润本股份：上半年抖音渠道较快增长，预计归母净利润增速亮眼

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].