证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 21 日 [Table_Title] Q3 淡季积淀势能，关注 Q4 旺季与新品发力 [Table_Title2] 润本股份(603193) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603193 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 44.0/21.02 | | 目标价格： | -- | 总市值(亿) | 113.61 | | 最新收盘价： | 28.08 | 自由流通市值(亿) | 29.02 | | | | 自由流通股数(百万) | 103.34 | [Table_Summary] 事件概述 润本股份发布 2025 年三季报，2025Q1-Q3 实现营收 12.38 亿元，YOY+19.28%，归母净利润 2.66 亿元， YOY+1.98%。其中 2025Q3 实现营收 3.42 亿元，YOY+16.67%，归母净利润 0.79 亿元，YOY-2.89%，净利润增速低 于营收增速，主要因销售费用明显提高。2025Q ...

Group 1 - The latest institutional holdings reveal that pension accounts have appeared among the top ten circulating shareholders of companies such as Chuanfeng Power, Dingtong Technology, Runben Co., and Shenghui Integration at the end of the third quarter [1] - The Basic Pension Insurance Fund 16032 and 16022 combinations are the eighth and fourth largest circulating shareholders of Chuanfeng Power, holding a total of 7.9514 million shares, accounting for 5.21% of circulating shares [1] - The Basic Pension Insurance Fund 1906 and 16052 combinations are the seventh and ninth largest circulating shareholders of Dingtong Technology, holding a total of 1.5174 million shares, accounting for 1.09% of circulating shares [1] Group 2 - The Basic Pension Insurance Fund 1206 combination is the ninth largest circulating shareholder of Runben Co., holding 0.4544 million shares, accounting for 0.44% of circulating shares [1] - The Basic Pension Insurance Fund 1204 combination is the seventh largest circulating shareholder of Shenghui Integration, holding 0.3118 million shares, accounting for 0.89% of circulating shares [1] - The data indicates a trend of pension funds increasing their presence in various sectors, including automotive, communication, beauty care, and construction decoration [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Insights - The company reported Q3 revenue of 342 million RMB, a year-on-year increase of 16.7%, while net profit attributable to shareholders was 79 million RMB, down 2.9% year-on-year, with a net profit margin of 22.9%, a decrease of 4.6 percentage points year-on-year [1][7] - The decline in profit margin is attributed to an increase in sales expense ratio and a decrease in interest income, although the overall profit margin remains resilient [1] - The company is expected to benefit from the peak season for infant and child products in Q4, with anticipated growth driven by products like egg yolk oil and lip balm [1] Revenue Breakdown - In Q3, the revenue from mosquito repellent, infant care, and essential oil series was 132 million, 146 million, and 43 million RMB respectively, with year-on-year growth rates of 48.5%, -2.8%, and -7.0% [2] - The average selling prices for these categories were 6.14, 8.51, and 8.87 RMB, reflecting year-on-year increases of 12.0%, 7.9%, and a decrease of 2.4% respectively [2] - The mosquito repellent series saw a significant increase in sales volume, driven by the chikungunya virus outbreak, while the infant care series experienced a price increase that partially offset a decline in sales volume [2] Channel Performance - Online channels showed impressive marginal growth, with Q3 GMV for Douyin, Taobao, and JD.com reaching 780.9 million, 1,295.7 million, and 725.1 million RMB, representing year-on-year growth of 30.6%, 20.6%, and 21.9% respectively [3] - The launch of new products in the youth and children’s series is expected to tap into niche market demands, potentially driving long-term growth [3] Cost Structure - Q3 gross margin was 59.0%, up 1.4 percentage points year-on-year, while the sales expense ratio increased to 29.1%, up 5.4 percentage points year-on-year [4] - The increase in sales expenses is primarily due to heightened online market investments, while management and R&D expense ratios saw slight decreases [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted to 311 million, 387 million, and 465 million RMB, reflecting decreases of 4.9%, 5.8%, and 8.7% from previous estimates [5] - Based on comparable companies, a target price of 32.54 RMB is set for 2026, corresponding to a PE ratio of 34x, with the rating maintained at "Accumulate" [5]

3Q25 业绩略低于我们预期 公司公布1-3Q25 业绩：收入12.4 亿元，同比+19.3%；归母净利润2.7 亿元，同比+2.0%；扣非净利润2.5 亿元，同比-1.8%。对应单Q3 收入3.4 亿元，同比+16.7%，归母净利润0.79 亿元，同比-2.9%，扣非净利 润0.74 亿元，同比-7.6%。Q3 业绩略低于我们预期，主因婴童品类增长放缓叠加销售费率提升的影响。 展望Q4，我们认为婴童护肤旺季之下，明星单品蛋黄油系列、滋润防皲系列有望继续放量，同时公司 唇彩、唇蜜、指甲油等细分品类新品储备丰富。我们看好公司基于自有供应链体系和多年沉淀的高效线 上运营体系的竞争优势，以及通过产能扩张、新品拓展，叠加多渠道协同发展下的广阔成长空间。 盈利预测与估值 1、驱蚊品类增长提速，带动Q3 收入较快增长。分产品看：①驱蚊：Q3 收入1.32 亿元，同比+49%，收 入占比同比+9ppt 至39%，我们预计主因基孔肯雅热疫情提振驱蚊需求，叠加低基数影响；②婴童护 理：Q3 收入1.46 亿元，同比-3%，收入占比43%，我们预计主因天气节奏波动叠加品类间资源分配的影 响；③精油：Q3 收入0.43 亿元，同比 ...

