润本股份：净利率提升盈利韧性强，期待婴童新品旺季表现

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.98%. The net profit attributable to shareholders reached 261 million yuan, up 44.35% year-on-year [2] - The net profit margin has shown continuous improvement, indicating strong profitability resilience. The gross margin for Q1-Q3 2024 was 58.33%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 25.15%, up 3.3 percentage points year-on-year [2] - The company is focusing on high-priced products, which has led to an increase in average selling prices across its product lines, particularly in mosquito repellent and infant care products [2][3] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 1,338 in 2024E to 2,129 in 2026E, with corresponding growth rates of 29.54% in 2024E, 28.53% in 2025E, and 23.78% in 2026E [4] - Net profit (in million yuan) is expected to increase from 322 in 2024E to 483 in 2026E, with growth rates of 42.30% in 2024E, 25.08% in 2025E, and 20.12% in 2026E [4] - The company’s earnings per share (EPS) is projected to rise from 0.79 in 2024E to 1.19 in 2026E [4] Business Strategy - The company is implementing a strategy focused on large brands with small product categories, leveraging dual drivers from mosquito repellent and infant care segments. New product launches in the infant care category are anticipated to perform well in the upcoming peak season [3] - The company is enhancing its market penetration in lower-tier cities and expanding its online and offline sales channels, which has contributed to its leading position in e-commerce sales [2][3]