Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company has achieved impressive performance in H1 2024, driven by online sales and the introduction of over 50 new products, including various baby care and mosquito repellent items [6][7] - The company's comprehensive gross margin reached 58.6%, an increase of 3.09 percentage points year-on-year, with a net profit margin of 24.20%, up by 3.57 percentage points year-on-year [6][7] - The company is expected to continue its growth trajectory, with projected revenues of 13.32 billion, 16.66 billion, and 20.02 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 29.0%, 25.0%, and 20.2% [7] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 744 million, a year-on-year increase of 28.5%, and a net profit of 180 million, up by 50.7% [6] - For Q2 2024, revenue was 577 million, representing a 35.0% year-on-year growth, with a net profit of 145 million, an increase of 47.0% [6] Product Development and Sales Strategy - The company has established a full-channel sales network, achieving top rankings in various e-commerce platforms for baby care products [6][7] - The introduction of new products has optimized the product mix and improved gross margins, contributing to overall sales growth [6][7] Research and Development - The company emphasizes R&D as a core strategic focus, with 85 patents granted as of June 2024, enhancing its innovation capabilities [7] Future Projections - Revenue and net profit forecasts for 2024-2026 indicate strong growth, with expected net profits of 319 million, 390 million, and 461 million respectively [7] - The projected EPS for the same period is 0.79, 0.96, and 1.14 per share, with corresponding P/E ratios of 22x, 18x, and 15x [7]

[Table_TargetPrice] [Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 润本股份(603193)公司点评报告 2024 年 08 月 16 日 [Table_Title] 旺季业绩表现亮眼，产品结构优化带动均价提升 ——润本股份(603193)2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： Q2 旺季营收实现快速增长，盈利能力明显优化 24H1 公司实现营业收入 7.44 亿元，同比增长 28.47%，实现归母净利润 1.8 亿元，同比增长 50.69%，实现扣非归母净利润 1.75 亿元，同比增长 48.05%。盈利能力方面，24H1 公司毛利率为 58.64%，同比提升 3.09pct， 净利率为 24.2%，同比提升 3.57pct。费用端来看，24H1 公司整体费用控 制良好，期间费用率合计为 29.74%，同比下降 0.78pct。其中，销售费用率 为 28.73%，同比提升 2.03pct；管理费用率为 1.89%，同比下降 0.51pct； 研发费用率为 1.98%，同比下降 0.09pct。 ...

公 司 半 年 报 点 评 润本股份(603193.SH) 驱蚊业务较快增长，持续精细化推新 推荐（维持） 股价：17.04 元 | --- | --- | |--------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 社会服务 | | 公司网址 | www.runben.com | | 大股东 / 持股 | 广州卓凡投资控股有限公司 /44.58% | | 实际控制人 | 赵贵钦 , 鲍松娟 | | 总股本 ( 百万股 ) | 405 | | 流通 A 股 ( 百万股 | ) 61 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 69 | | 流通 A 股市值 ( | 亿元 ) 10 | | 每股净资产 ( 元 ) | 5.02 | | 资产负债率 (%) | 9.0 | | 行情走势图 | | 相关研究报告 【平安证券】润本股份（603193.SH）*首次覆盖报告* 契合消费需求，驱蚊、婴童护理齐发力*推荐20240310 证券分析师 胡琼方 投资咨询资格编号 S10 ...

隐证券 美容护理/个护用品 公 司 研 究 润本股份（603193.SH） 2024 年 08 月 16 日 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 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 17.04 | | 一年最高最低 ( 元 ) | 26.68/11.92 | | 总市值 ( 亿元 ) | 68.94 | | 流通市值 ( 亿元 ) | 10.34 | | 总股本 ( 亿股 ) | 4.05 | | 流通股本 ( 亿股 ) | 0.61 | | 近 3 个月换手率 (%) | 207.62 | 股价走势图 -48% -36% -24% -12% 0% 12% 2023-08 2023-12 2024-04 润本股份 沪深300 数据来源：聚源 相关研究报告 《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 《盈利能力持续提升，推新品拓渠道 放 量 可 期 — ...

