证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 润本股份(603193) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_Title] 润本股份：夏季旺季将至，新品值得期待 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_S 事件：线下方面，渠道稳步扩张、盈利水平较优， ummary] 25 年可倒喷驱蚊液、童 锁款电热蚊香液已进驻山姆渠道；线上方面，根据蝉妈妈，25 年 3 月抖音 GMV 同比+35.4%、Q1 同比+67.3%；根据久谦，25 年 1-2 月三平台（天 猫+京东+抖音）合计 GMV 同比+55.2%，其中天猫/京东分别同比 +41.9%/+25.1%，延续靓丽增长。 | [Table_Profit 重要财务指标 ] | 2022A | 2023A | 2024E | ...

润本股份 20250320 摘要 Q&A 今年（2025 年）第一季度，润本股份在多个渠道的销售数据表现亮眼。特别是 在抖音平台，从 1 月份开始，月度 GMV 同比增长近 100%，2 月份更是达到了 160%以上。尽管有低基数效应，但与去年（2024 年）同期相比，月度 GMV 已经 全面超越了去年水平。从天猫平台来看，1 至 2 月的销售额同比增长约 38%，显 示出稳健的增长态势。在抖音渠道中，目前商品卡销售模式占据主流，占比 42.3%。大播主要与中小达人合作，也有头部合作伙伴如会同行和老爸测评等。 • 润本股份月度 GMV 全面超越去年同期，天猫 1-2 月销售额同比增长约 38%， 抖音渠道商品卡销售模式占比 42.3%，显示出公司强劲的增长势头和有效 的渠道策略。 • 润本股份 1 月推出的防晒啫喱新品，在两个多月内累计销售额接近 1,000 万元，三八节期间抖音渠道 GMV 达 450 万元，超过竞争对手，且价格更具 优势，表明公司新品研发和市场推广能力突出。 • 2024 年，润本股份通过定时开关驱蚊液等创新产品和渠道红利，实现业绩 快速增长，同比增长 117 倍以上，并逐步推出秋冬系列婴 ...

润本股份 20250305 摘要 Q&A 2025 年润本股份的目标是双 30，即营收和净利润均增长 30%。请问公司将如 何实现这一目标？ 2025 年的双 30 目标，即营收和净利润均增长 30%，我们主要通过以下几个方面 来驱动。首先，2025 年 1 到 2 月份的营收同比增长约 40%到 50%，尽管去年同 • 润本股份预计 2025 年 Q1 营收同比增长 40%-50%，维持双 30 目标，各品类 增速预期：运动护理 30%-40%，驱蚊产品 25%-30%，精油类 10%-15%。渠道 方面，抖音增速预期 50%以上，经销商业务约 40%，京东自营 20%左右，天 猫 10%-15%。 • 2024 年各渠道营收占比：抖音 23%，天猫 28%，非平台经销 26%，京东自营 13%。各平台盈利水平差异大：抖音净利率约 6%，天猫 22%-23%，京东 27% 左右，非平台经销 35%左右。公司计划通过提升抖音和非平台经销的增速 来提高整体利润率。 • 2025 年，润本将加大对抖音平台的投入，推出青少年护肤、祛痘、洗发水 等新品，预计推广费用占比 6%-7%。同时，公司将与李佳琦直播间合作， ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 02 27 年 月 日 润本股份（603193.SH） 深耕细分品类打造质价比，优质国货品牌成长可期 公司深耕驱蚊、婴童护理等细分品类，战略明确，业绩增长亮眼。公司成 立于 2006 年，以驱蚊产品切入口并持续丰富品类，坚持"大品牌、小品 类"的研产销一体化战略，目前已形成驱蚊产品、婴童护理产品、精油产 品三大核心产品系列。业绩增长亮眼，2019-2023 年营收/归母净利润 CAGR 分别为 38.8%/58.6%，2024Q1-3 实现营收 10.38 亿元（yoy+26%）， 归母净利润为 2.61 亿元（yoy+44%）。公司股权结构较集中，管理架构高 效，核心团队人员稳定且人效较高。 驱蚊市场稳健，婴童护理市场空间广阔，优质国货品牌大有可为。公司业 务从驱蚊逐步拓展至重点发力婴童护理，其中驱蚊市场为利基市场，公司 聚焦细分品类、通过电热蚊香液等大单品稳步夯实在细分领域的地位，并 持续推出差异化新品维持竞争优势；婴童护理市场规模较大，品类众多， 且消费者愈发注重产品质价比，未来发展空间广阔。公司通过拓展客群年 龄层和功效等维度持续丰富 ...

