Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [11]. Core Views - The company is positioned as a leader in the life care sector, focusing on mosquito repellent and baby care products, with a diversified product line enhancing market competitiveness [5]. - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, and a net profit of 300 million yuan, up 32.80% year-on-year [5][7]. - The online sales channel has shown significant growth, particularly on platforms like Douyin, contributing to the overall revenue increase [5][7]. - The company is expected to maintain steady growth due to product innovation and channel optimization, with projected net profits of 372 million yuan, 481 million yuan, and 615 million yuan for 2025, 2026, and 2027 respectively [7][9]. Summary by Sections Company Overview - Founded in 2006, the company aims to become a global leader in life and personal care products, offering a range of items including mosquito repellent and baby care products [5]. - The company has established a broad sales network both domestically and internationally, with a strong online presence [5]. Financial Performance - In 2024, the company reported a revenue of 1.318 billion yuan, a 27.61% increase from the previous year, and a net profit of 300 million yuan, reflecting a 32.80% growth [5][9]. - The quarterly revenue breakdown for 2024 shows significant growth, particularly in Q2 and Q4, with Q4 net profit experiencing some fluctuations due to increased promotional expenses [5][7]. Product Performance - The mosquito repellent product line generated 439 million yuan in revenue in 2024, a 35.39% increase, with a gross margin improvement to 54.18% [7]. - The baby care product line achieved 690 million yuan in revenue, up 32.42%, with a gross margin of 59.81% [7]. Channel Strategy - The online sales channel contributed 970 million yuan in revenue, a 23.80% increase, while non-platform distribution revenue reached 347 million yuan, growing by 39.64% [7]. - The company is enhancing its collaboration with e-commerce platforms to optimize its market presence and improve gross margins [7]. Future Projections - The company forecasts continued revenue growth, with expected revenues of 1.710 billion yuan, 2.131 billion yuan, and 2.530 billion yuan for 2025, 2026, and 2027 respectively [9]. - The projected net profit for the next three years indicates a robust growth trajectory, with EPS expected to rise from 0.92 yuan in 2025 to 1.52 yuan in 2027 [9].

润本股份（603193.SH）2024 年年报&2025 年一季报点评 ➢ 风险提示：行业竞争加剧、人口出生率下降风险。 ➢ 线上渠道增长亮眼，婴童护理品类高增驱动业绩增长。分渠道来看： 1）线 上直销，实现营收 7.74 亿元，同比+24.84%；毛利率 63.07%，同比+1.24pct； 2）线上平台经销，实现营收 1.65 亿元，同比+23.38%；毛利率 55.66%，同比 +7.01pct；3）线上平台代销，实现营收 0.31 亿元，同比+4.06%；毛利率 52.09%， 同比+4.45pct；4）非平台经销商，实现营收 3.47 亿元，同比+39.64%；毛利 率 48.89%，同比+1.15pct。分产品来看：1）驱蚊系列，实现营收 4.39 亿元， 同比+35.39%；毛利率实现 54.18%，同比+3.87pct；2）婴童护理系列，实现 营收 6.90 亿元，同比+32.42%；毛利率实现 59.81%，同比+1.52pct；3）精油 系列，实现营收 1.58 亿元，同比+7.88%；毛利率实现 63.44%，同比+0.73pct； 4）其他产品，实现营收 0.30 亿元，同比-25.5 ...

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]

智通财经记者 | 朱咏玲 智通财经编辑 | 许悦 靠儿童驱蚊产品起家的广州日化企业润本股份日前公布2024年度业绩，公司营收同比增长27.61%至 13.18亿元，归母净利润增长32.80%至3.00亿元。 这是润本股份自2020年以来连续五年实现盈利双增，营收从不足5亿元发展至如今规模。润本股份能实 现快速增长，很大程度上在于它切中了儿童驱蚊这个相对空白的利基市场，在小品类上做出了大生意。 这个策略能帮助企业较快地在市场上站稳脚跟，但只聚焦细分赛道意味着天花板有限，企业发展到一定 阶段后，长期的成长性会受到考验。 润本股份的应对策略是开拓品类，在驱蚊产品之外拓展了婴童护理和精油系列两大产品系列，这些系列 都属于"润本"单一品牌之下。 从2022年起，婴童护理已经成为润本股份营收贡献最大的系列。2024年，婴童护理系列对总营收占比 52.4%，超过了驱蚊系列的33.3%和精油系列的12.0%。 且婴童护理系列实现了量价齐升，润本股份近些年推出了单价更高的新品来上探价格带，例如2025年上 线的防晒产品。2025年第一季度，该系列产品的平均售价为9.65元，而2024年第一季度为7.19元。对比 更早之前，20 ...

润本生物技术股份有限公司 首次公开发行股票并在主板上市 招股意向书附录 目录 | 序号 | 文件名 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2 | 财务报表及审计报告 | 28 | | 3 | 审阅报告 | 173 | | 4 | 内部控制鉴证报告 | 276 | | 5 | 经注册会计师核验的非经常性损益明细表 | 295 | | 6 | 法律意见书 | 306 | | 7 | 律师工作报告 | 495 | | 8 | 公司章程（草案） | 657 | | 9 | 中国证监会同意发行人本次公开发行注册的文件 | 722 | 申万宏源证券承销保荐有限责任公司 关于润本生物技术股份有限公司 首次公开发行股票并在主板上市之 发行保荐书 保荐机构 二〇二三年六月 1 | 目录 2 | | --- | | 第一节 本次证券发行基本情况 4 | | 一、本次具体负责推荐的保荐代表人 4 | | 二、本次证券发行项目协办人及其他项目组成员 4 | | 三、发行人情况 5 | | 四、保荐机构及其关联方与发行人及其关联方之间的利害关系及主要业务往来 | | 情况说明 5 ...