Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [10]. Core Insights - The company reported a total revenue of 1.238 billion yuan for the first three quarters of 2025, representing a 19% year-on-year increase, while the net profit attributable to shareholders was 266 million yuan, up 2% year-on-year [5]. - The company's mosquito repellent products achieved a significant revenue increase of 49% in Q3 2025, driven by heightened demand due to dengue fever incidents [9]. - Despite stable revenue growth, increased sales and management expenses have pressured profit margins, leading to a net profit margin decrease of 5 percentage points to 22.93% in Q3 2025 [7]. Revenue and Profit Analysis - For Q3 2025, total revenue reached 342 million yuan, a 17% increase year-on-year, while net profit decreased by 3% to 79 million yuan [5][7]. - The company's gross margin improved by 1 percentage point to 58.96%, but the sales expense ratio increased by 6 percentage points to 29.09% due to heightened sales resource investment and rising e-commerce channel costs [7]. Product Performance - The mosquito repellent segment saw a revenue increase to 132 million yuan in Q3 2025, with sales volume rising by 32% to approximately 21.55 million units [9]. - Conversely, revenue from baby care products decreased by 3% to 146 million yuan, and essential oil products saw a 7% decline in revenue to 43 million yuan [9]. Market Position and Future Outlook - The company has established a strong market presence in the home and personal care sector, with significant market shares in its three core product lines: mosquito repellent, baby care, and essential oils [10]. - The report forecasts earnings per share (EPS) of 0.77, 0.93, and 1.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 35, 29, and 23 times [10].

[Table_Tag] [Table_Summary] 投资要点 ◼ 盈利预测与投资评级：公司深耕驱蚊及婴童护理细分赛道，产品定位"质 高价优"，凭借大品牌小品类的经营战略及极致性价比战略空间广阔。 考虑到受天气等不可抗因素影响，婴童护理产品等销售有所影响，我们 下调公司 2025-27 年归母净利润预测由 3.3/4.2/5.2 亿元至 3.1/3.9/4.8 亿 元，分别同比+3.9%/+25.2%/+23.7%，最新收盘价对应 PE 分别为 36/29/24X，我们仍看好未来婴童护理新品推出重拾业绩高增，维持"买 入"评级。 ◼ 风险提示：行业竞争加剧，新品推广进展不及预期，宏观经济波动。 2025 年 10 月 20 日 证券研究报告·公司点评报告·美容护理 润本股份（603193） 2025 年三季报点评：天气影响、费用前置等 多因素拖累 Q3 业绩，期待未来新品放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（ ...