Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that is stronger than the market by over 20% [7][17]. Core Insights - The company has demonstrated strong operational efficiency, leveraging a self-built supply chain and scale effects to enhance profitability [3]. - The brand's reputation has improved, with a continuous expansion of product SKUs, focusing on high-cost performance mosquito repellent, outdoor, and sunscreen products [6]. - The company is expected to experience significant growth in 2024, with revised profit forecasts indicating a net profit of 312 million yuan, reflecting a 38% year-on-year increase [7][17]. Financial Summary - The company reported total revenue of 1,033 million yuan in 2023, with a projected increase to 1,345 million yuan in 2024, representing a year-on-year growth rate of 30.2% [8][10]. - The net profit for 2023 was 226 million yuan, with expectations of 312 million yuan in 2024, marking a 38% increase [8][10]. - The gross margin is projected to improve from 56.3% in 2023 to 58.7% in 2024 [8]. Market Performance - The company's online sales through platforms like Douyin have shown significant growth, with a GMV of approximately 561 million yuan in Q2 2024, a 46% increase year-on-year [18]. - The offline distribution channels have also expanded rapidly, with partnerships established with major retailers such as Walmart and Watsons [18].

润本股份（603193.SH）2024 年半年度业绩预告点评 ➢ 事件：润本股份发布 2024 年半年度业绩预增公告。24H1，公司预计实现 归母净利润 1.75~1.85 亿元，同比增长 46.48%~54.85%；预计实现扣非归母净 利润 1.70~1.80 亿元，同比增长 43.86%~52.30%。24Q2，公司预计实现归母 净利润 1.40~1.50 亿元，同比增长 41.88%~52.04%；预计实现扣非归母净利润 1.39~1.49 亿元。 ➢ 产品矩阵丰富+渠道拓展驱动业务增长，规模效应带动盈利能力提升。公司 2024 年上半年利润变动主要系：1）随着公司品牌知名度进一步提升，公司持续 加大研发投入，进一步丰富产品矩阵。2）公司积极拓展线上和线下渠道，线上 直销平台抖音及非平台经销渠道均实现较快增长。3）公司不断强化运营管理， 持续提高运营管理效率，控本增效取得明显成效，规模效应显著，推动公司净利 润实现较大幅度的提升。3）公司预计 24H1 非经常性损益金额同比增加 368.62% 至 451.21 万元，主要包括政府补助、投资收益、资产处置损益等。 ➢ 发力婴童护理，扩充防晒产品矩阵，业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company [22][30]. Core Insights - The company is expected to achieve a significant growth in net profit for H1 2024, with estimates ranging from 1.75 to 1.85 billion yuan, reflecting a year-on-year increase of 46.5% to 54.9% [6][22]. - The company is positioned as a leading player in the mosquito repellent and baby care segments, with a strong focus on cost-effective products that align with consumer trends [6][22]. - The sales momentum is strong, with an upward revision of profit forecasts for 2024-2026, projecting net profits of 3.15 billion yuan, 3.90 billion yuan, and 4.79 billion yuan respectively [6][22]. Sales Performance - In the first five months, the company reported sales of approximately 1.56 billion yuan on Douyin (up 87%), 2.71 billion yuan on Tmall (up 24%), and 1.23 billion yuan on JD (up 60%), indicating robust growth in online direct sales [23]. - The mosquito repellent product line generated around 2.99 billion yuan in sales (up 56%) during the same period, with strong performance in the Tmall rankings [23]. Product Development - The company continues to expand its product offerings, launching a children's sunscreen product in Q1 2024, which quickly became a bestseller on Douyin and ranked 8th on Tmall's baby sunscreen sales list [3][7]. Financial Projections - The company forecasts revenue growth from 1.03 billion yuan in 2023 to 1.34 billion yuan in 2024, representing a year-on-year increase of 30.1% [8]. - The projected net profit for 2024 is expected to be 315 million yuan, with a year-on-year growth of 39.3% [8]. Profitability Metrics - The report indicates an improvement in operational efficiency, with gross margins expected to rise from 56.3% in 2023 to 56.5% in 2024 [8]. - The net profit margin is projected to increase from 21.9% in 2023 to 23.4% in 2024 [8]. Market Position - The company is recognized for its strong brand effect driven by high growth on Douyin, which is anticipated to spill over into other sales channels [2][7].

