润本股份：24H1业绩快速增长，产品持续放量

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 22.10 CNY for the next six months [4][5]. Core Insights - The company achieved significant growth in the first half of 2024, with revenue reaching 744 million CNY, a year-on-year increase of 28.47%, and a net profit of 180 million CNY, up 50.69% [1]. - The gross margin improved to 58.64% in H1 2024, reflecting a 3.09 percentage point increase, driven by enhanced brand strength and cost reduction efforts [2]. - The company launched over 50 new products in the first half of 2024, with strong performance in its core product lines, particularly mosquito repellent products, which generated 331 million CNY in revenue, a 44.49% increase [3]. Financial Performance Summary - For H1 2024, the company reported a net profit margin of 24.20%, up 3.57 percentage points, and a net profit of 1.80 billion CNY, with a significant increase in revenue and profitability across all product lines [2][3]. - The company expects revenue growth of 29.1%, 24.7%, and 19.1% for 2024, 2025, and 2026, respectively, with net profit projections of 300 million CNY, 370 million CNY, and 460 million CNY for the same years [4][8].