with a total expense ratio of 12.43% for the first three quarters of 2024, an increase of 0.58 percentage points year-on-year [13]. - The net profit margin for the first three quarters of 2024 was 6.24%, a decline of 1.13 percentage points year-on-year [13]. Market Strategy - The company is actively expanding its international market presence and optimizing its retail operations to adapt to changing consumer habits [3][4]. - The company has implemented a multi-channel strategy, enhancing its online business through platforms like Pinduoduo, Douyin, and Kuaishou, which has contributed to a significant increase in online sales [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][12] Core Views - The company reported steady revenue growth in Q3 2024, with a total revenue of 60.6 billion (+2.8% YoY) and a net profit of 3.9 billion (-20.6% YoY) [1] - The decline in profitability is attributed to structural changes in business and product categories, alongside weak external demand and reduced customer traffic [1] - The traditional core business saw a revenue of 68.4 billion (+4.4% YoY) in the first three quarters of 2024, while online sales surged with a revenue of 8.8 billion (+34.2% YoY) [1] - The company is optimistic about the recovery of its office direct sales and retail stores as procurement normalizes and bidding processes resume [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved a total revenue of 171.1 billion (+7.9% YoY) and a net profit of 10.2 billion (-6.6% YoY) [1] - The gross profit margin for Q3 2024 was 20.5%, down 1.4 percentage points YoY, primarily due to an increase in low-margin product sales [1] - The company expects net profits for 2024-2026 to be 15.3 billion, 17.3 billion, and 19.2 billion respectively, with a diluted EPS of 1.7, 1.9, and 2.1 [1][2] Market Position and Strategy - The company has expanded its retail presence, with a total of 740 retail stores nationwide, including 702 stores under the "Ji Mu" brand, which saw a net increase of 84 stores since the beginning of the year [1] - The company aims to optimize its product mix and enhance store operations to strengthen the "Ji Mu" brand as a key element of its product upgrade strategy [1] - The current stock price corresponds to a PE ratio of 18.5, 16.4, and 14.8 for the years 2024, 2025, and 2026 respectively [2][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY over the next six months [1][6]. Core Insights - The company reported a revenue of 17.11 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 7.9%. However, the net profit attributable to shareholders decreased by 6.6% to 1.02 billion CNY [1]. - The company's online business is growing rapidly, while traditional business faces pressure due to external consumption weakness. The retail segment, particularly the "Jiwu Zawushang" stores, showed a revenue increase of 15.43% [1]. - The company is focusing on key product categories to enhance consumer satisfaction and is leveraging digitalization to improve market responsiveness [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.06 billion CNY, a 2.8% increase year-on-year, but the net profit fell by 20.6% to 390 million CNY [1]. - The gross margin for the first three quarters was 19.8%, down 0.6 percentage points year-on-year, while the total expense ratio increased to 12.4% [1]. - The company’s operating cash flow for the first three quarters was 1.42 billion CNY, reflecting a 5.5% increase year-on-year [1]. Business Segment Analysis - The revenue from the retail segment reached 1.12 billion CNY, with a growth of 13.1%, while the "Chenguang Technology" segment saw a 34.2% increase in revenue to 880 million CNY [1]. - The company is expanding its retail store network, with a total of 740 stores by the end of Q3, including 702 "Jiwu Zawushang" stores [1]. - The company is also focusing on enhancing its direct sales business, which is expected to grow rapidly due to improved management efficiency and market expansion [5][6]. Earnings Forecast and Valuation - The expected EPS for 2024, 2025, and 2026 are 1.63 CNY, 1.92 CNY, and 2.27 CNY respectively, with corresponding PE ratios of 18, 15, and 13 [1][5]. - The report anticipates steady revenue growth driven by the expansion of retail stores and the direct sales business [1][6].

上海晨光文具股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发 布公司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日下午 15:00-16:30 参加 2024 年上海辖区上市公司三季报集体业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 说明会的公告 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： 证券代码：603899 证券简称：晨光股份 公告编号：2024-037 上海晨光文具股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩 1、投资者可在 2024 年 11 月 13 日（星期三）下午 15:00-16:30，通过互联 网登录上证路演中心（https://roadshow.sseinfo.com/）或关注微信公众号上 证路演中心，在线参与本次业绩说明会，公司将及时回答投资者的提问。 2、投资者可于 2024 年 11 月 12 日（星期二）16:00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, with a notable performance in its online business. The third quarter revenue reached 6.01 billion yuan, reflecting a year-on-year increase of 7.91% [1] - The net profit attributable to the parent company for the third quarter was 1.022 billion yuan, a decrease of 6.63% year-on-year. The adjusted net profit was 928 million yuan, down 6.84% year-on-year [1] - The report indicates that the gross profit margin has come under pressure, decreasing by 0.61 percentage points to 19.78% year-on-year, while the net profit margin also fell by 1.12 percentage points [1] Financial Performance Summary - Revenue Forecasts: - 2023A: 23,351 million yuan - 2024E: 25,483 million yuan (growth rate of 9%) - 2025E: 29,069 million yuan (growth rate of 14%) - 2026E: 33,091 million yuan (growth rate of 14%) [1] - Net Profit Forecasts: - 2023A: 1,527 million yuan - 2024E: 1,562 million yuan (growth rate of 2%) - 2025E: 1,798 million yuan (growth rate of 15%) - 2026E: 1,959 million yuan (growth rate of 9%) [1] - Earnings Per Share (EPS): - 2023A: 1.65 yuan - 2024E: 1.69 yuan - 2025E: 1.94 yuan - 2026E: 2.11 yuan [1] - Cash Flow: - Operating cash flow for the first three quarters was 14.21 billion yuan, with a quarterly cash flow of 6.87 billion yuan, up 2.38% year-on-year [1] Business Segment Performance - The online business has performed exceptionally well, while traditional business revenue showed signs of recovery. The report highlights that the core category of writing instruments remains resilient, with third-quarter revenue of 7.13 billion yuan, reflecting a year-on-year increase of 1% [1] - The report notes that the company has 740 lifestyle stores nationwide, with the revenue from these stores increasing by 13% year-on-year [1] Investment Recommendation - The report suggests that the company, as a leader in the stationery industry, is expected to drive long-term stable growth through both traditional core business and new business initiatives. The profit forecast has been adjusted downward based on the third-quarter performance, with expected net profits for 2024-2026 being 1.56 billion, 1.79 billion, and 1.96 billion yuan respectively [1]