证券代码：603193 证券简称：润本股份 公告编号 2024-028 润本生物技术股份有限公司 关于 2024 年第二季度主要经营数据的公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息 披露：第十三号——化工》的要求，现将润本生物技术股份有限公司（以下简称 "公司"）2024 年第二季度主要经营数据披露如下： 一、2024 年第二季度公司主要产品的产量、销量及收入实现情况 | 主要产品 | 产量(支) | 销量(支) | 营业收入（元） | | --- | --- | --- | --- | | 驱蚊产品系列 | 41,955,724 | 55,180,581 | 291,499,874.34 | | 婴童护理产品系列 | 19,998,273 | 19,270,842 | 183,662,401.00 | | 精油产品系列 | 13,584,700 | 12,149,852 | 96,036,736.44 | 注：产量包括自产、采购、委托加工数量 ...

[Table_RightTitle] 证券研究报告|美容护理 [Table_Title] 驱蚊及个护领先企业，以质为本，润物细无 声 [Table_StockName] ——润本股份（603193）首次覆盖 [Table_ReportDate] 2024 年 08 月 12 日 [Table_Summary] 投资要点: 概况：婴童护理及驱蚊日化企业，近年业务快速发展。公司创立于 2006 年，专注于驱蚊、个人护理等领域产品的研发、生产和销售，是国内知 名的婴童护理及驱蚊日化企业。多年来公司坚持"大品牌、小品类"的 研产销一体化战略，润本品牌已成长为国货知名品牌。目前，公司已形 成驱蚊产品，婴童护理产品，精油产品三大核心产品系列，2023 年三 大系列产品的收入占比分别为 31.42%/50.46%/14.16%。此外，公司股 权集中，实控人家族合计持股 74.44%。近年来公司经营状况良好，财 务指标表现优秀，2019-2023 年，公司营业收入/归母净利润 CAGR 分别 为 38.76%/58.66%。 证 券 研 究 报 告 公司首次覆盖报告 公司研究 5427 行业：驱蚊和婴童护理行业稳健增长，精油 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion focuses on the company "Japan Co." within the "Mobil" sector, indicating a positive outlook for the company in its industry [1] Core Points and Arguments - The overall sentiment towards the Mobil sector is favorable, with recommendations for Japan Co. as a strong investment opportunity [1] - There is an expectation of industry penetration rate improvements, suggesting that Japan Co. will benefit from these trends [1] - The company is anticipated to gain market share, which will further enhance its growth prospects [1] Other Important but Possibly Overlooked Content - The mention of "industry penetration rate" implies a broader market trend that could affect multiple players within the sector, not just Japan Co. [1] - The reference to "own share growth" indicates that Japan Co. is not only relying on external market conditions but also on its internal strategies to improve its competitive position [1]

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the company "Japan Co." and its position within the "Mobil" sector, which is part of the broader industry context. Core Points and Arguments - The company is recommended within the Mobil sector due to its potential for industry penetration rate improvements and its own market share growth opportunities [1]. Other Important but Possibly Overlooked Content - The analysis suggests that there are significant benefits to be gained from both industry-wide trends and the company's specific strategies, indicating a favorable outlook for future performance [1].

