润本股份 20250618 摘要 润本公司通过多品类战略，从驱蚊、婴童护理拓展至青少年护肤市场， 并成功推出如蛋黄油面霜和婴童防晒啫喱等差异化产品，验证了其推新 能力和市场适应性。2024 年 Q4 抖音蛋黄油面霜 GMV 达 4,500 万以上， 同比增速接近 660 倍。 2025 年，润本公司重点布局驱蚊、防晒和青少年护肤三大板块。驱蚊 产品仍是支柱，防晒新品销售良好，青少年护肤产品潜力巨大。公司凭 借自有工厂、多渠道布局和新品研发能力，具备中长期投资价值。 母婴护理市场竞争分散，但润本作为头部企业，受益于品牌背书和高复 购率（如面霜类产品复购率达 50%），具有强者恒强的属性。该市场仍 有较大增长空间，等待公司进一步抢占市场份额。 公司将业务拓展至青少年护肤市场，覆盖 0-18 岁年龄段，减少了营销 挑战。青少年护肤市场潜力巨大，2023 年全网成交额约 36 亿元，公司 可通过差异化竞争和渠道运营，打造大单品。 润本在驱蚊液领域持续创新，推出定时加热、远程操控等智能产品，并 通过抖音渠道成功推广带定时功能加热器，推动业绩增长。公司选择有 潜力的细分市场，进行品类创新和拓展。 Q&A 润本公司在 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Insights - The company achieved steady revenue and profit growth in 2024, with a 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% year-on-year. The first quarter of 2025 saw accelerated growth, with revenue reaching 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, up 24.6% year-on-year [2][5]. Revenue and Profitability - In 2024, the company's gross margin was 58.17%, an increase of 1.82 percentage points year-on-year, while the net margin was 22.77%, up 0.89 percentage points year-on-year. The sales expense ratio increased to 28.80%, while the management expense ratio decreased to 2.45% [2][5]. Product Performance - The baby care series generated 690 million yuan in revenue, a 32.42% increase year-on-year, while the mosquito repellent series saw revenue of 439 million yuan, up 35.39% year-on-year. The essential oil series achieved 158 million yuan in revenue, a 7.88% increase year-on-year [3]. Channel Strategy - Online sales accounted for a significant portion of revenue, with direct sales, platform distribution, and platform agency sales generating 774 million yuan, 165 million yuan, and 31 million yuan respectively, all showing year-on-year growth. The company is actively building a comprehensive sales network, maintaining a leading market share on platforms like Tmall, JD, and Douyin [4]. Future Earnings Forecast - The company is expected to achieve net profits of 394 million yuan, 507 million yuan, and 635 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.97 yuan, 1.25 yuan, and 1.57 yuan [5][7].