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][10] Core Views - The company is expected to achieve a net profit attributable to the parent company of approximately 300 million to 310 million yuan in 2024, representing a year-on-year increase of 32.73% to 37.15% [6] - The company has a strong product pipeline and is expanding its product matrix, which is expected to drive significant growth [6][7] - The company has established a comprehensive online and offline sales network, achieving notable market recognition in the maternal and infant care product segment [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.349 billion, 1.716 billion, and 2.147 billion yuan respectively, with year-on-year growth rates of 30.64%, 27.18%, and 25.11% [7] - Net profit projections for the same years are 304.45 million, 382.81 million, and 470.12 million yuan, with corresponding growth rates of 34.70%, 25.74%, and 22.81% [7] - Earnings per share (EPS) are projected to be 0.75, 0.95, and 1.16 yuan for 2024, 2025, and 2026 respectively [7] Market Position and Strategy - The company is positioned as a leading player in the domestic infant care sector, focusing on meeting diverse consumer needs through continuous innovation and differentiated product offerings [6][7] - The company has successfully launched new products in the mosquito repellent and infant care categories, enhancing its market competitiveness [6][7] - The company is actively expanding its offline distribution channels, collaborating with major retailers to enhance market presence [6][7]

证券代码：603193 证券简称：润本股份 公告编号：2025-003 重要内容提示： 润本生物技术股份有限公司持股 5%以上股东 减持股份结果公告 大股东的基本情况 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次减持计划实施前，润本生物技术股份有限公司（以下简称"公司"）持 股 5%以上股东 JNRY VIII HK Holdings Limited（以下简称"JNRY VIII"）持有公 司股份 34,390,332 股，占公司总股本的 8.50%。上述股份来源为公司 IPO 前取得 的股份，上述 IPO 前取得的股份已于 2024 年 10 月 17 日解除限售并上市流通。 一、减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 JNRY VIII HK Holdings Limited 5%以上非第 一大股东 34,390,332 8.50% IPO 前取得： 34,390,332 股 | 股东名称 | 减持数量 | 减持比 | 减持期间 | 减持方 | 减持价格 ...

