公司报告 | 年报点评报告 可靠股份（301009） 证券研究报告 自有品牌+ODM 双轮驱动 公司发布年报及一季报 25Q1 公司营收 3 亿同减 1%，归母净利 0.2 亿同增 1.4%，扣非后归母净利 0.2 亿同减 3%。 2024 年营收 11 亿同减 0.3%，归母净利 0.3 亿同增 54%，扣非后归母净利 0.24 亿同增 33%。 24 年公司分产品看， 成人失禁产品收入 5.6 亿同减 1%，毛利率 19.4%同增 3pct； 婴儿产品 4 亿同增 7%，毛利率 21%同增 2pct； 宠物卫生产品 0.7 亿同减 22%，毛利率 22%同增 2pct。 分地区看，境内收入 6.3 亿同增 3%，毛利率 20%同增 4pct； 境外收入 4.5 亿同减 4%，毛利率 22%同增 2pct。 分模式看，自有品牌收入 5 亿同减 0.3%，毛利率 21%同增 4pct； ODM 收入 6 亿同增 1%，毛利率 19%同增 2pct。 自有品牌+ODM 双轮驱动，继续向新市场、新产品、新领域拓展 以产品为本，拓品拓人群：升级吸水巾，大力拓展轻失禁人群和市场。据 国际尿控协会（ICS）的数据显示， ...

Group 1 - The core viewpoint of the report is that the global and Chinese infant complementary food industry is experiencing continuous growth, with increasing market penetration and significant future potential [1] - The global infant complementary food market is projected to grow from 2019 to 2024, with a rising penetration rate [1] - The Chinese market is also on an upward trend, with e-commerce channels being the main driver of market expansion, expected to increase from 2019 to 2029 [1] Group 2 - By 2025, China's market size is expected to surpass that of the EU and Japan, and by 2029, it may exceed that of the United States [1] - The product structure in China is changing, with a decrease in the proportion of staple complementary foods and an increase in snacks and seasoning products [1] - The production capacity in China has increased over the past five years, with East China having the highest capacity [1] Group 3 - Major brands in the industry include Gerber in the US, which focuses on precise product classification, and Japan's Wakodo and Kewpie, which emphasize product innovation and refined packaging [1] - The development of the Chinese infant complementary food industry is driven by various factors, including supportive policies, improved procurement and feeding methods, diverse product offerings, and continuous upgrades in production technology [1] - Emerging markets like Southeast Asia present significant opportunities for infant complementary food companies as consumer demand for quality and safety increases [1] Group 4 - The competitive landscape in the Chinese infant complementary food market is evolving, with domestic and imported brands competing together [1] - Some domestic companies are promoting industry development through innovation and scientific feeding concepts [1]

[Table_Title] 证券研究报告 / 公司点评报告 产品渠道齐发力，业绩持续高增 报告摘要： [Table_Summary] 事件： 润本股份发布 2024 年报及 2025 年一季报，2024 年公司实现营收 13.18 亿元/+27.61%，归母净利润 3.00 亿元/+32.80%，扣非归母净利润 2.89 亿元/+32.28%，非经常性损益 0.11 亿元，主要来自政府补助和公允价 值变动损益。2024Q4 公司实现营收 2.81 亿元/+34.01%，归母净利润 0.39 亿元/-13.28%，扣非归母净利润 0.33 亿元/-19.57%。拟每 10 股派 发现金红利 2.30 元（含税）。2025Q1 实现营收 2.40 亿元/+44.00%，归 母净利润 0.44 亿元/+24.60%，扣非归母净利润 0.39 亿元/+ 22.85%。 点评： 多产品多渠道全面推进，收入维持快增。2024 年公司实现营收 13.18 亿元/+27.61%，分产品看：1）驱蚊产品营收 4.39 亿元/占比 33.33%/ +35.39%，其中销量+25.89%。2）婴童护理产品营收 6.90 亿元/占比 ...