上半年抖音渠道较快增长，预计归母净利润增速亮眼 润本股份（603193.SH） 2024 年 07 月 11 日 ——公司信息更新报告 黄泽鹏（分析师） 杨柏炜（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 yangbowei@kysec.cn 证书编号：S0790524050001 2024H1 归母净利润预计同增 46.5%-54.9%，表现亮眼 驱蚊细分龙头地位稳固，预计抖音、非平台经销渠道均实现较快增长 抖音高增有望带动品牌效应外溢，儿童防晒新品未来可期 风险提示：消费意愿下行、新品不及预期、过度依赖营销、市场竞争加剧。 公 司 研 究 -48% -32% -16% 0% 16% 2023-07 2023-11 2024-03 润本股份 沪深300 数据来源：聚源 《2023 年归母净利润+34%~+47%，儿 童防晒新品可期—公司信息更新报 告》-2024.1.25 附：财务预测摘要 请务必参阅正文后面的信息披露和法律声明 2 / 4 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根 ...

[Table_Contacts] 供应链优势适应性价比消费 ⚫ 盈利预测与投资建议。婴童护肤品类存在渗透率提升红利，润本公司小 而美，适应性价比消费，Q3 基数较低，增速趋势较高。我们预计公司 24-26 年归母净利润分别为 3.1、4.0、5.0 亿元，增速分别为 37%、28%、 25%，维持公司合理价值 21.46 元/股的观点不变，维持"买入"评级。 ⚫ 风险提示。行业竞争加剧；品牌声誉风险；募投项目实施不及预期。 婴童护肤品类存在渗透率提升红利，润本 ⚫ 公司逻辑：供应链壁垒，高性价比产品有提价空间。润本供应链有优势， 自产比例高，而竞对新锐品牌多是代工，供应链优势反映到销售上表现 为较低的客单价。根据蝉妈妈，抖音平台润本客单价是竞对的 1/3-1/2， 适应当下性价比消费趋势，抖音平台 24H1 客单价同比提升 10%，提价 后仍然具备较强性价比，H2 靠新品价格提升和组合装销售，客单价还 有提升空间。客单价提升有助于今明两年的盈利。 | --- | --- | --- | --- | --- | --- | |------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.32 CNY, reflecting an upward adjustment in earnings forecasts for 2024-2026 [2][4]. Core Insights - The company is expected to achieve a net profit of 175-185 million CNY for H1 2024, representing a year-on-year increase of 46%-55%. The growth is driven by high performance in Douyin and distribution channels, particularly in products like timed mosquito repellent and Xiaotaoxi cream [2][4]. - The company has a rich pipeline of new products for H2 2024, which is anticipated to sustain high growth trends, especially in the baby care segment [2][4]. - Long-term growth potential is supported by the company's competitive pricing strategy and channel expansion, positioning it as a leading domestic brand in personal care and baby products [2][4]. Financial Summary - Revenue is projected to grow from 1,033 million CNY in 2023 to 1,344 million CNY in 2024, reflecting a 30.2% increase. Net profit is expected to rise from 226 million CNY in 2023 to 309 million CNY in 2024, a growth of 36.9% [12]. - The earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2023 to 0.76 CNY in 2024 [12]. - The company maintains a high gross margin of 56.3% in 2023, expected to improve to 58.1% in 2024 [12]. Market Data - The company's market capitalization stands at 7,315 million CNY, with a current share price of 18.08 CNY [14]. - The stock has traded within a range of 12.45-22.08 CNY over the past 52 weeks [14]. Product and Channel Performance - The Douyin channel is projected to see a GMV growth of 50%-100%, with Q2 growth accelerating compared to Q1 due to optimized strategies and strong product sales [2][4]. - The company has successfully launched new products in the mosquito repellent and baby care categories, which are expected to drive further revenue growth [2][4]. Long-term Outlook - The company is well-positioned to benefit from trends favoring cost-effective products and channel expansion, with significant growth potential in the personal care and baby product sectors [2][4].