Core Viewpoint - The company reported a 19.28% year-on-year increase in revenue for the first three quarters of 2025, reaching RMB 1.238 billion, and a net profit attributable to the parent company of RMB 266 million, reflecting a 1.98% growth [66]. Group 1: Financial Data - The third quarter financial report is unaudited, and the company has confirmed the accuracy and completeness of the financial information [3][4]. - The company plans to use up to RMB 650 million of temporarily idle raised funds for cash management, which is expected to enhance fund utilization efficiency without affecting ongoing projects [30][32][70]. Group 2: Product and Price Changes - The average selling price of the mosquito repellent product series increased year-on-year in Q3 2025 due to changes in product structure [8]. - The average price of surfactants rose by RMB 1.32 per kilogram (9.04% increase) compared to Q3 2024, while functional additives saw an increase of RMB 23.69 per kilogram (9.01% increase) [9][11]. Group 3: Shareholder Meeting - The company will hold its third extraordinary general meeting on November 5, 2025, to discuss various proposals, including the approval of the financial audit firm and the use of idle funds [52][70].

[Table_Tag] [Table_Summary] 投资要点 ◼ 盈利预测与投资评级：公司深耕驱蚊及婴童护理细分赛道，产品定位"质 高价优"，凭借大品牌小品类的经营战略及极致性价比战略空间广阔。 考虑到受天气等不可抗因素影响，婴童护理产品等销售有所影响，我们 下调公司 2025-27 年归母净利润预测由 3.3/4.2/5.2 亿元至 3.1/3.9/4.8 亿 元，分别同比+3.9%/+25.2%/+23.7%，最新收盘价对应 PE 分别为 36/29/24X，我们仍看好未来婴童护理新品推出重拾业绩高增，维持"买 入"评级。 ◼ 风险提示：行业竞争加剧，新品推广进展不及预期，宏观经济波动。 2025 年 10 月 20 日 证券研究报告·公司点评报告·美容护理 润本股份（603193） 2025 年三季报点评：天气影响、费用前置等 多因素拖累 Q3 业绩，期待未来新品放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（ ...

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial performance. Group 1: Corporate Announcements - Wanrun Technology clarified that rumors about an online roadshow and large orders are false, stating no such investor relations activities have occurred recently [4] - DiAo Micro plans to acquire 100% of Rongpai Semiconductor through a combination of share issuance and cash payment, with stock resuming trading on October 21, 2025 [5][6] - Dongtu Technology is planning to issue shares to acquire assets from Beijing Gaoweike Electric Technology, with stock suspension starting October 21, 2025 [7] - Guangsheng Nonferrous Metals announced the absorption merger of two wholly-owned rare earth subsidiaries to enhance management efficiency and reduce operational costs [8] - Shan Shui Technology's actual controller and chairman was subjected to criminal coercive measures, but the company's operations remain normal [9] - Xingchen Technology completed the acquisition of 53.3087% of Shanghai Furui Kun Microelectronics, which will now be a subsidiary [10] - Yiyi Co. is planning to issue shares and cash to acquire assets, with stock suspension since October 14, 2025 [11] - Yintai Group's acquisition of Huatuo Pharmaceutical received antitrust approval, allowing the transaction to proceed [12] Group 2: Financial Performance - China Mobile reported a net profit of 31.1 billion yuan for Q3 2025, a year-on-year increase of 1.4%, with total revenue of 794.7 billion yuan for the first three quarters, up 0.4% [14] - Alloy Investment's Q3 net profit surged by 4985% to 2.68 million yuan, with revenue of 65.71 million yuan, a 21.61% increase [15] - iFlytek's Q3 net profit increased by 202.4% to 172 million yuan, with revenue of 6.078 billion yuan, up 10.02% [16] - Yonghe Co. reported a Q3 net profit of 198 million yuan, a 485.77% increase, with total revenue of 1.34 billion yuan, up 11.42% [17] - Dazhu CNC's Q3 net profit rose by 282% to 228 million yuan, with revenue of 1.521 billion yuan, a 95.19% increase [18] - Dingtong Technology's Q3 net profit grew by 125% to 61.175 million yuan, with year-to-date revenue of 1.156 billion yuan, up 64.45% [20] - Shenneng Power's Q3 net profit increased by 56.69% to 117 million yuan, with total revenue of 459 million yuan, up 33.38% [21] - Runben Co. reported a slight decline in Q3 net profit by 2.89%, totaling 78.52 million yuan, despite a revenue increase of 16.67% [22] - Dayang Bio's Q3 net profit grew by 56.12% to 29.53 million yuan, with revenue of 248 million yuan, up 5.72% [23] - Kaile Co. reported a significant increase in net profit by 159.14% for the first three quarters, totaling 21.63 million yuan [24] - China Shipbuilding expects a net profit increase of 104% to 126% for the first three quarters, estimating between 5.55 billion to 6.15 billion yuan [25] Group 3: Shareholding Changes - Zhejiang Mining's major shareholders plan to reduce their holdings by up to 3% of the company's shares [27] - Blue Arrow Electronics' shareholders intend to reduce their holdings by up to 3% [28] - Jifeng Technology's shareholders plan to reduce their holdings by up to 3% [29] Group 4: Major Contracts - Dash Smart announced a joint bid for a smart transportation project worth 96 million yuan, which represents 3.03% of the company's projected revenue for 2024 [30]

