平安证券研报指出，晨光股份是一家提供学习和工作场景解决方案的综合文具供应商和办公服务商。公 司传统核心业务包括书写工具、学生文具、办公文具等；新业务包括ToB零售电商平台科力普和零售大 店业务（九木杂物社、晨光生活馆）。展望未来，认为IP和出海有望成为公司新增长点，其中IP既包括 传统文具的调改，也包括IP衍生品的开发，出海则有望进一步打开成长空间。考虑同属文具行业，选取 广博股份、齐心集团作为可比公司。截至1月7日，2026年可比公司Wind一致预期PE均值为25X，考虑 公司IP调改潜力较大，长期空间可期，我们认为公司2026年16X估值具备吸引力。首次覆盖，给予"推 荐"评级。 ...

截至9月30日，广博股份股东户数5.54万，较上期减少9.36%；人均流通股6862股，较上期增加10.32%。 2025年1月-9月，广博股份实现营业收入18.39亿元，同比增长4.59%；归母净利润1.25亿元，同比增长 18.87%。 分红方面，广博股份A股上市后累计派现3.09亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，广博股份十大流通股东中，申万菱信消费增长混合A（310388） 位居第七大流通股东，持股169.14万股，为新进股东。华商优势行业混合A（000390）退出十大流通股 东之列。 广博股份今年以来股价涨3.18%，近5个交易日涨3.18%，近20日跌0.42%，近60日涨0.64%。 资料显示，广博集团股份有限公司位于浙江省宁波市海曙区石碶车何广博工业园，成立日期1996年10月 30日，上市日期2007年1月10日，公司主营业务涉及办公文具、印刷制品、塑胶制品的生产、销售以及 进出口贸易,互联网广告服务行业以及特价导购行业。主营业务收入构成为：办公直销类52.94%，办公 用品类26.14%，休闲生活类12.64%，创意产品类5.44%，其他类产品1.9 ...

主要数据 | 行业 | 轻工制造 | | --- | --- | | 公司网址 | www.mg-pen.com | | 大股东/持股 | 晨光控股(集团)有限公司/58.20% | | 实际控制人 | 陈湖文,陈湖雄,陈雪玲 | | 总股本(百万股) | 921 | | 流通 A 股(百万股) | 921 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 251 | | 流通 A 股市值(亿元) | 251 | | 每股净资产(元) | 9.69 | | 资产负债率(%) | 42.9 | 文具龙头砥砺前行，IP与出海打开空间 推荐（首次） 股价：27.3 元 轻工制造 2026 年 01 月 08 日 晨光股份(603899.SH) 行情走势图 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingy un937@pingan.com.cn 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E ...

传统业务有望边际改善，九木继续扩张可期； 预计2025 年营收同比增长4.8%，归母净利润同比持平； 维持盈利预测与买入评级，维持33.80 元的目标价，对应20 倍2026 年P/E。 传统业务有望边际改善，九木继续扩张可期：晨光在前期业绩会中提及，1）公司于产品端减量提质， 并提供了更多强功能、情绪价值类与IP 赋能类产品；渠道端与商场中的文具/文创/杂货集合店和精品书 店合作，打造精品大店标杆，并增加与行业头部大店的合作粘性、引领优质校边店。晨光9M25 书写工 具/学生文具/办公文具业务的营收降幅已有所收窄，毛利率也有所提升，4Q25 业绩有望继续改善。2） 科力普进一步开拓央国企、省级以及市级集采客户，9M25 营收同比增长6%，4Q25 有望延续其前期表 现。9M25 晨光生活馆同比新开130 余门店至870 家，推动营收同比增长7%，其中九木杂物社营收同比 增长9%。四季度九木继续扩张可期。 预计2025 年营收同比增长4.8%，归母净利润同比持平：1）在相对低基数下，我们预计4Q25 晨光营收 同比增长13.3%，归母净利润同比增长19.9%，由我们此预计2025 年全年晨光营收同比增长4.8 ...

