润本股份：淡季增长有强韧性

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 30.00, maintaining an "Overweight" rating [5][6]. Core Views - The company reported Q3 2024 revenue of RMB 293 million, a year-on-year increase of 20.10%, and a net profit attributable to shareholders of RMB 80.86 million, up 31.98% year-on-year. For the first three quarters of 2024, revenue reached RMB 1.038 billion, reflecting a 25.98% year-on-year growth, while net profit was RMB 261 million, a 44.35% increase year-on-year. Despite a generally weak market in Q3, the company achieved notable growth, driven primarily by its baby care segment [1][2]. Summary by Sections Revenue and Profitability - Q3 2024 revenue from the mosquito repellent segment was RMB 89.11 million, a 16% year-on-year increase, while the baby care segment generated RMB 150 million, growing 27% year-on-year. The essential oil segment reported revenue of RMB 45.71 million, up 15% year-on-year [2]. Margin and Cost Structure - The gross margin for Q3 2024 was 57.57%, an increase of 0.11 percentage points year-on-year, attributed to product mix optimization and higher average selling prices. The selling expense ratio was 23.55%, up 1.45 percentage points year-on-year, while the management expense ratio was 2.52%, down 0.1 percentage points year-on-year [3]. Earnings Forecast and Valuation - The company is projected to achieve net profits of RMB 322 million, RMB 406 million, and RMB 505 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 42%, 26%, and 24%. The corresponding EPS is expected to be RMB 0.79, RMB 1.00, and RMB 1.25. The target price is set at a PE ratio of 30 for 2025, leading to a target price of RMB 30.00 [4][6].