Investment Rating - The report assigns a "Buy" rating for Runben Co., Ltd. (603193) with a target price of 24.00 CNY over the next six months, based on its strong growth potential and market positioning [1][6]. Core Insights - Runben is entering a phase of rapid revenue and profit growth, driven by the specialization and segmentation of the baby care market, which has a low brand concentration. The online sales channel is growing significantly faster than offline, with a compound annual growth rate (CAGR) of 41.3% from 2020 to 2023 for direct online sales [1][25]. - The company has a competitive edge through its integrated research, production, and sales model, allowing for quick product iterations and strong brand recognition among its target audience [1][4]. - The financial forecast indicates a compound annual growth rate of 30% for net profit from 2024 to 2026, with earnings per share (EPS) projected to be 0.73 CNY, 0.96 CNY, and 1.23 CNY for the years 2024, 2025, and 2026, respectively [2][6]. Summary by Sections Company Overview - Runben Co., Ltd. specializes in mosquito repellent and baby care products, with a well-established brand and a diverse product matrix [17][18]. Industry Analysis - The mosquito repellent market is steadily growing, with a market size of approximately 8 billion CNY in 2023 and a CAGR of 7.6% from 2018 to 2023. The baby care market is also expanding rapidly, with a CAGR of 11% for single-child care spending from 2017 to 2023 [1][28]. Company Analysis - Runben's integrated model enhances its product competitiveness, with a focus on high cost-performance and innovation. The company has a strong online presence, with 60.1% of its revenue coming from direct online sales [1][23][25]. Growth Potential - There is significant room for improvement in average transaction value and repurchase rates, particularly in underdeveloped markets. The company aims to enhance brand recognition and expand its offline presence [1][4][25]. Financial Analysis - The company has shown robust financial growth, with revenue increasing from 280 million CNY in 2019 to over 1 billion CNY in 2023, reflecting a CAGR of 38.7%. The net profit also grew significantly during this period [19][21].

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company expects a significant increase in net profit for the first half of 2024, with a year-on-year growth of 46%-55%, slightly exceeding expectations. The projected net profit is between 1.75 billion to 1.85 billion yuan [2] - The growth in profit is primarily driven by product structure optimization, enhancing profitability [2] - The company is actively expanding its online and offline channels, with notable performance during the 618 shopping festival, ranking first in the JD baby and child care category and second in the Douyin maternal and infant brand popularity list [3] - The introduction of new sunscreen products and the peak sales season for core mosquito repellent products are contributing to sales growth [3] Financial Summary - The company forecasts revenue growth of 30% in 2024, reaching 1.339 billion yuan, with net profit expected to grow by 46% to 330 million yuan [5][6] - The projected net profit for 2025 and 2026 is 403 million yuan and 480 million yuan, respectively, with growth rates of 22% and 19% [5][6] - The company's earnings per share (EPS) is expected to increase from 0.56 yuan in 2023 to 1.19 yuan in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that is stronger than the market by over 20% [7][17]. Core Insights - The company has demonstrated strong operational efficiency, leveraging a self-built supply chain and scale effects to enhance profitability [3]. - The brand's reputation has improved, with a continuous expansion of product SKUs, focusing on high-cost performance mosquito repellent, outdoor, and sunscreen products [6]. - The company is expected to experience significant growth in 2024, with revised profit forecasts indicating a net profit of 312 million yuan, reflecting a 38% year-on-year increase [7][17]. Financial Summary - The company reported total revenue of 1,033 million yuan in 2023, with a projected increase to 1,345 million yuan in 2024, representing a year-on-year growth rate of 30.2% [8][10]. - The net profit for 2023 was 226 million yuan, with expectations of 312 million yuan in 2024, marking a 38% increase [8][10]. - The gross margin is projected to improve from 56.3% in 2023 to 58.7% in 2024 [8]. Market Performance - The company's online sales through platforms like Douyin have shown significant growth, with a GMV of approximately 561 million yuan in Q2 2024, a 46% increase year-on-year [18]. - The offline distribution channels have also expanded rapidly, with partnerships established with major retailers such as Walmart and Watsons [18].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 18.53 yuan [9]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 1.85 billion yuan for the first half of 2024, representing a year-on-year growth of 46.48% to 54.85% [1]. - The growth in profit is driven by an expanded product matrix, channel development, and improved operational efficiency, leading to significant scale effects [1]. - The company has focused on the infant and child care segment, launching new sunscreen products that have received positive market recognition, contributing to revenue growth [2]. - The online sales channels, particularly on platforms like Tmall and Douyin, have shown strong growth, with a combined sales increase of 31.94% year-on-year in the first half of 2024 [7]. - The company is expected to maintain strong growth in net profit over the next few years, with projections of 3.01 billion, 3.81 billion, and 4.70 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 33.3%, 26.6%, and 23.1% [8]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company anticipates a net profit of 1.40 to 1.50 billion yuan for Q2, with a year-on-year growth of 41.88% to 52.04% [1]. - The company’s revenue is projected to reach 1.033 billion yuan in 2024, with a growth rate of 20.7% [3]. - The net profit attributable to shareholders is forecasted to be 226 million yuan in 2023, increasing to 301 million yuan in 2024, with a growth rate of 41.2% [3]. Product Development - The company has launched two new sunscreen products aimed at different age groups, which have been well-received in the market, indicating a strong potential for revenue contribution [2]. - The company has also secured additional product certifications, enhancing its product offerings in the sunscreen market [2]. Market Position - The company has established a strong presence in the mosquito repellent and infant care markets, with ongoing efforts to enhance its research and development capabilities and improve its distribution channels [8].

