晨光股份：结构积极调整

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [7][16]. Core Insights - The company reported a revenue of 6.06 billion in Q3 2024, a year-on-year increase of 2.8%, while the net profit attributable to shareholders decreased by 20.6% to 390 million [1]. - For the first three quarters of 2024, the total revenue reached 17.11 billion, reflecting a 7.9% increase, but the net profit attributable to shareholders fell by 6.6% to 1.02 billion [1]. - The company is focusing on product development and structural adjustments in response to weak domestic demand, aiming to enhance product quality and expand its product categories [1][5]. Financial Performance Summary - In Q1-Q3 2024, the revenue from writing instruments was 2.02 billion, up 8.8%, with a gross margin of 42.1%, while student stationery revenue was 2.76 billion, up 0.5%, with a gross margin of 33.4% [1]. - The traditional office supplies segment generated 2.47 billion in revenue, a 4.5% increase, but with a slight decrease in gross margin to 26.1% [1]. - The company's operating cash flow improved, with a net cash flow of 1.42 billion, a year-on-year increase of 0.07 billion [5]. Business Segment Insights - The office direct sales segment,科力普, achieved a revenue of 9.16 billion in Q1-Q3 2024, a 10.1% increase, driven by enhanced service quality and product diversification [3]. - The retail store segment, including晨光生活馆, reported a revenue of 1.12 billion, a 13.1% increase, with a total of 740 stores by the end of Q3 [4]. - The company is actively expanding its overseas business in Africa and Southeast Asia, refining its business models and establishing a solid foundation for future growth [2].