润本股份（603193.SH）2024 年年报&2025 年一季报点评 ➢ 风险提示：行业竞争加剧、人口出生率下降风险。 ➢ 线上渠道增长亮眼，婴童护理品类高增驱动业绩增长。分渠道来看： 1）线 上直销，实现营收 7.74 亿元，同比+24.84%；毛利率 63.07%，同比+1.24pct； 2）线上平台经销，实现营收 1.65 亿元，同比+23.38%；毛利率 55.66%，同比 +7.01pct；3）线上平台代销，实现营收 0.31 亿元，同比+4.06%；毛利率 52.09%， 同比+4.45pct；4）非平台经销商，实现营收 3.47 亿元，同比+39.64%；毛利 率 48.89%，同比+1.15pct。分产品来看：1）驱蚊系列，实现营收 4.39 亿元， 同比+35.39%；毛利率实现 54.18%，同比+3.87pct；2）婴童护理系列，实现 营收 6.90 亿元，同比+32.42%；毛利率实现 59.81%，同比+1.52pct；3）精油 系列，实现营收 1.58 亿元，同比+7.88%；毛利率实现 63.44%，同比+0.73pct； 4）其他产品，实现营收 0.30 亿元，同比-25.5 ...

事件 2024 年公司不断加强产业链研发资源的整合，持续完善从原料端应用到成品端关键环节的研发布局， 包含基础研究、配方开发、理化分析、产品功效评估等，截至2024 年末已拥有国家授权发明专利12 项、实用新型专利12 项、外观设计专利71 项，合计拥有专利95 项。同时引进多名具备专业背景、行业 经验丰富及高度责任感的优秀人才，为管理团队注入新生命力量，有望持续激发组织活力。 盈利预测与投资建议 考虑到公司2025 年"大品牌、小品类"战略延续，儿童防晒与青少年洗护品类贡献增量，我们预计公司 2025-2027 年收入分别为17.13/21.44/25.96亿元， 对应增速分别为30.0%/25.1%/21.0% ； 归母净利润分别 为3.93/4.89/5.92 亿元，对应增速分别为30.8%/24.6%/21.0%；EPS 分别为0.97/1.21/1.46 元/股。 风险提示：品牌声誉受损的风险；电商平台销售相对集中的风险；经营业绩对热销单品存在一定依赖的 风险；经销商合作风险 公司发布2024 年年报与2025 年一季报：2024 年营收13.18 亿元（同比+27.6%），归母净利润3 亿元 （同 ...

分品类看，2024 年核心品类增速较快，25Q1 受季节影响婴童护理高增。1）2024 年驱蚊收入4.39 亿 元，同比+35.39%；婴童护理收入6.90 亿元，同比+32.42%；精油系列1.58 亿元，同比+7.88%。2） 25Q1 驱蚊收入0.43 亿元，同比+10.50%；婴童护理收入1.79 亿元，同比+65.57%；精油系列0.11 亿元， 同比-6.14%。分渠道看，2024 年线上直销7.74 亿元，同比+24.84%；线上平台经销16.53 亿元，同比 +23.38%；线上平台代销0.31 亿元，同比+4.06%；非平台经销3.47 亿元，同比+39.64%，实现较快增 长，非平台经销已开发合作胖东来、永辉、大润发、沃尔玛、7-11 等KA 渠道以及WOW COLOUR 等特 通渠道。 品类结构变化及规模效应拉动利润率提升。1）2024 年整体毛利率58.17%（+1.82pct），其中婴童护理 毛利率59.81%、驱蚊毛利率54.18%。销售费用率28.80%（+2.78pct），管理费用率2.45%（-0.74pct）， 研发费用率2.66%（+0.17pct），综合影响下2024 ...

润本股份发布2024 年年报及2025 年一季报： 2024A 营业收入13.18 亿元/同比+27.61%；归母净利润3 亿元/同比+32.80%；扣非归母净利润2.89 亿元/ 同比+32.28%。24Q4 营业收入2.81 亿元/同比+34.01%；归母净利润0.39 亿元/同比-13.28%；扣非归母净 利润0.33 亿元/同比-19.58%。2025Q1 营业收入2.40 亿元/同比+44.00%；归母净利润0.44亿元/同比 +24.60%；扣非归母净利润0.39 亿元/同比+22.85%。 毛利率稳中有升，销售费用率增加 2024A 毛利率58.17%/同比+1.82pp，归母净利率22.77%/同比+0.89pp。25Q1毛利率57.67%/同比 +1.98pp；归母净利率18.41%/同比-2.87pp。2024A 销售费用率28.8%/同比+2.78pp；管理费用率2.45%/同 比-0.74pp；研发费用率2.66%/同比+0.17pp。25Q1 销售费用率31.45%/同比+1.30pp；管理费用率3.69%/ 同比-0.63pp；研发费用率3.20%/同比-0.93pp。 驱蚊和婴童 ...