Summary of the Conference Call for Runben Co., Ltd. Company Overview - **Company**: Runben Co., Ltd. - **Industry**: Consumer Goods, specifically in personal care and insect repellent products Key Financial Insights - **2024 Net Profit Forecast**: Expected to be between 300 million to 310 million CNY, representing a growth of over 30% despite being slightly below expectations due to increased costs from government subsidies and new product launches [2][6] - **Revenue Growth**: Overall revenue growth is anticipated to be between 20% to 30% for the year [4] Channel Performance - **Channel Revenue Breakdown for 2024**: - **Douyin**: 23%-24% of total revenue, with a growth rate of approximately 55% and a net profit margin slightly above 6% [5][7] - **Non-Brand Distribution**: 26%-27% of total revenue, with a growth rate of about 40% and a net profit margin of 35% [5][7] - **Tmall**: 28%-29% of total revenue, with a growth rate of around 10% and a net profit margin of 22%-23% [5][7] - **JD.com**: 13%-14% of total revenue, with a growth rate of about 20% and a net profit margin of 24%-25% [5][7] Marketing and Promotion Strategies - **Douyin Strategy**: Focus on content-driven marketing through short videos and live streaming, with self-broadcasting accounting for 30%-40% and short video promotion nearly 50% of the strategy [8] - **Tmall Strategy**: Shift from traditional e-commerce to increased homepage displays and short video promotions, collaborating with influencers like Li Jiaqi to boost sales [9] Product Development and Launch Plans - **2025 Performance Goals**: Targeting a 30% growth in both revenue and net profit, with specific channel growth targets set for Douyin (50%), non-brand distribution (40%), JD.com (15%-20%), and Tmall (10%-15%) [12] - **New Product Launches**: Plans to introduce a range of new products including youth acne treatment and skincare series in April 2025, alongside seasonal products like insect repellents and sunscreens [10][30] Offline Channel Expansion - **Offline Strategy**: Actively expanding into offline channels, including partnerships with Sam's Club and other supermarkets, with an expected growth of 40% in offline business by 2025 [13][14] Pricing and Cost Management - **Pricing Strategy**: Adopts a cost-plus pricing strategy, focusing on high-quality raw materials to enhance product value. Future price increases will be based on improved product efficacy or higher quality ingredients [21] - **Sales Expense Management**: Aiming to keep sales expenses below 30%, with actual expenses in 2024 around 29% [16] Market Trends and Competitive Landscape - **Outdoor Mosquito Repellent Market**: Rapid growth expected, with a projected 60% increase in outdoor repellent products in 2025, driven by rising outdoor activities [25][26] - **Competitive Positioning**: Differentiation from competitors like Jia Hua's Six God mosquito repellent through unique formulations and packaging [27] Conclusion and Future Outlook - **Overall Strategy**: The company remains committed to achieving its dual 30% growth targets for revenue and net profit, while continuing to innovate and expand its market presence [34]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned in the differentiated mosquito repellent and baby care market, focusing on high-quality domestic brands. It has established a comprehensive product matrix that includes mosquito repellent, baby care, and essential oil products [6][10] - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 38.76% from 2020 to 2023, and a significant increase in net profit [22] - The report forecasts continued growth in revenue and profit, with expected revenues of 13.41 billion yuan in 2024, 17.05 billion yuan in 2025, and 21.33 billion yuan in 2026 [87] Company Overview - The company, "Runben," was founded in 2006 and listed on the main board in 2023. It focuses on the research, production, and sales of personal care and mosquito repellent products [6][10] - The company operates two major production bases in Guangzhou Huangpu and Zhejiang Yiwu, continuously expanding its product matrix to meet consumer needs [6][10] Industry Analysis - The mosquito repellent market is projected to reach 10.17 billion yuan by 2027, driven by diverse consumer needs and technological advancements [30] - The baby care market is expected to exceed 50 billion yuan by 2027, benefiting from the rise of refined parenting concepts and the rapid expansion of online sales channels [43][44] - The essential oil market is in its early development stage, with significant growth potential as consumer demand for natural and healthy products increases [50][51] Competitive Analysis - The company has established a strong market presence in the mosquito repellent sector, with a market share of approximately 5% overall and about 19.9% in the online market [52] - The brand has received recognition as a leading brand in the baby care segment, with a market share of 1.9% overall and 4.2% online [52] - The company's strategy of focusing on small product categories under a strong brand has created a competitive advantage [55] Financial Performance - The company has experienced a steady increase in gross margin, which rose from 52.53% in 2020 to 56.35% in 2023, driven by a higher proportion of high-margin products [77] - The net profit margin has remained stable around 22%, with a slight increase in recent quarters [77] Revenue Forecast - The company anticipates revenue growth across its main product lines, with mosquito repellent products expected to generate 4.25 billion yuan in 2024, 5.54 billion yuan in 2025, and 6.97 billion yuan in 2026 [83] - The baby care segment is projected to achieve revenues of 7.12 billion yuan in 2024, 9.28 billion yuan in 2025, and 11.9 billion yuan in 2026 [85] Investment Recommendation - The report suggests a target price of 27.3 to 31.85 yuan based on a price-to-earnings (P/E) ratio of 30-35 for 2025, maintaining a "Buy" rating due to the company's strong growth potential and market positioning [87]

Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook for the company's growth potential in 2025 [1]. Core Views - The report highlights that Runben Co., Ltd. is expected to achieve a net profit attributable to shareholders of 300-310 million yuan in 2024, representing a year-on-year increase of 32.7%-37.2%. The fourth quarter of 2024 is projected to see a net profit of 39-49 million yuan, with a median of 44 million yuan, indicating a slight decline in profit due to increased promotional expenses [1]. - The company is anticipated to maintain a growth rate of around 30% in both revenue and profit for 2025, reflecting strong growth potential [1][2]. Summary by Sections Financial Performance - For 2024, the total revenue is expected to reach 1.316 billion yuan, with a year-on-year growth rate of 27.4%. The net profit attributable to shareholders is projected at 302 million yuan, with a growth rate of 33.5% [4]. - The gross profit margin is expected to improve from 56.3% in 2023 to 57.3% in 2024, indicating better cost management and pricing strategies [4]. Product Development - The company has a rich pipeline of new products, including a variety of mosquito repellent products and an expanded range of sun protection products aimed at teenagers. The introduction of these products is expected to enhance the company's growth trajectory [2]. - The report notes that the sales performance of the newly launched timed heaters has been promising, and further product diversification is anticipated in 2025 [2]. Market Positioning - Runben Co., Ltd. is expanding its distribution channels, both online and offline, with partnerships established with major retailers such as Walmart and Watsons. This balanced channel structure is expected to drive sales growth [2]. - The company is leveraging a consumer-to-manufacturer (C2M) model to create high-quality, cost-effective products, which has proven successful in building a strong product portfolio [2].