Core Points - The 7th Huang Gongwang Theme Cross-Strait Cultural and Creative Design Competition was launched on December 12, focusing on deep integration of cultural and creative industries across the Taiwan Strait [1] - The competition has attracted over 360 universities from both sides of the Taiwan Strait, including Hong Kong and Macau, with nearly 3,000 entries since its inception in 2016 [1] Group 1: Competition Overview - The theme for this year's competition is "Brushstrokes of Time: The Essence of the East," encouraging participants to draw inspiration from Huang Gongwang's artistic spirit [1] - The competition aims to leverage artificial intelligence technology to enhance cultural innovation and explore the future of product design [1] - Categories for entries include furniture products, office stationery, and cultural creative products, allowing participation in individual or group formats [1] Group 2: Evaluation and Support - The evaluation criteria will focus on creativity, aesthetic expression, cultural connotation, and application of AI technology [1] - The collection of entries officially started yesterday and will conclude with the evaluation process in June 2026 [1] - In addition to substantial cash prizes, winning creators will receive support for cultural brand incubation and opportunities for revenue sharing [1]

Core Viewpoint - Guangbo Co., Ltd. has shown a mixed performance in stock price and financial metrics, with a slight increase in stock price year-to-date but a decline over the past 60 days, indicating potential volatility in investor sentiment [1][2]. Stock Performance - As of November 24, Guangbo's stock price increased by 2.49% to 9.88 CNY per share, with a total market capitalization of 5.279 billion CNY [1]. - Year-to-date, Guangbo's stock price has risen by 4.55%, with a 1.86% increase over the last five trading days and a 5.67% increase over the last 20 days, while it has decreased by 8.43% over the last 60 days [2]. Financial Metrics - For the period from January to September 2025, Guangbo reported a revenue of 1.839 billion CNY, reflecting a year-on-year growth of 4.59%, and a net profit attributable to shareholders of 125 million CNY, which is an 18.87% increase [3]. - The company has cumulatively distributed 309 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [4]. Shareholder Information - As of September 30, 2025, Guangbo had 55,400 shareholders, a decrease of 9.36% from the previous period, with an average of 6,862 circulating shares per shareholder, which is an increase of 10.32% [3]. - Among the top ten circulating shareholders, a new shareholder, Shenwan Lixin Consumption Growth Mixed A, holds 1.6914 million shares, while Huashang Advantage Industry Mixed A has exited the top ten list [4]. Business Overview - Guangbo, established on October 30, 1996, and listed on January 10, 2007, operates in the production and sales of office stationery, printing products, plastic products, and internet advertising services, among others [2]. - The company's revenue composition includes 52.94% from direct office sales, 26.14% from office supplies, 12.64% from leisure products, 5.44% from creative products, and 1.99% from other products [2].

Core Viewpoint - Guangbo Group Co., Ltd. has shown a mixed performance in stock trading, with a slight increase in share price and a notable rise in revenue and net profit year-on-year [1][2]. Financial Performance - As of September 30, 2025, Guangbo achieved a revenue of 1.839 billion yuan, representing a year-on-year growth of 4.59% [2]. - The net profit attributable to shareholders for the same period was 125 million yuan, reflecting an 18.87% increase compared to the previous year [2]. Stock Market Activity - On November 21, Guangbo's stock price rose by 2.29%, reaching 9.84 yuan per share, with a trading volume of 90.584 million yuan and a turnover rate of 2.47% [1]. - The stock has increased by 4.13% year-to-date, with a 2.39% rise over the last five trading days and a 4.79% increase over the last 20 days, while it has decreased by 9.56% over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.36% to 55,400, while the average circulating shares per person increased by 10.32% to 6,862 shares [2]. - Guangbo has made a total cash distribution of 309 million yuan since its A-share listing, with no cash distribution in the last three years [3]. Major Shareholders - As of September 30, 2025, the seventh largest circulating shareholder is Shenwan Lixin Consumption Growth Mixed A, holding 1.6914 million shares as a new shareholder [3]. - Huashang Advantage Industry Mixed A has exited the list of the top ten circulating shareholders [3].

