晨光股份：传统业务基础坚实 IP转型带来新增量

湘财证券2025-06-29

传统核心业务转向价格驱动公司的传统核心业务的增长驱动因素已经由过往的销量驱动转变为价格提升，高单价文具类型的拓展和IP 联名策略有效抵消了适龄用户人数下降的影响。公司书写工具和学生文具的产品单价年增幅较高。未来公司传统文具业务有望保持稳定增长，主要依赖三大驱动力：高端文创产品开发计划将高单价的精品文创产品占比进一步提升；东南亚等海外市场持续渗透，收入增速维持高位；数字化渠道建设加速，线上营收占比...

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