线上渠道放量，规模效应显现 公司发布业绩预告，24H1 预计归母净利 1.75 至 1.85 亿元/yoy 为 46.48% 至 54.85%；扣非净利 1.70 至 1.80 亿元/yoy43.86%至 52.30%。其中， 2024Q2 归母净利 1.40-1.50 亿元/yoy41.88%-52.04%。我们预计 24H1 公 司利润增速快于营收增速，主要受控本提效与规模效应带来毛利率提升、充 足现金带来利息收入提升、政府补贴等因素影响。公司定位物美价廉的国民 大众品牌，综合竞争力突出。产研销一体，自有供应链+高效组织管理+快 速升级迭代，潜力可期。考虑利润率提升，调高 24-26 年 EPS 至 0.79/0.92/1.24 元（前值分别 0.71/0.92/1.23 元），可比公司 24 年 Wind 一 致盈利预测为 PE27 倍，公司目前仍处快速增长阶段，给予 24 年目标 PE30 倍，对应目标价 23.70 元，维持"增持"评级。 公司驱蚊、婴童护理产品具有一定季节性。近期天气炎热，电热蚊香液、积 雪草冰沙霜、补水三件套、精油贴、防晒、驱蚊喷雾等防蚊降温产品均销售 靠前。展望 24H2，秋冬 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 175 million and 185 million yuan, an increase of 55.53 million to 65.53 million yuan compared to the same period last year, representing a year-on-year growth of 46.48% to 54.85%[4]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between 170 million and 180 million yuan, an increase of 51.98 million to 61.98 million yuan compared to the same period last year, reflecting a year-on-year growth of 43.86% to 52.30%[5]. - The net profit for the first half of 2023 was 119.47 million yuan, and the net profit after deducting non-recurring gains and losses was 118.51 million yuan[7]. Non-Recurring Gains and Losses - The company anticipates non-recurring gains and losses for the first half of 2024 to amount to 4.51 million yuan, which includes government subsidies, investment income, and asset disposal gains, representing an increase of 3.55 million yuan compared to the same period last year[10]. Growth Drivers - The company has increased its R&D investment and expanded its product matrix, contributing to the growth in net profit[9]. - The company has actively expanded both online and offline sales channels, with significant growth in direct sales platforms like Douyin and non-platform distribution channels[9]. - The company has improved operational management efficiency and achieved significant cost control and efficiency gains, leading to a notable increase in net profit[9]. Performance Forecast Validity - The expected performance data is preliminary and has not been audited by registered accountants, with final figures to be disclosed in the official half-year report[6][12]. - There are no significant uncertainties affecting the accuracy of this performance forecast[11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4][8]. Core Insights - The company, Runben Co., Ltd., focuses on a dual strategy of mosquito repellent and baby care products, achieving a revenue of 1.033 billion yuan in 2023, a year-on-year growth of 20.66%, and a net profit of 226 million yuan, with a year-on-year growth of 41.23% [4][58]. - The revenue breakdown for 2023 shows that mosquito repellent products accounted for 31.49% of total revenue, baby care products for 50.48%, and essential oils for 14.15% [58]. - The company benefits from the growing outdoor activities and changing consumer attitudes towards mosquito control, with the mosquito repellent market expected to reach 12.006 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 7.28% from 2020 to 2024 [5][41]. Summary by Sections Company Overview - Runben Co., Ltd. specializes in the research, production, and sales of mosquito repellent and personal care products, with three core product lines: mosquito repellent, baby care, and essential oils [4][55]. - The company has established a strong brand presence since its inception in 2006, transitioning from offline distribution to a robust online sales model [55][31]. Financial Performance - In 2023, the company reported a revenue of 1.033 billion yuan and a net profit of 226 million yuan, with respective year-on-year growth rates of 20.66% and 41.23% [4][58]. - Forecasts for 2024-2026 predict revenues of 1.352 billion yuan, 1.714 billion yuan, and 2.033 billion yuan, with growth rates of 30.84%, 26.85%, and 18.60% respectively [7][10]. Market Analysis - The mosquito repellent market in China has shown steady growth, with retail sales increasing from 6.209 billion yuan in 2015 to an expected 12.006 billion yuan in 2024 [5][41]. - The baby care market is also expanding, driven by the demand for quality products from younger parents, with expectations for the market size to exceed 30 billion yuan in 2021 [5][68]. Competitive Advantages - The company offers high cost-performance products, with flagship items priced between 20-50 yuan, ensuring quality and effectiveness [6][100]. - Runben maintains a strong supply chain and operational capabilities, with significant investments in production automation and smart supply chain management [6][104]. - The company has a robust online presence, ranking first in sales on platforms like Tmall and actively expanding its offline distribution channels [6][84].

投资建议： 公司深耕婴童驱蚊及护理产品多年，在研产销一体以及优质品牌 形象的深厚护城河下有望加速抢占市场份额。我们预测公司 2024-2026 年营 收分 别为 13.4/17.2/21.6 亿 元，每 股收益 0.73/0.93/1.18 元，对应 2024 年 6 月 3 日收盘价 20.65 元，PE 分别为 28.44/22.18/17.49X。首次覆盖，给予"买入"评级。 风险提示 1） 生育率下降快于预期；2）行业竞争加剧；3）新渠道拓展 不及预期。 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...