Investment Rating - The report maintains a "Buy" rating for the company [22][30]. Core Insights - The company is expected to achieve a significant growth in net profit for H1 2024, with estimates ranging from 1.75 to 1.85 billion yuan, reflecting a year-on-year increase of 46.5% to 54.9% [6][22]. - The company is positioned as a leading player in the mosquito repellent and baby care segments, with a strong focus on cost-effective products that align with consumer trends [6][22]. - The sales momentum is strong, with an upward revision of profit forecasts for 2024-2026, projecting net profits of 3.15 billion yuan, 3.90 billion yuan, and 4.79 billion yuan respectively [6][22]. Sales Performance - In the first five months, the company reported sales of approximately 1.56 billion yuan on Douyin (up 87%), 2.71 billion yuan on Tmall (up 24%), and 1.23 billion yuan on JD (up 60%), indicating robust growth in online direct sales [23]. - The mosquito repellent product line generated around 2.99 billion yuan in sales (up 56%) during the same period, with strong performance in the Tmall rankings [23]. Product Development - The company continues to expand its product offerings, launching a children's sunscreen product in Q1 2024, which quickly became a bestseller on Douyin and ranked 8th on Tmall's baby sunscreen sales list [3][7]. Financial Projections - The company forecasts revenue growth from 1.03 billion yuan in 2023 to 1.34 billion yuan in 2024, representing a year-on-year increase of 30.1% [8]. - The projected net profit for 2024 is expected to be 315 million yuan, with a year-on-year growth of 39.3% [8]. Profitability Metrics - The report indicates an improvement in operational efficiency, with gross margins expected to rise from 56.3% in 2023 to 56.5% in 2024 [8]. - The net profit margin is projected to increase from 21.9% in 2023 to 23.4% in 2024 [8]. Market Position - The company is recognized for its strong brand effect driven by high growth on Douyin, which is anticipated to spill over into other sales channels [2][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [11] Core Views - The company is expected to achieve a significant growth in net profit for the first half of 2024, with an estimated increase of 46.5% to 54.9% year-on-year [11] - The company maintains a strong position as a leader in the mosquito repellent segment, with rapid growth anticipated in both Douyin and non-platform distribution channels [2][12] - The successful performance on Douyin is expected to enhance brand awareness and drive sales across other channels, with new children's sunscreen products showing promising potential [3][12] Financial Summary - The company forecasts a net profit of approximately 175 to 185 million yuan for H1 2024, with a year-on-year growth of 46.5% to 54.9% [11] - The projected net profit for Q2 2024 is estimated to be between 140 to 150 million yuan, reflecting a year-on-year increase of 41.9% to 52.0% [11] - Revenue for 2024 is expected to reach 1.344 billion yuan, with a year-on-year growth of 30.1% [13] - The company's gross margin is projected to improve slightly from 56.3% in 2023 to 56.5% in 2024 [13] - The earnings per share (EPS) is expected to increase from 0.56 yuan in 2023 to 0.78 yuan in 2024 [13] Sales Performance - From January to May 2024, the company reported sales of approximately 156 million yuan on Douyin (up 87% year-on-year), 271 million yuan on Tmall (up 24% year-on-year), and 123 million yuan on JD (up 60% year-on-year) [12] - The mosquito repellent product line generated sales of about 299 million yuan during the same period, reflecting a year-on-year growth of 56% [12] - The company’s mosquito repellent liquid has topped the sales charts on Tmall for eight consecutive weeks, indicating strong market demand [12]