美容护理/个护用品 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 35.58 | | 一年最高最低(元) | 37.99/15.80 | | 总市值(亿元) | 143.95 | | 流通市值(亿元) | 36.77 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 1.03 | | 近 3 个月换手率(%) | 200.06 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 润本股份 沪深300 相关研究报告 《2024Q3 归母净利润同增 32%，婴童 护理表现良好—公司信息更新报告》 -2024.10.23 《2024H1 归母净利润同比+50.7%，驱 蚊品类表现亮眼—公司信息更新报 告》-2024.8.16 《上半年抖音渠道较快增长，预计归 母净利润增速亮眼—公司信息更新报 告》-2024.7.11 润本股份（603193.SH） 2025Q1 收入高增，看好夏季防晒等新品放量 2025 年 04 月 28 日 ——公司信息更新报告 | 黄泽鹏 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of —— yuan over the next 6 months [1]. Core Insights - The company continues to experience high revenue growth, with a diversified product matrix [2]. - The revenue for 2024 is projected to be 13.2 billion yuan, representing a year-on-year growth of 27.6%, while the net profit attributable to the parent company is expected to reach 3.0 billion yuan, up 32.8% year-on-year [9]. - The company has a strong focus on the baby care and mosquito repellent segments, which are expected to show good growth potential [9][10]. Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 13.18 billion yuan, net profit of 3.00 billion yuan - 2025E: Revenue of 17.72 billion yuan, net profit of 3.92 billion yuan - 2026E: Revenue of 22.99 billion yuan, net profit of 5.05 billion yuan - 2027E: Revenue of 28.79 billion yuan, net profit of 6.36 billion yuan - Growth Rates: - Revenue growth rates are projected at 27.61% for 2024, 34.39% for 2025, 29.77% for 2026, and 25.22% for 2027 - Net profit growth rates are expected to be 32.80% for 2024, 30.52% for 2025, 28.78% for 2026, and 26.05% for 2027 [4][11]. Product and Market Analysis - The company has successfully increased the average selling price of its baby care products, with significant room for further price increases compared to competitors [9]. - The product matrix has been continuously enriched, with over 90 new or upgraded products launched in 2024, including children's sunscreen and egg yolk oil series [9]. - Online sales channels have shown rapid growth, with significant contributions from platforms like Douyin, while offline channels are also expanding [9]. Profitability Metrics - The overall gross margin for 2024 is projected at 58.2%, with a net profit margin of 22.8% [9]. - The company is expected to maintain a healthy return on equity (ROE), projected to be 14.43% in 2024, increasing to 19.19% by 2027 [4][11].

Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on recent performance and product launches [1]. Core Views - The report highlights the successful promotion of new sunscreen products and the promising potential of the youth series, indicating a strong growth trajectory for the company [1][2]. - The company achieved a revenue of 1.318 billion yuan in 2024, reflecting a year-on-year growth of 27.6%, and a net profit of 300 million yuan, up 32.8% [1][4]. - The first quarter of 2025 saw a revenue of 240 million yuan, marking a 44.0% increase year-on-year, with a net profit of 44 million yuan, up 24.6% [1]. Summary by Relevant Sections Financial Performance - In 2024, the company's baby and child care products generated revenue of 690 million yuan, a 32.4% increase year-on-year, with a gross margin of 59.8% [2]. - The first quarter of 2025 for baby and child care products showed a revenue of 179 million yuan, a significant 65.6% increase year-on-year, driven by higher average prices of new products [2]. - The company's gross margin and net profit margin for Q1 2025 were 57.7% and 18.4%, respectively, with operational cash flow showing improvement [3]. Product Development - The sunscreen gel launched in February 2025 is expected to see rapid sales growth due to its favorable skin feel and cost-effectiveness [2]. - The mosquito repellent segment also showed growth, with revenue of 439 million yuan in 2024, a 35.4% increase year-on-year, and continued expansion in outdoor mosquito repellent products [2]. Profit Forecast - The forecast for net profit from 2025 to 2027 is projected at 400 million yuan, 530 million yuan, and 704 million yuan, respectively, with corresponding P/E ratios of 36X, 27X, and 20X [3].

Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on recent performance and product launches [1]. Core Views - The report highlights the successful promotion of new sunscreen products and the promising potential of the youth series, indicating a strong growth trajectory for the company [1][2]. - The company achieved a revenue of 1.318 billion yuan in 2024, reflecting a year-on-year growth of 27.6%, and a net profit of 300 million yuan, up 32.8% year-on-year [1][4]. - The first quarter of 2025 saw a revenue of 240 million yuan, representing a 44% increase year-on-year, with a net profit of 44 million yuan, up 24.6% year-on-year [1]. Summary by Relevant Sections Financial Performance - In 2024, the company's baby care products generated revenue of 690 million yuan, a 32.4% increase year-on-year, with a gross margin of 59.8% [2]. - The first quarter of 2025 for baby care products showed a revenue of 179 million yuan, a remarkable 65.6% increase year-on-year, driven by higher average prices of new products [2]. - The company's gross margin for Q1 2025 was 57.7%, with a net profit margin of 18.4% [3]. Product Development - The sunscreen gel launched in February 2025 is expected to see rapid sales growth due to its favorable skin feel and cost-effectiveness [2]. - The mosquito repellent segment also showed strong performance, with revenue of 439 million yuan in 2024, a 35.4% increase year-on-year [2]. Profit Forecast - The forecast for net profit for Runben Co., Ltd. from 2025 to 2027 is projected to be 400 million yuan, 530 million yuan, and 704 million yuan respectively, with corresponding P/E ratios of 36X, 27X, and 20X [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 1.32 billion yuan in 2024, representing a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [5] - The company is expected to maintain strong growth in the baby care segment and continue to launch new products to capture market share [8] Company Overview - Latest closing price: 35.58 yuan - Total shares: 4.05 billion, circulating shares: 1.03 billion - Total market capitalization: 14.4 billion yuan, circulating market capitalization: 3.7 billion yuan - 52-week high/low: 36.53/16.13 yuan - Debt-to-asset ratio: 6.3% - Price-to-earnings ratio: 48.08 [4] Financial Performance - In Q4 2024, the company achieved revenue and net profit of 280 million yuan and 40 million yuan, respectively, with year-on-year growth of 34% and a decline of 13% [5] - In Q1 2025, revenue and net profit were 240 million yuan and 44 million yuan, respectively, with year-on-year growth of 44% and 25% [5] - The gross profit margin for 2024 increased by 1.8 percentage points to 58.2% [7] - The company expects net profits of 390 million yuan, 500 million yuan, and 604 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36 times, 29 times, and 24 times [8][11] Revenue Breakdown - In 2024, revenue from mosquito repellent, baby care, and essential oils was 440 million yuan, 690 million yuan, and 160 million yuan, respectively, with year-on-year growth of 35%, 32%, and 8% [6] - For Q1 2025, the revenue growth rates for mosquito repellent, baby care, and essential oils were 66%, 11%, and -6%, respectively [6] - Online direct sales and non-platform distributors showed strong performance, with revenue growth of 24.8% and 39.6% in 2024 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 1.32 billion yuan in 2024, representing a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [5] - The company is expected to maintain strong growth in the baby care segment and continue launching new products to capture market share [8] Company Overview - Latest closing price: 35.58 yuan - Total shares: 4.05 billion, circulating shares: 1.03 billion - Total market capitalization: 14.4 billion yuan, circulating market capitalization: 3.7 billion yuan - 52-week high/low: 36.53/16.13 yuan - Debt-to-asset ratio: 6.3% - Price-to-earnings ratio: 48.08 [4] Financial Performance - In Q4 2024, the company achieved revenue and net profit of 280 million yuan and 40 million yuan, respectively, with year-on-year growth of 34% and a decline of 13% [5] - In Q1 2025, revenue and net profit were 240 million yuan and 44 million yuan, respectively, with year-on-year growth of 44% and 25% [5] - The gross profit margin for 2024 increased by 1.8 percentage points to 58.2% [7] - The company expects net profits of 390 million yuan, 500 million yuan, and 604 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36 times, 29 times, and 24 times [8][11] Revenue Breakdown - In 2024, revenue from mosquito repellent, baby care, and essential oils was 440 million yuan, 690 million yuan, and 160 million yuan, respectively, with year-on-year growth of 35%, 32%, and 8% [6] - For Q1 2025, revenue growth rates for mosquito repellent, baby care, and essential oils were 66%, 11%, and -6%, respectively [6] - Online direct sales and non-platform distributors showed strong performance, with revenue growth of 24.8% and 39.6% in 2024 [6]