万联证券：给予润本股份买入评级

Core Viewpoint - Runben Co., Ltd. has shown strong revenue growth in the first half of 2025, driven by new product launches and expanded distribution channels, particularly with Sam's Club, leading to a buy rating from Wanlian Securities [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 895 million yuan, a year-on-year increase of 20.31%, and a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1][2]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders [1]. Revenue Drivers - Revenue growth is attributed to an enriched product matrix, including new sunscreen and oil-control acne products, and the addition of Sam's Club as a distribution channel, which has led to rapid growth in non-platform sales channels [2][3]. - Online platforms such as Tmall, JD.com, Douyin, and Pinduoduo continue to maintain a high market share [2][3]. Profitability and Cost Structure - The company's gross margin decreased by 0.63 percentage points to 58.01%, and the net profit margin fell by 3.25 percentage points to 20.95%, indicating a decline in profitability [2]. - The sales expense ratio increased by 1.52 percentage points to 30.25%, primarily due to higher promotional expenses and employee compensation [2]. Product Innovation and Market Expansion - In H1 2025, the company launched over 40 new products, including children's sunscreen and acne treatment series, while maintaining strong performance in its mosquito repellent and baby care product lines [3]. - The partnership with Sam's Club has contributed to rapid growth in non-platform sales channels, alongside a strong presence in major e-commerce platforms [3]. Earnings Forecast and Investment Recommendation - The company is recognized as a leading player in the baby care and mosquito repellent market, with ongoing product innovation and channel expansion expected to drive future growth [3]. - Adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.84, 1.00, and 1.19 yuan per share, with corresponding price-to-earnings (PE) ratios of 38, 31, and 27 times based on the closing price on August 18, 2025 [3].