2024 年 08 月 31 日 晨光股份 (603899) ——2024 年中报点评：收入端增长表现稳健，剔除股权 激励支付影响，利润基本符合预期 市场数据： 2024 年 08 月 30 日 收盘价（元） 26.79 一年内最高/最低（元） 40.99/25.23 市净率 3.0 息率（分红/股价） 2.99 流通 A 股市值（百万元） 24,749 上证指数/深证成指 2,842.21/8,348.48 注："息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： 08-3009-3010-3111-3012-3101-3102-2903-3104-3005-3106-3007-31 -30% -20% -10% 0% 10% 晨光股份 沪深300指数 (收益率) 相关研究 《晨光股份（603899）深度： 一体两翼稳 增长，零售转型深化树壁垒 》2024/06/30 《晨光股份（603899）点评：2024 年一季 报点评：利润表现符合预期，收入阶段性承 压，期待后续向上修复》 2024/04/28 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 ...

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 ...

证券代码：603899 证券简称：晨光股份 公告编号：2024-030 上海晨光文具股份有限公司 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、会议召开时间：2024 年 9 月 9 日（星期一）上午 10:00-11:00 2、会议召开地点：上证路演中心 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于2024年9月2日（星期一）至9月6日（星期五）16:00前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱ir@mg-pen.com进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海晨光文具股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发 布公司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年 ...

Investment Rating - The report maintains a "Recommend" rating for Chenguang Stationery (603899 SH) [1][2] Core Views - Chenguang achieved steady growth across all business segments in H1 2024, with traditional core business growing 9% and new business growing 12% year-over-year [1] - The company is developing high-functionality, high-quality core products while also expanding into trendy cultural and creative products [1] - International markets, particularly Africa and Southeast Asia, are emerging as new growth drivers, with overseas revenue reaching 480 million yuan in H1 2024, up 14 8% year-over-year [1] - The company is focusing on premiumization through its Jiuzhi brand and optimizing its supply chain through digital transformation [1] Financial Performance - H1 2024 revenue reached 11 051 billion yuan, up 10 95% year-over-year, with net profit attributable to parent company of 633 million yuan, up 4 71% [1] - Q2 2024 revenue was 5 566 billion yuan, up 9 58% year-over-year, but net profit declined 6 59% to 253 million yuan due to increased bad debt provisions and equity incentive expenses [1] - Gross margin in Q2 2024 was 18 66%, down 0 70 percentage points year-over-year, with net margin at 4 76%, down 0 96 percentage points [1] Business Segments - Core product categories showed mixed performance in Q2 2024: writing instruments grew 13 0%, student stationery declined 0 3%, office supplies grew 4 7%, other products surged 27 9%, and Kelipu grew 11 2% [1] - Kelipu, the B2B office supply platform, achieved revenue of 3 17 billion yuan in Q2 2024, with a net profit margin of 2 16% [1] - Retail stores generated 357 million yuan in Q2 2024 revenue, up 19 0% year-over-year, with a net profit margin of 1 23% [1] Future Outlook - The report forecasts 2024-2026 revenue growth of 16 8%, 16 0%, and 18 8% respectively, with net profit growth of 19 1%, 11 9%, and 21 0% [2] - Expected 2024-2026 EPS are 1 65, 1 85, and 2 24 yuan respectively, with P/E ratios of 14x, 12x, and 10x [2] - The company is expected to maintain stable gross margins around 18 8%-19 1% and net margins around 6 3%-6 5% from 2024-2026 [5]