Core Insights - The company achieved robust growth in 2024 and Q1 2025, with revenue increasing by 28% and net profit by 33% in 2024, and Q1 2025 revenue up by 44% and net profit by 25% [1][2] Financial Performance - In 2024, the company reported revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% [2] - Q4 2024 revenue was 281 million yuan, a 34.01% increase year-on-year, while net profit decreased by 13.28% [2] - Q1 2025 revenue reached 240 million yuan, a 44% increase year-on-year, with net profit at 44 million yuan, up 24.6% [2] Product Category Performance - In 2024, the core product categories showed strong growth, with mosquito repellent revenue at 439 million yuan (up 35.39%) and baby care revenue at 690 million yuan (up 32.42%) [3] - In Q1 2025, baby care revenue surged by 65.57% to 179 million yuan, while mosquito repellent revenue increased by 10.5% [3] Profitability and Cost Structure - The overall gross margin for 2024 was 58.17%, an increase of 1.82 percentage points, with a net profit margin of 22.77% [4] - In Q1 2025, the gross margin was 57.67%, with a net profit margin of 18.41%, reflecting a decrease of 2.87 percentage points [4] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 389 million yuan, 481 million yuan, and 583 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 30%, 24%, and 21% [1][4]

2025年4月28日，伯希和向港交所递交招股书，拟香港主板IPO上市。这是一家国产户外用品公司。 需要注意的是，在运动市场整体波动中，伯希和实现了突围。 招股书显示，2022年至2024年，伯希和的营收分别为3.79亿元、9.08亿元和17.66亿元；净利润由2022年 的2430万元增长至2023年1.52亿元，并进一步增长至2024年2.83亿元，CAGR达到241.27%。 伯希和主要产品是以冲锋衣为代表的户外服装。于2022年、 2023年及2024年，该公司服装产品收入分 别为3.05亿元、7.97亿元、16.08亿元，CAGR为129.5%。 作为对比，在截至2025年2月28日的最新财季，耐克大中华区营收同比下滑17%至17.3亿美元；在2024 年，李宁篮球业务同比收缩。 背后是，伯希和抓住了渠道红利。 2022年至2024年，该公司线上DTC销售收入从3.31亿元增长至13.51亿元，CAGR达102%。 伯希和创始人刘振曾向21世纪经济报道记者透露，抖音、小红书、知乎，B站均成为流量来源。该公司 有自己的内容及短视频运营团队，精于内容营销，这很大程度上降低了获客成本。 21世纪经济报道记者 ...

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 马学军 | 3478.79 | 40.48 | 不变 | | 宁波赫廷投资有限公司 | 634.00 | 7.38 | -10.00 | | 宁波倍松投资有限公司 | 545.55 | 6.35 | 不变 | | 汪荞青 | 481.15 | 5.60 | 不变 | | 宁波日松企业管理合伙企业(有限合伙) | 376.53 | 4.38 | 不变 | | 宝盈核心优势混合A | 83.58 | 0.97 | 新进 | | 宁波倍润投资有限公司 | 68.19 | 0.79 | 不变 | | 深圳市嘉霖信业股权投资管理有限公司-深圳市嘉信元德股 | | | | | 权投资基金合伙企业(有限合伙) | 63.40 | 0.74 | -1.00 | | 李虎 | 56.62 | 0.66 | 新进 | | 永赢科技驱动A | 48.69 | 0.57 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 深圳红钧资本管理有限公司-红钧资本成 ...