证券研究报告：美容护理 | 公司点评报告 2024 年 8 月 15 日 公司基本情况 最新收盘价（元） 17.04 总股本/流通股本（亿股）4.05 / 0.61 总市值/流通市值（亿元）69 / 10 52 周内最高/最低价 22.08 / 12.45 资产负债率(%) 4.8% 市盈率 26.62 第一大股东广州卓凡投资控股有限 公司 研究所 股票投资评级 买入|维持 个股表现 -44% -40% -36% -32% -28% -24% -20% -16% -12% -8% -4% 2023-10 2023-12 2024-02 2024-04 2024-06 2024-08 润本股份 美容护理 资料来源：聚源，中邮证券研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 润本股份(603193) 驱蚊快速增长，婴童护理有望加速 ⚫ 事件描述 公司公布 24 年中报，24H1 实现收入 7.44 亿元，同比+28.5%，实 现归母净利润 1.8 亿元，同比+50.7%，扣非归母净利润 1.75 亿元， 同比+48.05%；其中 2 ...

[Table_Main] 证券研究报告 | 公司点评 润本股份(603193.SH) 2024 年 08 月 15 日 买入（上调） 所属行业：美容护理/个护用品 当前价格(元)：17.04 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 2024-08 润本股份 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | | | | | | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -9.22 | -7.09 | -11.83 | | 相对涨幅 (%) | -5.46 | -1.45 | -3.21 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《润本股份：23&24Q1 利润率维持 高位，静待 Q2 旺季驱蚊及防晒表现》， 2024.5.5 2. ...

股 票 研 究 证 券 研 究 报 告 ——润本股份 2024 半年报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |----------------------|-------------------| | | | | 闫清徽 ( 分析师 ) | 杨柳 ( 分析师 ) | | 021-38031651 | 021-38038323 | | yanqinghui@gtjas.com | yangliu@gtjas.com | | S0880522120004 | S0880521120001 | 本报告导读： 24H1 公司业绩符合预期，受益抖音及分销渠道高增长，产品端定时驱蚊液带动驱蚊 品类领增，此外毛利率抬升、规模效应下盈利能力优化。 投资要点： 股票研究 /[Table_Date] 2024.08.16 业绩高增符合预期，驱蚊品类领增 润本股份(603193) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | |----- ...

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 22.10 CNY for the next six months [4][5]. Core Insights - The company achieved significant growth in the first half of 2024, with revenue reaching 744 million CNY, a year-on-year increase of 28.47%, and a net profit of 180 million CNY, up 50.69% [1]. - The gross margin improved to 58.64% in H1 2024, reflecting a 3.09 percentage point increase, driven by enhanced brand strength and cost reduction efforts [2]. - The company launched over 50 new products in the first half of 2024, with strong performance in its core product lines, particularly mosquito repellent products, which generated 331 million CNY in revenue, a 44.49% increase [3]. Financial Performance Summary - For H1 2024, the company reported a net profit margin of 24.20%, up 3.57 percentage points, and a net profit of 1.80 billion CNY, with a significant increase in revenue and profitability across all product lines [2][3]. - The company expects revenue growth of 29.1%, 24.7%, and 19.1% for 2024, 2025, and 2026, respectively, with net profit projections of 300 million CNY, 370 million CNY, and 460 million CNY for the same years [4][8].