Core Viewpoint - The financial performance and trading activity of Morning Glory Co., Ltd. indicate a mixed outlook, with slight revenue growth but a decline in net profit, alongside significant trading volumes in margin financing and securities lending [1][2][3]. Financing Activity - On November 20, Morning Glory's financing buy-in amounted to 8.71 million yuan, with a net buy of 1.89 million yuan after 6.82 million yuan in repayments [1] - The total margin financing balance reached 200 million yuan, representing 0.77% of the circulating market value, which is above the 50th percentile level over the past year [1] - The securities lending activity showed a repayment of 5,200 shares and a sell-off of 100 shares, with a remaining balance of 21,270 shares valued at approximately 603,270 yuan, exceeding the 90th percentile level over the past year [1] Financial Performance - For the period from January to September 2025, Morning Glory reported a revenue of 17.33 billion yuan, reflecting a year-on-year growth of 1.25%, while the net profit attributable to shareholders decreased by 7.18% to 948 million yuan [2] - Cumulatively, since its A-share listing, the company has distributed a total of 4.70 billion yuan in dividends, with 2.12 billion yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 40,000, with an average of 23,002 circulating shares per person, a decrease of 2.19% from the previous period [2] - Among the top ten circulating shareholders, Invesco Great Wall New Growth Mixed Fund holds 31.50 million shares, remaining unchanged, while Hong Kong Central Clearing Limited reduced its holdings by 1.13 million shares to 27.67 million shares [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company reported its Q3 2025 results, which met expectations, with a revenue of 17.33 billion yuan for the first three quarters, a year-on-year increase of 1.25%, and a net profit attributable to shareholders of 948 million yuan, a year-on-year decrease of 7.18% [4][5]. - The traditional core business showed a narrowing decline in Q3 2025, with revenue of 21.31 billion yuan, down 4.7% year-on-year, compared to a 11.2% decline in Q2 [5]. - The company is focusing on product structure optimization and high-value products, which have led to an improvement in profitability, with gross margins for writing tools, student stationery, and office supplies increasing year-on-year [5]. - The retail segment, particularly the Jiwu Zawushi stores, has shown steady growth, with Q3 2025 revenue of 4.15 billion yuan, up 6.6% year-on-year [5]. - The report highlights the strategic importance of IP integration in new products, which is expected to drive revenue and profit growth in the medium to long term [5]. Financial Data and Forecast - For 2025, the company is projected to achieve a total revenue of 24.98 billion yuan, with a year-on-year growth rate of 3.1% [7]. - The net profit attributable to shareholders is forecasted to be 1.32 billion yuan in 2025, reflecting a year-on-year decrease of 5.7% [7]. - The report provides a detailed financial summary, indicating a gradual recovery in profitability with expected improvements in gross margins and net profit margins over the next few years [10].

Core Insights - The company reported a revenue of 6.52 billion yuan in Q3 2025, representing a year-on-year increase of 7.5%, while the net profit attributable to shareholders was 390 million yuan, up 0.6% year-on-year [1] - For the first three quarters of 2025, the company achieved a total revenue of 17.33 billion yuan, a year-on-year increase of 1.2%, but the net profit attributable to shareholders decreased by 7.2% to 950 million yuan [1] - The company is focusing on long-term strategies, emphasizing the development of IP products, and has seen a 16% year-on-year growth in new business revenue despite a 4% decline in traditional core business revenue [1] Revenue Breakdown - In Q3 2025, the revenue from writing instruments was 1.99 billion yuan, down 1.5% year-on-year, while the gross margin improved by 2.0 percentage points to 44.12% [1] - The revenue from student stationery was 2.58 billion yuan, down 6.5% year-on-year, with a gross margin of 35.57%, up 2.1 percentage points [1] - Office stationery revenue was 2.30 billion yuan, down 6.8% year-on-year, with a gross margin of 26.55%, an increase of 0.49 percentage points [1] Product and Market Strategy - The company has diversified its product offerings, including classic bestsellers, high-tech functional products, and innovative IP products that resonate with consumers [2] - The office direct sales revenue for the first three quarters of 2025 was 9.69 billion yuan, up 5.8% year-on-year, with a gross margin of 6.78%, slightly down by 0.34 percentage points [2] - The company plans to focus on four major business segments, enhance its electronic trading system, and improve the sales ratio of self-owned products to boost profitability [2] IP Product Development - The company has increased its investment in IP products, with revenue from the "Morning Glory Life Museum" (including "Nine Wood Miscellaneous Society") reaching 1.19 billion yuan, a year-on-year increase of 6.85% [3] - The "Nine Wood Miscellaneous Society" alone generated 1.15 billion yuan in revenue, up 9.22% year-on-year, and the company continues to expand its retail presence with over 870 stores nationwide [3] - The company has enhanced its product structure and brand appeal through collaborations with popular IPs and interactive marketing events [3] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2025-2027 projected at 1.38 billion, 1.55 billion, and 1.74 billion yuan respectively, reflecting slight downward revisions [4] - The corresponding price-to-earnings ratios are estimated to be 19X, 17X, and 15X for the respective years [4]