润本股份（603193）：利润端略低于预期，预计25H2婴童品类发力

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first half of 2025 was slightly below market expectations, with a revenue of 895 million yuan, representing a year-on-year growth of 20.3%, and a net profit attributable to shareholders of 188 million yuan, which is a 4.2% increase year-on-year [5][6] - The company is expected to see growth in the baby and child product category in the second half of 2025 [5] Financial Data and Profit Forecast - Total revenue projections for 2024, 2025E, 2026E, and 2027E are 1,318 million yuan, 1,616 million yuan, 1,956 million yuan, and 2,352 million yuan respectively, with year-on-year growth rates of 27.6%, 22.6%, 21.0%, and 20.2% [4] - Net profit attributable to shareholders is forecasted to be 300 million yuan, 338 million yuan, 407 million yuan, and 489 million yuan for the years 2024, 2025E, 2026E, and 2027E respectively, with corresponding year-on-year growth rates of 32.8%, 12.6%, 20.5%, and 20.1% [4] - The company's gross margin for the first half of 2025 was 58.0%, slightly down from the previous year, while the net profit margin was 20.9%, reflecting a decrease of 3.2 percentage points year-on-year [5][11]