晨光股份（603899.SH）/轻工 证券研究报告/公司点评 2024 年 8 月 28 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|----------------|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--- ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11,051,296,712.69, representing a 10.95% increase compared to ¥9,960,756,736.28 in the same period last year[15]. - Net profit attributable to shareholders was ¥632,934,402.81, up 4.71% from ¥604,492,638.34 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥567,213,408.69, reflecting a 4.52% increase from ¥542,705,163.94 in the previous year[15]. - The net cash flow from operating activities was ¥733,927,494.85, an increase of 8.52% compared to ¥676,312,238.05 in the same period last year[15]. - Basic earnings per share for the first half of 2024 were ¥0.6851, up 4.95% from ¥0.6528 in the same period last year[17]. - The diluted earnings per share also stood at ¥0.6851, reflecting a 4.95% increase year-on-year[17]. - The company reported a gross profit margin of 19.4% for its main business, reflecting a stable performance in cost management[60]. - The company achieved a revenue of 4.83 billion yuan in the reporting period, representing a year-on-year growth of 28%[47]. - The company reported a net profit of RMB 13,241.97 million for Shanghai Morning Glory Keli Pu Office Supplies Co., Ltd., while other subsidiaries showed varying net profits, with some reporting losses[70]. Assets and Liabilities - The total assets at the end of the reporting period were ¥14,865,115,643.44, a decrease of 2.93% from ¥15,313,962,312.00 at the end of the previous year[15]. - The company's cash and cash equivalents at the end of the period were CNY 3,568,879,818.97, accounting for 24.01% of total assets, a decrease of 31.88% compared to the previous year[64]. - Total liabilities decreased from CNY 6,962,797,515.62 to CNY 6,137,874,560.90, a decline of approximately 11.87%[121]. - Total equity increased from CNY 8,351,164,796.38 to CNY 8,727,241,082.54, representing an increase of about 4.50%[121]. - The total assets at the end of the first half of 2024 are reported at CNY 8,727,241,082.54[138]. Market and Industry Trends - The domestic market shows a growing demand for mid-to-high-end stationery products, providing opportunities for the company[22]. - The stationery industry is experiencing increased market concentration, with opportunities for mergers and acquisitions to enhance competitiveness[26]. - The company benefits from favorable government policies supporting education and cultural industries, driving steady growth in the stationery sector[25]. - The stationery industry faced challenges with a demand contraction, with sales in the Taobao stationery education category declining by 8% year-on-year in the first half of 2024[30]. - The public procurement sector in China exceeded 46 trillion yuan in total procurement in 2023, with a significant shift towards digital, e-commerce, and centralized procurement[33]. Innovation and Development - The company emphasizes innovation across technology, products, channels, and business models to drive sustainable growth[23]. - The company has established a comprehensive operating system covering design, manufacturing, and sales, enhancing its competitive edge in the stationery industry[20]. - The company has over 1,200 patents, including invention, design, and utility model patents, showcasing its strong R&D capabilities[41]. - The company’s new product development strategy focuses on high-quality, aesthetically pleasing, and cost-effective products, with recent awards for innovative designs[49]. - The company is actively promoting its digital transformation and data-driven decision-making to enhance management capabilities and operational efficiency[50]. Strategic Focus and Expansion - The strategic focus includes expanding direct sales and new retail businesses while enhancing digitalization and international market presence[27]. - The company is actively expanding its international market presence while leveraging digital tools for organizational transformation[44]. - The company expanded its retail network, with 709 retail stores nationwide, including 671 Jiwu Zawushi stores and 38 M&G Life Stores, generating a revenue of 7.28 billion yuan, a 20% increase year-on-year[51]. - The company is focusing on enhancing its digital tools, such as the Chenguang Alliance APP and the Jubao Pen APP, to improve operational efficiency and real-time decision-making[47]. Sustainability and Corporate Social Responsibility - The company aims to lead sustainable development in the industry, focusing on sustainable products and supply chains[28]. - In early 2024, the company launched a series of stationery products made from biodegradable materials to promote biodiversity conservation[83]. - The Shanghai Chenguang Public Welfare Foundation donated a total of 2.09 million yuan in materials and cash, benefiting approximately 300,000 students[86]. - A total of 349 employees participated in volunteer services, contributing over 1,200 hours to social welfare activities[86]. - The company’s Shanghai production base has obtained ISO 14001 environmental management system certification[81]. Governance and Compliance - The company has committed to avoiding any direct or indirect competition with its controlling enterprises, ensuring independence in assets, business, personnel, finance, and organization[90]. - The integrity status of the company and its controlling shareholders is good, with no instances of failing to fulfill court judgments or significant debts due[97]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[77]. - There are no significant litigation or arbitration matters affecting the company during the reporting period[96]. Financial Reporting and Accounting Practices - The financial statements are prepared based on the going concern assumption[146]. - The company adheres to the accounting standards issued by the Ministry of Finance, ensuring the financial statements reflect the true and complete financial status as of June 30, 2024[147]. - The company recognizes significant receivables and payables based on specific thresholds, such as 0.5% of total assets for bad debt provisions[150]. - The company applies specific accounting treatments for business combinations under common control and non-common control[151][152].

证券代码：603899 证券简称：晨光股份 公告编号：2024-027 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股份方案暨回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司全体董监高、控股股东、实际控制人及其一致行动人、持股 5%以上的股东于 未来 3 个月、未来 6 个月不存在减持本公司股份的计划。若未来拟实施股票减持 计划，公司将按相关规定及时履行信息披露义务。 ● 相关风险提示： 本次回购方案存在以下风险： 1、因公司股票价格持续超出回购方案披露的价格区间，导致回购实施受到影响的 风险。 2、因对本公司股票交易价格产生重大影响的重大事项发生或公司董事会决定终止 本次回购方案等将导致本计划实施受到影响的事项发生的风险。 3、本次回购股份用于实施股权激励或员工持股计划，存在股权激励或员工持股计 ● 回购股份金额：回购资金总额不低于人民币 1.5 亿元（含），不超过人民币 3 亿元（含） ● 回购股份资金来源：公司自有资金 ● 回购股份用途：本次回购的股份拟用于股权激励或员 ...