晨光股份 20250911 摘要 晨光股份通过 IP 赋能和产品创新，如蒙力比和盲盒笔，提升传统文具吸 引力，并在大学生订货会上获得积极反馈，显示出其在传统文具领域的 革新潜力。 九木杂物社作为晨光股份的新零售渠道保持稳健发展，计划每年开设超 过 100 家新店，但整体收入端仍面临传统核心零售业务下滑的压力。 科力普业务在经历短暂下滑后，于 2025 年第二季度恢复正向增长，超 出市场预期，但较低的利润率对整体盈利结构产生一定影响。 晨光股份加大 IP 衍生品投入，成立子公司奇之好玩，2024 年实现接近 2 亿收入和近千万利润，开辟了毛绒玩具、手办等新增长点。 晨光将 IP 业务提升至战略高度，持续推出新产品，并计划利用现有渠道 如九木杂物社和校边店销售毛绒类和谷子类 IP 衍生品，提升新 IP 产品竞 争力。 晨光零售端收入接近 100 亿元，新 IP 衍生品有望贡献 10%-15%的收 入，虽然对整体收入拉动有限，但因其高利润率，对利润结构有显著提 升作用。 晨光品牌出海业务聚焦东南亚和非洲市场，增长迅速，实际品牌出海收 入增速超过 50%，中长期来看是重要的增量看点。 Q&A 晨光股份在传统文具业务方 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company is leveraging popular anime IPs to innovate traditional stationery products, with ongoing expansion of derivative products and international markets [2][4]. - The company has launched various collaborative products with well-known IPs, enhancing product functionality and appeal [9]. - The internationalization strategy includes brand acquisitions and market expansion, aiming for a global presence [9]. Summary by Relevant Sections Recent Developments - The company has partnered with popular anime IPs to create events in 15 cities and 21 locations, with new products launched in 40 flagship stores, 2700 themed stores, and 20000 specialty stores [2][4]. Product Innovation - Since 2025, the company has enhanced its product offerings in traditional stationery through IP collaborations and functional improvements, introducing products like blind box pens and advanced stationery [9]. - Notable collaborations include products themed around "Nezha" and partnerships with Tencent Video for new anime IPs [9]. Derivative Products and Market Strategy - The company is focusing on derivative products through its independent brand "Qizhi Haowan," targeting the two-dimensional economy with various merchandise [9]. - The product range includes badges, acrylic keychains, and other stationery items, leveraging multiple sales channels to reach students [9]. Financial Projections - The company expects steady revenue growth, with projected net profits of 1.54 billion, 1.66 billion, and 1.79 billion yuan for 2025-2027, corresponding to PE ratios of 19, 17, and 16 times [9].