Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the sector [2][6]. Core Insights - The company is positioned as a well-known domestic brand in the baby care and mosquito repellent market, with a compound annual growth rate (CAGR) of 38.7% in revenue and 58.3% in net profit from 2019 to 2023 [2][20]. - The brand focuses on safety and gentleness, targeting the mid-to-low price range, which has helped it capture significant market share in the competitive mosquito repellent sector [2][31]. - The company has successfully expanded its product matrix across three core areas: mosquito repellent, baby care, and essential oils, with a notable increase in product SKUs from 759 in 2020 to 1331 in 2022 [2][23]. Summary by Sections 1. Company Overview - The company, founded in 2006, has developed a strong brand image and market presence in the baby care and mosquito repellent sectors, leveraging the growth of e-commerce channels [16][18]. - The management team has extensive experience in the industry, contributing to the company's high-quality development [18][20]. 2. Brand and Market Positioning - The brand emphasizes safety and quality, resonating with consumer preferences in the baby care market, where safety is a top priority [29][31]. - The pricing strategy positions the products competitively within the market, with mosquito repellent products priced at 0.13 yuan/g and baby care products at 0.10 yuan/ml, which are lower than comparable products [31]. 3. Revenue and Profitability Forecast - The company is projected to achieve revenues of 1.35 billion, 1.70 billion, and 2.10 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30%, 26%, and 23% [4][6]. - Net profit is expected to reach 300 million, 380 million, and 470 million yuan for the same years, with growth rates of 33%, 26%, and 24% [4][6]. 4. Product Development and Innovation - The company has adopted an integrated research, production, and sales model, allowing for rapid response to market demands and continuous product innovation [3][29]. - The product matrix has been refined to meet diverse consumer needs, with a focus on high-margin baby care products and innovative mosquito repellent solutions [23][26].

[Table_RightTitle] [Table_Title] 业绩同比大幅增长，驱蚊类产品表现出色 [Table_StockName] ——润本股份（603193）点评报告 [Table_ReportDate] 2024 年 08 月 16 日 [Table_Summary] 报告关键要素: 2024H1，公司实现营收 7.44 亿元（同比+28.47%），归母净利润 1.80 亿 元（同比+50.69%）。拟向全体股东每 10 股派发金红利 1.80 元（含税）， 占 2024H1 归母净利润的比例为 40.45%。 投资要点: 24H1 业绩大幅增长，归母净利润同比+50.69%。2024H1，公司实现营收 7.44 亿元（同比+28.47%），归母净利润 1.80 亿元（同比+50.69%），扣 非归母净利润 1.75 亿元（同比+48.05%），业绩大幅增长主因：1）公司 持续加大研发、丰富产品矩阵，品牌知名度进一步提升；2）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了较快增 长；3）运营管理效率提升，控本增效成果显著。分季度看，24Q1/Q2 分 别实现营收同比+10.02 ...

[Table_RightTitle] [Table_Title] 业绩同比大幅增长，驱蚊类产品表现出色 [Table_StockName] ——润本股份（603193）点评报告 [Table_ReportDate] 2024 年 08 月 16 日 [Table_Summary] 报告关键要素: 2024H1，公司实现营收 7.44 亿元（同比+28.47%），归母净利润 1.80 亿 元（同比+50.69%）。拟向全体股东每 10 股派发金红利 1.80 元（含税）， 占 2024H1 归母净利润的比例为 40.45%。 投资要点: 24H1 业绩大幅增长，归母净利润同比+50.69%。2024H1，公司实现营收 7.44 亿元（同比+28.47%），归母净利润 1.80 亿元（同比+50.69%），扣 非归母净利润 1.75 亿元（同比+48.05%），业绩大幅增长主因：1）公司 持续加大研发、丰富产品矩阵，品牌知名度进一步提升；2）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了较快增 长；3）运营管理效率提升，控本增效成果显著。分季度看，24Q1/Q2 分 别实现营收同比+10.02 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Views - The company reported a revenue of 744 million yuan for the first half of 2024, representing a year-on-year growth of 28.47%, and a net profit attributable to shareholders of 180 million yuan, up 50.69% year-on-year [3][4]. - In Q2 2024, the company achieved a revenue of 577 million yuan, with a year-on-year increase of 35.00%, and a net profit of 145 million yuan, growing 46.99% year-on-year [3][4]. - The company continues to innovate and expand its product offerings, launching over 50 new products in H1 2024, including a timed heating mosquito repellent and children's sunscreen [4][5]. Summary by Sections Business Performance - In H1 2024, the company's mosquito repellent product revenue was 331 million yuan (yoy +44.49%), baby care product revenue was 292 million yuan (yoy +28.13%), and essential oil product revenue was 108 million yuan (yoy +6.94%) [4]. - The online revenue for H1 2024 was 536 million yuan (yoy +25.06%), accounting for 72.09% of total revenue [4]. Financial Metrics - The gross margin for H1 2024 was 58.64% (yoy +3.09pcts), and the net margin was 24.20% (yoy +3.57pcts) [4]. - The company expects revenues of 1.352 billion yuan, 1.714 billion yuan, and 2.033 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.84%, 26.85%, and 18.60% [5]. Future Outlook - The company is projected to achieve net profits of 300 million yuan, 371 million yuan, and 459 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 32.56%, 23.75%, and 23.72% [5]. - The earnings per share are expected to be 0.74 yuan, 0.92 yuan, and 1.13 yuan for 2024, 2025, and 2026, respectively [5].