证券代码：603193 证券简称：润本股份 公告编号：2024-025 二、监事会会议审议情况 （一）审议通过《关于<2024 年半年度报告及摘要>的议案》 2024 年上半年公司实现营业收入 7.44 亿元，同比增长 28.47%，实现归属 于上市公司股东的净利润 1.80 亿元，同比增长 50.69%；经营活动产生的现金流 量净额 1.41 亿元，同比增长 10.10%。 具体内容详见公司同日披露于上海证券交易所网站 (www.sse.com.cn) 的 《2024 年半年度报告》及《2024 年半年度报告摘要》。 润本生物技术股份有限公司 第二届监事会第三次会议决议公告 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。 一、监事会会议召开情况 润本生物技术股份有限公司（以下简称"公司"）第二届监事会第三次会议 于 2024 年 8 月 15 日在公司会议室以现场方式召开。会议通知已于 2024 年 8 月 5 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。董事会秘书吴伟斌先生列席了本 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥744,026,325.46, representing a 28.47% increase compared to ¥579,148,307.43 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥180,027,022.76, a 50.69% increase from ¥119,468,651.91 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥175,450,355.31, up 48.05% from ¥118,505,848.55 year-on-year[15]. - The net cash flow from operating activities was ¥140,862,793.07, reflecting a 10.10% increase compared to ¥127,939,805.89 in the same period last year[15]. - Basic earnings per share increased by 25.71% to CNY 0.44 compared to the same period last year[16]. - Diluted earnings per share also rose by 25.71% to CNY 0.44 year-on-year[16]. - The total profit for the first half of 2024 was ¥209,971,639.50, an increase from ¥141,359,585.56 in the first half of 2023, indicating strong overall performance[99]. - The total comprehensive income attributable to the parent company's owners for the first half of 2024 was ¥180,027,022.76, up from ¥119,468,651.91 in the previous year[100]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,234,144,332.07, a 10.66% increase from ¥2,018,870,919.90 at the end of the previous year[15]. - The total liabilities amounted to CNY 198,739,996.11, compared to CNY 95,123,467.14, reflecting a growth of about 108.7%[92]. - Current assets totaled CNY 1,912,652,406.09, up from CNY 1,716,333,346.68, indicating an increase of about 11.5%[91]. - The company's inventory increased to CNY 166,253,963.31 from CNY 92,911,341.43, representing a significant rise of about 78.8%[91]. - Accounts payable rose to CNY 134,532,232.00 from CNY 52,714,979.88, marking an increase of approximately 155.5%[92]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥1.80 per 10 shares, totaling approximately ¥72,826,796.52 based on the total share capital as of June 30, 2024[3]. - The company reported a profit distribution of approximately -¥68.78 million for the first half of 2024, indicating a loss in retained earnings[108]. - The company plans to distribute dividends of 1.80 RMB for every 10 shares, as part of its profit distribution proposal[37]. Research and Development - Research and development expenses increased by 22.69% to approximately 14.76 million RMB, emphasizing the company's commitment to innovation[25]. - The company launched over 50 new products during the reporting period, including a children's sunscreen and a mosquito repellent spray[23]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided data[97]. Market and Competition - The company faces risks from intensified industry competition, particularly in the e-commerce sector, which may impact its operational performance[32]. - The company actively expanded its online and offline sales channels, maintaining significant market share on platforms like Tmall and JD[23]. - The total retail sales of consumer goods in China reached CNY 2,359.69 billion, with a year-on-year growth of 3.7%[21]. Environmental Responsibility - The company is committed to environmental responsibility, although specific details on environmental initiatives were not disclosed[38]. - The company strictly complies with environmental laws and regulations, ensuring pollution control facilities are designed, constructed, and operated simultaneously with main projects[39]. - The company has implemented clean production and emission reduction measures, actively reducing pollutant emissions through improved production processes and the use of clean energy[39]. Shareholding and Governance - The company reported a commitment to not transfer or manage shares held prior to the IPO for a period of 12 months from the listing date[45]. - Shareholders with over 5% holdings are also bound by a similar 12-month lock-up period following the IPO[46]. - The company has established a policy that limits annual share transfers by senior management to no more than 25% of their total holdings[47]. Financial Management - The total amount of funds raised from the initial public offering (IPO) was ¥1,054,792,200, with a net amount of ¥971,228,451 after deducting issuance costs[75]. - The company has no significant litigation or arbitration matters during the reporting period[71]. - The company has committed to ensuring that the IPO does not involve any fraudulent issuance[70]. Accounting Policies - The company adheres to the Chinese Accounting Standards, ensuring that its financial statements accurately reflect its financial position and performance[120]. - The company has established a materiality threshold of 4 million RMB for significant prepaid items, accounts payable, contract liabilities, and other payables aged over one year[124]. - The company recognizes revenue when control of the goods is transferred to the customer, which includes the ability to dominate the use of the goods and obtain almost all economic benefits[163]. Taxation - The company has obtained high-tech enterprise certification, allowing a reduced corporate income tax rate of 15% until December 31, 2024[176]. - The company’s subsidiaries that qualify as small and micro enterprises can benefit from a reduced corporate income tax rate of 20% on taxable income not exceeding 1 million yuan[176]. - The company benefits from a 100% tax deduction on R&D expenses, enhancing its investment in innovation and technology development[178].