Financial Performance - China Mobile reported a net profit of 31.1 billion yuan for Q3 2025, a year-on-year increase of 1.4% [1] - iFlytek's Q3 net profit increased by 202.4%, reaching 172 million yuan, with revenue of 6.078 billion yuan, up 10.02% year-on-year [2] - China Shipbuilding expects a net profit of 5.55 to 6.15 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 104.3% to 126.39% [3] - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan, which is 54.08% of its net profit for the first half of 2025 [4] - Alloy Investment reported a Q3 net profit of 2.68 million yuan, a staggering increase of 4985.25% [11] - Yonghe shares achieved a Q3 net profit of 198 million yuan, up 485.77% year-on-year [12] - Dazhu CNC's Q3 net profit grew by 282% to 228 million yuan [13] - Dingtong Technology's net profit for the first three quarters increased by 125% to 177 million yuan [14] - Shenneng Power's Q3 net profit rose by 56.69% to 117 million yuan [15] - Runben shares reported a slight decline in Q3 net profit by 2.89% [16] - Dayang Bio's Q3 net profit increased by 56.12% to 29.53 million yuan [18] - Kaile shares reported a 159.14% increase in net profit for the first three quarters [19] Corporate Actions - Wanrun Technology clarified that recent market rumors regarding online roadshows and large orders were false [5] - Dongtu Technology announced a stock suspension while planning to acquire assets from Beijing Gaoweike Electric Technology [6] - Guangsheng Nonferrous Metals is merging two wholly-owned rare earth subsidiaries to enhance operational efficiency [7] - Sanwater Technology's actual controller and chairman was taken under criminal coercive measures, but operations remain normal [8] - Xingchen Technology completed the acquisition of a 53.3087% stake in Shanghai Furui Kun Microelectronics [9] - Yiyi Co. announced a stock suspension while planning to issue shares and raise funds for asset acquisition [10] - Yingtai Group's subsidiary received antitrust approval for the acquisition of Huatuo Pharmaceutical for 369 million yuan [11] Major Contracts - Dash Intelligent won a 96 million yuan smart transportation project as the lead partner in a consortium [23]

为保证公司审计工作的独立性、客观性与持续性，经综合考虑及选聘会计师事务所的评价情况，公司拟 续聘广东司农会计师事务所（特殊普通合伙）为公司2025年度审计机构。2025年度财务报表审计费用为 90万元（含税），内部控制审计费用为30万元（含税）。若公司审计范围、内容发生重大变化，股东会 将授权董事会根据实际审计范围和内容调整审计费用。此议案已经公司第二届董事会审计委员会第六次 会议审议通过，但仍需提交公司股东会审议。 拟召开2025年第三次临时股东会 公司还计划召开2025年第三次临时股东会，将本次董事会需提交股东会审议的相关议案提交本次股东会 审议。具体内容可查阅公司同日披露于上海证券交易所网站（www.sse.com.cn）的《关于召开2025年第 三次临时股东会的通知》（公告编号：2025 - 043）。 此次董事会多项决策对润本股份未来发展意义重大，投资者可密切关注后续进展。 润本生物技术股份有限公司于2025年10月21日发布第二届董事会第十次会议决议公告，多项重要事项浮 出水面。 前三季度业绩增长，营收达12.38亿元 公告显示，2025年前三季度润本股份实现营业收入12.38亿元，同比增长19. ...

格隆汇10月20日丨润本股份(603193.SH)公布，公司拟使用任一时点总额度不超过人民币6.5亿元（含本 数）的闲置募集资金进行现金管理。本次现金管理授权期限自公司董事会审议通过之日起12个月内有 效，有效期内可以循环滚动使用。 ...