美容护理/个护用品 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 35.58 | | 一年最高最低(元) | 37.99/15.80 | | 总市值(亿元) | 143.95 | | 流通市值(亿元) | 36.77 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 1.03 | | 近 3 个月换手率(%) | 200.06 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 润本股份 沪深300 相关研究报告 《2024Q3 归母净利润同增 32%，婴童 护理表现良好—公司信息更新报告》 -2024.10.23 《2024H1 归母净利润同比+50.7%，驱 蚊品类表现亮眼—公司信息更新报 告》-2024.8.16 《上半年抖音渠道较快增长，预计归 母净利润增速亮眼—公司信息更新报 告》-2024.7.11 润本股份（603193.SH） 2025Q1 收入高增，看好夏季防晒等新品放量 2025 年 04 月 28 日 ——公司信息更新报告 | 黄泽鹏 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.57 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong revenue growth, achieving 9.95 billion CNY in Q1 2025, a year-on-year increase of 30.10%, and a net profit of 1.31 billion CNY, up 27.27% year-on-year [1][4]. - The company is focusing on expanding its market share through product structure optimization and channel expansion, particularly in e-commerce [4][8]. - The company’s gross margin slightly decreased to 53.32%, while the net margin was 13.12%, reflecting a minor decline [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 9.95 billion CNY, a 30.10% increase year-on-year, and a net profit of 1.31 billion CNY, which is a 27.27% increase year-on-year [1]. - The company’s gross margin was 53.32%, down 1.04 percentage points year-on-year, and the net margin was 13.12%, down 0.29 percentage points year-on-year [3]. Channel Performance - The e-commerce channel generated 3.22 billion CNY in revenue in Q1 2025, growing 8.6% year-on-year, while core provinces saw a 26.7% increase and peripheral provinces experienced a remarkable 125.1% growth [2]. - The company is shifting its marketing strategy to a multi-channel approach, increasing investments in platforms like Tmall, Pinduoduo, and Xiaohongshu, in addition to Douyin [2]. Future Projections - The company is projected to achieve revenues of 43.20 billion CNY, 55.09 billion CNY, and 70.31 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.76%, 27.51%, and 27.62% [4][9]. - Net profits are expected to reach 3.72 billion CNY, 4.74 billion CNY, and 6.45 billion CNY for the same years, with growth rates of 29.46%, 27.14%, and 36.02% [4][9].

【主编观市】 在特朗普关税战"认怂"之下，港股上周也同步反弹。不过，市场观望情绪依旧浓厚，因为变数太多。单 边的嘴炮并没有解决根本性问题。 上周的重磅会议也提前召开，但预期不算强，继续以稳为主，以不变应万变。短期强刺激难以看到。 本周持续关注美国方面动态，美股"七巨头"中的苹果、微软、亚马逊和Meta本周都将披露财报，关注 业绩及供应链情况。美欧一季度GDP将公布、美国4月非农就业报告，重点看数据出台是否引发衰退的 担忧。 本周六晚间伯克希尔·哈撒韦将公布一季度财报并举行年度股东会。由于巴菲特年事已高，今年的问答 环节会缩短一些，将在奥马哈当地时间早上8点至下午1点间举行。投资重点观察其现金变动情况及对后 市展望。 接下来是五一假期，市场最后一天或对五月行情进行定调。 当前看，科技和刺激内需或成为主要方向。科技线：高层举行集体学习，主题聚焦人工智能(AI)。 Manus母公司海外融资超5亿美元，聚焦中东、日本等海外市场开拓。天津市正研究推出"算力券"政 策，用于支持企业购买智算或超算服务。预计AI智能体、算力等会有刺激。 消费线：预计系列刺激内需的政策红包陆续会发布。商务部等6部门：下调离境退税起退点，优化离 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for Q1 2025 reached 910 million yuan, representing a year-on-year increase of 42.4%, with a net profit attributable to shareholders of 91 million yuan, up 5.7% year-on-year. The growth is driven by the consolidation of the "Jieting" brand and a recovery in the core diaper business [1][2] - The acquisition of Hubei Sibao Care, completed on January 20, 2025, significantly contributed to revenue growth, with the "Jieting" brand showing strong performance on e-commerce platforms [2] - The gross margin improved significantly to 34.67%, up 6.96 percentage points year-on-year, primarily due to the higher gross margin from the Sibao brand compared to the company's traditional OEM business [3] - The company is expanding its production capacity despite market challenges, enhancing its market share and positioning for long-term growth through its own brands [4] - The company is expected to maintain a high dividend payout ratio of approximately 67% in 2024, with projected revenues of 3.744 billion yuan in 2025, reflecting a year-on-year growth of 27.83% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 34.67%, a year-on-year increase of 6.96 percentage points, while the net profit margin decreased to 9.95%, down 3.96 percentage points year-on-year due to increased sales expenses and a decline in interest income [3] - Revenue projections for 2025-2027 are 3.744 billion, 4.203 billion, and 4.664 billion yuan, with corresponding year-on-year growth rates of 27.83%, 12.26%, and 10.95% [5][12] Market Position and Growth Potential - The company is expanding its production capacity through acquisitions and is expected to see significant growth in its own brands, particularly in the Thai market [4] - The "Jieting" brand's performance on e-commerce platforms indicates strong market demand, contributing to the overall revenue growth [2]