润本股份（603193）：业绩靓丽，关注新品拓展、线下加码

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported strong financial performance with a revenue of 1.318 billion and a net profit of 300 million for 2024, reflecting year-on-year growth of 27.61% and 32.80% respectively [2] - The company is focusing on expanding its product line and enhancing offline presence, with significant growth in both online and offline sales channels [3][4] - The gross margin and net margin showed improvements, indicating better profitability despite rising sales and financial expenses [5] - The company is expected to maintain strong growth in revenue and earnings per share over the next few years, with projections of 1.694 billion in revenue and 389 million in net profit for 2025 [6][7] Financial Performance Summary - In 2024, the company achieved a revenue of 1.318 billion, with a year-on-year growth of 27.6%, and a net profit of 300 million, with a year-on-year growth of 32.8% [9] - The gross margin for 2024 was 58.2%, an increase of 1.82 percentage points year-on-year, while the net margin was 22.8% [9] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 166 million for 2024, with a payout ratio of 55.26% [2] Revenue Breakdown - In 2024, the revenue from different product categories was as follows: mosquito repellent (439 million), baby care (690 million), and essential oils (158 million), with respective year-on-year growth rates of 35.39%, 32.42%, and 7.88% [3] - Online and offline revenues for 2024 were 970 million and 347 million respectively, showing year-on-year growth of 23.10% and 39.66% [4] Profitability Analysis - The company’s gross margin for Q1 2025 was 57.67%, reflecting a year-on-year increase of 1.98 percentage points, while the net margin was 18.41% [5] - The increase in gross margin is attributed to rising product prices and the high-margin baby care segment [5] Future Projections - The company is projected to achieve revenues of 1.694 billion, 2.158 billion, and 2.730 billion for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.96, 1.21, and 1.52 [7][9]