润本股份：线上渠道放量，规模效应显现

Investment Rating - The report maintains an "Accumulate" rating with a target price of RMB 23.70 [7] Core Views - The company is expected to achieve a net profit of RMB 1.75 to 1.85 billion for 24H1, representing a year-on-year growth of 46.48% to 54.85%. The non-recurring net profit is projected to be RMB 1.70 to 1.80 billion, indicating a growth of 43.86% to 52.30% [1] - The company is positioned as a cost-effective national brand with strong competitive advantages, including integrated production, research, and sales, along with an efficient supply chain and rapid product upgrades [1] - The report anticipates that the profit growth will outpace revenue growth due to improved gross margins from cost control and scale effects, increased interest income from sufficient cash reserves, and government subsidies [1][20] Summary by Sections Financial Performance - For 24H1, the company is expected to see significant revenue growth in the mosquito repellent category, with a strong performance in the baby care segment as well. The first quarter of 2024 saw slower growth in the essential oil category, but new product launches in Q2 are expected to accelerate growth [5][20] - The company’s sales on the Douyin platform reached RMB 2.4 billion, a year-on-year increase of 53.85%, while sales on Taobao platforms reached RMB 3.58 billion, a year-on-year increase of 5.26% [5] - The report projects that the company will continue to enhance operational management and efficiency, leading to a significant increase in net profit [20] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted to RMB 0.79, RMB 0.92, and RMB 1.24 respectively, reflecting an upward revision due to improved profit margins [1][21] - The company’s projected revenue for 2024 is RMB 1.348 billion, with a year-on-year growth of 30.46% [21] - The report highlights that the company’s net profit for 2024 is expected to be RMB 321.55 million, representing a growth of 42.26% [21]