润本股份：25Q1营收延续快增-20250425

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of RMB 39.00 [6][7]. Core Insights - The company reported a revenue of RMB 1.318 billion for 2024, representing a year-on-year growth of 27.61%, and a net profit attributable to the parent company of RMB 300 million, up 32.8% year-on-year. In Q4, the revenue was RMB 281 million, with a quarter-on-quarter increase of 34.01% but a year-on-year decrease of 4.37%. For Q1 2025, the revenue reached RMB 240 million, showing a year-on-year increase of 44.0%, and the net profit was RMB 44.2 million, up 24.6% year-on-year [1][4]. Revenue Performance - In 2024, the revenue from mosquito repellent, baby care, and essential oil series was RMB 439 million (up 35.4% YoY), RMB 690 million (up 32.4% YoY), and RMB 158 million (up 7.9% YoY) respectively. In Q1 2025, the revenue from these series was RMB 43 million (up 10.5% YoY), RMB 179 million (up 65.6% YoY), and RMB 11 million (down 6.1% YoY) respectively [2]. Channel Performance - In 2024, the online direct sales revenue was RMB 774 million (up 24.8% YoY), while non-platform distribution revenue was RMB 347 million (up 39.6% YoY) with a gross margin of 48.9%. The company plans to expand its mosquito repellent series into offline channels, which is expected to continue the strong performance of non-platform distribution [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are RMB 406 million, RMB 505 million, and RMB 625 million respectively, with corresponding EPS of RMB 1.00, RMB 1.25, and RMB 1.54. The report assigns a PE ratio of 39 for 2025, raising the target price to RMB 39.00 from the previous RMB 30.00 [4][12].