润本股份(603193) / 美容护理 / 公司点评 / 2024.08.17 驱蚊旺季快速增长，产品结构优化盈利能力增强 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-16 | | 收盘价 ( 元 ) | 17.22 | | 流通股本 ( 亿股 ) | 0.61 | | 每股净资产 ( 元 ) | 5.02 | | 总股本 ( 亿股 ) | 4.05 | | 最近 12 月市场表现 | | -44% -35% -26% -17% -8% 1% 润本股份 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《Q1 利润增速超预期，期待销售旺 季新品表现》 2024-04-25 2. 《营收规模持续增长，带动盈利能力 提升》 2024-01-25 3. 《Q3 营收增速减缓，净利率提升保 持盈利韧性》 2023-10-28 证券研究报告 ❖ 事件：公司发布 2024 年半年报：2024H1 公司实现营收 7.44 亿元，同比增 ...

上 市 公 司 美容护理 证 券 研 究 报 告 2024 年 08 月 16 日 润本股份 (603193) —— 24Q2 扣非归母净利润同增 49%，看好下半年婴童护理新品接力 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 16 日 | | 收盘价（元） | 17.22 | | 一年内最高/最低（元） | 26.68/11.92 | | 市净率 | 3.4 | | 息率（分红 / 股价） | 0.99 | | 流通 A 股市值（百万元） | 1,045 | | 上证指数 / 深证成指 | 2,879.43/8,349.87 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 5.02 | | | | | 资产负债率 % | 9.01 | | 总股本 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 17.22 yuan on August 16, 2024, corresponding to a PE of 22X, 17X, and 13X for the years 2024, 2025, and 2026 respectively [6][4]. Core Views - The company has achieved significant revenue growth, with a 28.47% year-over-year increase in revenue for the first half of 2024, reaching 744 million yuan, and a 50.69% increase in net profit attributable to shareholders, totaling 180 million yuan [2][3]. - The company is focusing on consumer pain points by accelerating product launches, particularly in the mosquito repellent and infant care segments, which are expected to see continued growth in the upcoming autumn and winter seasons [3][4]. - The change in product structure has enhanced the company's profitability, with a non-GAAP net profit margin increase of 3.12 percentage points to 23.58% in the first half of 2024 [4]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 744 million yuan, with a breakdown of 331 million yuan from mosquito repellent, 292 million yuan from infant care, and 108 million yuan from essential oils, reflecting year-over-year growth rates of 44.49%, 28.13%, and 6.94% respectively [3][4]. - The gross profit margin for the first half of 2024 was 58.64%, with a slight increase in the second quarter to 59.49%, driven by higher sales of premium products and stable raw material prices [4]. - The company expects to achieve net profits of 319 million yuan, 413 million yuan, and 519 million yuan for the years 2024, 2025, and 2026, with corresponding growth rates of 41.2%, 29.3%, and 25.8% [5][4]. Product Development and Market Strategy - The company has launched over 50 new products in the first half of 2024, including innovative mosquito repellent solutions and infant care products, which are expected to drive revenue growth [3][4]. - The strategy of focusing on "big brands, small categories" allows the company to establish a strong market presence in the mosquito repellent and infant care sectors, enhancing its competitive edge [4].

今天我们主要汇报就是这个热门股份的一个这个深度报告那么公司也是在今天晚上刚刚披露了这个相对而言比较优异增长的一个这个中报业绩那么我们全文的这个标题也是围绕公司两个核心品类展开一个是这个趣闻品类去建立信任然后第二个的话就是它的这个应付品类扬帆起航 对 这个是我们全文的一个深度报告的内议那么主要围绕对以下几个方面来展开第一个的话是公司的一个核心概况然后第二个的话就是公司在品类端和渠道端的一个成长逻辑第三个是围绕公司的一个核心竞争力的推演那么最后的话是我们投资逻辑的一个判断 那首先从公司的这个总体的一个这个情况上面来看,我们从行业到公司可能履出了这么几个核心逻辑,那首先是从行业层面,就是整个我们也在前期其实发布过母婴护理行业的一个这个宣传报告,那么其中提到的一个这个观点就是,整个其实母婴护理行业大的一个行业逻辑,其实我们不仅仅指, 应该看到这个出生率的一个这个下行更多的是看到整个行业消费习惯的一个变化那么第一个的话是代际更替然后第二个的话是家庭规模缩小那么这两个核心的生育因子代表两个东西第一个代际更替代表大家的这个育儿理念的一个这个科学化它可能加速了一定的这个 应同互联领域品类细分化的一个进程然后第二个家庭规模的一 ...

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。 ...