share_log

晨光股份(603899):一季度稳健开局 核心业务增长提速

Chenguang Co., Ltd. (603899): Steady start of the first quarter, core business growth accelerated

華泰證券 ·  Apr 28

24Q1 revenue/net profit increased by 12.37%/13.87%. Maintaining the “increase” rating, the company released its quarterly report for the year 24. 24Q1 achieved revenue of 5.485 billion yuan (yoy +12.37%), net profit to mother of 380 million yuan (yoy +13.87%), after deducting non-net profit of 328 million yuan (yoy +11.10%). Against the backdrop of weak terminal demand, the company's brand/product/channel advantages were highlighted. Operations started steadily in the first quarter, and achieved a steady increase in both revenue and profit. We maintain our profit forecast. The net profit for 24-26 is estimated to be RMB 18.23/21.54 /RMB 2,522 million, respectively, and the corresponding EPS of RMB 1.97/2.32/2.72, respectively. Referring to comparable company Wind's 24-year PE average expectation, considering the company's traditional business channels and outstanding brand advantages, the new business maintained rapid expansion, maintained the company's 25-fold PE in 24 years, maintained a target price of 49.25 yuan, and maintained a “gain” rating.

Traditional core business growth is accelerating, and major retail stores are maintaining rapid growth by business segment: 1) We expect 24Q1 offline traditional core business revenue to increase 9.5% to 1,921 billion yuan, which is faster than 23Q4; at the same time, the company's online business continues to develop, and Chenguang Technology's revenue also increased 32.72% to 247 million yuan in 24Q1, and maintained rapid growth under a high base; 2) Colipu continues to develop customers in the central enterprise/government/finance/MRO sector, and 24Q1 revenue also increased 11.59% to 2,947 million yuan. Gross margin increased 0.78pct to 7.23% month-on-month; 3) In terms of major retail stores, 24Q1 Chenguang Living Center (including Jiumu Sundries Club) revenue also increased 23.53% to 371 million yuan, of which Jiumu Sundries Club's revenue also increased 25.05% to 348 million yuan, and is still growing rapidly. As of 24Q1, the company had 678 major retail stores nationwide, including 639/39 Jiumu Sundries Club/Chenguang Living Center.

Revenue in various categories increased steadily. The gross margin of student stationery/writing tools was fixed year on year by product. 24Q1 student stationery revenue increased 17.12% year over year to 854 million yuan, gross margin increased 1.00 pct to 34.68% year over year; office stationery revenue increased 6.41% year over year to 100 million yuan, gross margin decreased 0.67 pct to 27.46% year on year; writing tool revenue increased 15.74% to 565 million yuan year on year, gross margin increased 3.34 pct to 43.83% year on year . In addition, 24Q1 office direct sales revenue also increased 11.59% to 2,947 billion yuan, and gross margin decreased by 0.01 pct to 7.23% year over year.

24Q1 sales gross margin also increased 0.49 pct, and the gross sales margin increased 0.49 pct to 20.17% year over year during the period. We judge that this was mainly due to changes in business structure; in addition, the first quarter was generally a high point for the company's individual quarterly expense ratio. The 24Q1 period cost ratio was +0.18 pct to 11.97% year over year, of which the sales expense ratio was +0.43 pct to 7.41% year on year, and the management+R&D expense ratio was -0.10 pct to 4.82% year on year. The financial expense ratio was -0.14pct to -0.26% year over year. Under the combined impact, the company's net sales margin fell slightly by 0.13pct to 7.36% year on year.

Risk warning: Terminal demand falls short of expectations, double reduction policy impact, and new business development falls short of expectations.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment