Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.98%. The net profit attributable to shareholders reached 261 million yuan, up 44.35% year-on-year [2] - The net profit margin has shown continuous improvement, indicating strong profitability resilience. The gross margin for Q1-Q3 2024 was 58.33%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 25.15%, up 3.3 percentage points year-on-year [2] - The company is focusing on high-priced products, which has led to an increase in average selling prices across its product lines, particularly in mosquito repellent and infant care products [2][3] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 1,338 in 2024E to 2,129 in 2026E, with corresponding growth rates of 29.54% in 2024E, 28.53% in 2025E, and 23.78% in 2026E [4] - Net profit (in million yuan) is expected to increase from 322 in 2024E to 483 in 2026E, with growth rates of 42.30% in 2024E, 25.08% in 2025E, and 20.12% in 2026E [4] - The company’s earnings per share (EPS) is projected to rise from 0.79 in 2024E to 1.19 in 2026E [4] Business Strategy - The company is implementing a strategy focused on large brands with small product categories, leveraging dual drivers from mosquito repellent and infant care segments. New product launches in the infant care category are anticipated to perform well in the upcoming peak season [3] - The company is enhancing its market penetration in lower-tier cities and expanding its online and offline sales channels, which has contributed to its leading position in e-commerce sales [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 26.48 yuan as of October 22, 2024 [5]. Core Insights - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 25.98%. The net profit attributable to the parent company was 261 million yuan, up 44.35% year-over-year [2]. - The company's core businesses, mosquito repellent and infant care, are expected to drive growth, particularly as the fourth quarter approaches, which is a peak season for infant care products [3]. - The company has successfully launched new products and upgraded existing ones, contributing to revenue growth during the traditionally slow third quarter [3]. - The report forecasts net profits for 2024, 2025, and 2026 to be 330 million, 427 million, and 535 million yuan, respectively, with year-over-year growth rates of 46.1%, 29.2%, and 25.5% [3][6]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 293 million yuan, a year-over-year increase of 20.10%, and a net profit of 81 million yuan, up 31.98% year-over-year [2]. - The gross profit margin for the first three quarters of 2024 was 58.33%, with a net profit margin of 25.15% [2]. - The company’s sales expense ratio was 27.27% for the first three quarters, while the management expense ratio was 2.07% [2]. - The report projects a steady increase in revenue and profit margins, indicating strong operational efficiency and profitability [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 22, 2024 [1]. Core Views - The company reported a 32% year-on-year growth in net profit attributable to shareholders for Q3 2024, with strong performance in the infant care segment [1][2]. - The company is positioned as a leader in the "mosquito repellent and infant care" niche, benefiting from consumer trends towards affordable products [1]. - The company plans to invest 700 million yuan in building a "smart manufacturing future factory," expected to be operational within four years, which will enhance product innovation and capacity [3]. Financial Performance - For Q3 2024, the company achieved revenue of 293 million yuan, a year-on-year increase of 20.1%, and net profit of 78 million yuan, up 32% [1]. - The gross margin and net margin for Q3 2024 were reported at 57.6% (up 0.1 percentage points) and 27.6% (up 2.5 percentage points), respectively [2]. - The company’s revenue for the first three quarters of 2024 reached 1.038 billion yuan, reflecting a 44.3% increase year-on-year [1]. Product and Market Development - The company’s mosquito repellent, infant care, and essential oil segments generated revenues of 89 million, 150 million, and 46 million yuan in Q3 2024, with year-on-year growth rates of 16.2%, 26.7%, and 15.3% respectively [2]. - The average selling prices for mosquito repellent and infant care products increased by 2.2% year-on-year, indicating a stable pricing strategy amid product upgrades [2]. - The new product, egg yolk oil cream, has become a top seller on Douyin, showcasing the company's ability to create popular products [3]. Financial Projections - The company forecasts net profits attributable to shareholders of 315 million, 390 million, and 479 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.78, 0.96, and 1.18 yuan [4]. - Revenue projections for the next few years are 1.344 billion yuan in 2024, 1.725 billion yuan in 2025, and 2.188 billion yuan in 2026, with year-on-year growth rates of 30.1%, 28.4%, and 26.8% [4].

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 29.06 CNY [4][6]. Core Views - The company reported a revenue of 1.038 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 25.98%, and a net profit of 261 million CNY, up 44.35% [1]. - The gross margin for the first three quarters of 2024 was 58.38%, an increase of 3.90 percentage points, while the gross margin for Q3 2024 was 57.34%, a slight decrease of 0.04 percentage points [2]. - The company has focused on product innovation, particularly in the baby skincare segment, introducing several new products that enhance safety and comfort [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 25.14%, an increase of 3.18 percentage points, and for Q3 2024, the net profit margin was 27.65%, up 2.65 percentage points [2]. - The company’s revenue is projected to grow to 1.333 billion CNY in 2024, with a year-on-year growth rate of 29.1% [7]. - The net profit is expected to reach 309.4 million CNY in 2024, reflecting a growth rate of 36.9% [7]. Product Innovation and Market Strategy - The company has upgraded its baby skincare product line, focusing on safety and comfort, and has launched innovative products such as chlorine-removing shampoo and bathing gel for babies [3]. - The use of plant essential oils and herbal ingredients has been emphasized in product development, enhancing product efficacy [3]. - The company has introduced scenario-driven products to meet specific family needs, such as mosquito repellent sprays and customized lip balms for children [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrated strong resilience in performance during the off-season, with Q3 2024 revenue increasing by 20.1% year-on-year and net profit attributable to shareholders rising by 32% [2][6] - The company plans to invest 700 million yuan in the construction of the "Runben Intelligent Manufacturing Future Factory Project," which aims to enhance product innovation capabilities and increase production capacity [6] - The "Big Brand + Small Category" strategy continues, with projected revenues for 2024-2026 expected to be 1.332 billion, 1.701 billion, and 2.101 billion yuan, respectively, reflecting growth rates of 29.0%, 27.6%, and 23.5% [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.038 billion yuan (up 26.0% year-on-year) and a net profit of 261 million yuan (up 44.3% year-on-year) [6] - Q3 2024 financial metrics include a gross margin of 57.6% (up 0.11 percentage points year-on-year), a sales expense ratio of 23.5% (up 1.45 percentage points), and a net profit margin of 27.55% (up 2.48 percentage points) [2][6] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.79, 1.00, and 1.20 yuan per share, with corresponding price-to-earnings (P/E) ratios of 33.5x, 26.5x, and 22x [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.04 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 26.0%. The net profit attributable to the parent company was 260 million yuan, up 44.4% year-over-year [2] - The company is successfully cultivating new products, with the baby care segment maintaining high growth. In Q3 2024, revenue from baby care, mosquito repellent, and essential oil products increased by 27%, 16%, and 15% year-over-year, respectively [2] - The gross margin continues to trend upwards, with a gross margin of 58.3% for the first three quarters of 2024, an increase of 2.2 percentage points year-over-year [2] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 1,032.96 in 2023 to 1,339.92 in 2024, reflecting a year-over-year growth of 29.72% [1] - The net profit attributable to the parent company is expected to rise from 226.03 million yuan in 2023 to 312.69 million yuan in 2024, indicating a year-over-year increase of 38.34% [1] - The latest diluted EPS is forecasted to increase from 0.56 yuan in 2023 to 0.77 yuan in 2024 [1] Cash Flow and Valuation Metrics - Operating cash flow for 2024 is projected to be 302 million yuan, up from 253 million yuan in 2023 [9] - The company’s P/E ratio is expected to decrease from 47.40 in 2023 to 34.26 in 2024, indicating an improving valuation [9] - The return on equity (ROE) is projected to increase from 11.76% in 2023 to 14.47% in 2024 [9]

重要内容提示： 证券代码： 603193 证券简称：润本股份 公告编号：2024-042 润本生物技术股份有限公司 关于使用部分超募资金永久补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 ● 公司承诺：用于永久补充流动资金的金额，每十二个月内累计不超募资金 总额的30%；在补充流动资金后的十二个月内不得进行高风险投资及为控股子 公司以外的对象提供财务资助。 ● 履行的审议程序：本事项已分别经第二届董事会第六次会议和第二届监事 会第四次会议审议通过；保荐人申万宏源证券承销保荐有限责任公司（以下简称 "保荐人"）发表了无异议的核查意见。 ●该事项尚需提交公司2024年第三次临时股东大会审议。 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意润本生物技术股份有限公司 首次公开发行股票注册的批复》（证监许可[2023]1631号），公司于2023年9 月27 日首次公开发行人民币普通股（A股）60,690,000股，发行价格为人民币 17.38元/股，募集资金总额为人民币1,054,792,200 ...

证券代码：603193 证券简称：润本股份 公告编号： 2024-039 润本生物技术股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 重要内容提示： ● 润本生物技术股份有限公司拟续聘广东司农会计师事务所（特殊普通合伙） 作为公司 2024 年度的财务审计机构和内控审计机构。 润本生物技术股份有限公司（以下简称"公司"）于2024 年 10 月 22 日召开 第二届董事会第六次会议和第二届监事会第四次会议，审议通过了《关于续聘会计 师事务所的议案》，同意续聘请广东司农会计师事务所（特殊普通合伙）（以下简称 "司农会计师事务所"）为公司2024 年度财务报告及内部控制审计机构，该事项尚需 提交公司股东大会审议通过，现将有关情况公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 会计师事务所名称：广东司农会计师事务所（特殊普通合伙） 成立日期：2020 年 11 月 25 日 组织形式：合伙企业（特殊普通合伙） 注册地址：广州市南沙区南沙街兴沙路 6 号 704 房- ...

一、监事会会议召开情况 润本生物技术股份有限公司 第二届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 润本生物技术股份有限公司（以下简称"公司"）第二届监事会第四次会议 于 2024 年 10 月 22 日在公司会议室以现场方式召开。会议通知已于2024 年 10 月 17 日通过书面文件的方式送达各位监事。本次会议应出席监事 3 人，实际出席 监事 3 人，会议由监事会主席秦传晓先生主持。董事会秘书吴伟斌先生列席了本 次会议。本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。经各位监事认真审议，会议形成了如下决议。 二、监事会会议审议情况 （一）审议通过《关于<2024 年第三季度报告>的议案》 证券代码：603193 证券简称：润本股份 公告编号：2024-036 2024 年前三季度公司实现营业收入 10.38 亿元，同比增长 25.98%，实现归 属于母公司净利润 2.61 亿元，同比增长 44.35%。公司监事会认为公司《2024 年第三季度 ...

证券代码：603193 证券简称：润本股份 公告编号：2024-040 润本生物技术股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 11 日 14 点 00 分 召开地点：广东省广州市天河区华夏路 28 号富力盈信大厦 40 楼润本生物 技术股份有限公司会议室 股东大会召开日期：2024年11月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 11 日 至 2024 年 11 月 11 日 采用上海证券交易所 ...