润本股份（603193）：25Q1营收延续快增

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 39.00 RMB [6][7]. Core Views - The company reported a revenue of 1.318 billion RMB in 2024, representing a year-on-year increase of 27.61%, and a net profit attributable to shareholders of 300 million RMB, up 32.8% year-on-year. In Q4, the revenue was 281 million RMB, showing a year-on-year growth of 34.01% [1][4]. - In Q1 2025, the company achieved a revenue of 240 million RMB, a year-on-year increase of 44.0%, and a net profit of 44.2 million RMB, up 24.6% year-on-year. The company continues to upgrade its core mosquito repellent products and strengthen its online channels [1][2]. - The company is expected to launch a new series of products targeting teenagers in Q2 2025, which is anticipated to provide new growth opportunities [1][2]. Revenue Performance - In 2024, the revenue from mosquito repellent, baby care, and essential oil series was 439 million RMB (up 35.4% YoY), 690 million RMB (up 32.4% YoY), and 158 million RMB (up 7.9% YoY) respectively. In Q1 2025, the revenue from these series was 43 million RMB (up 10.5% YoY), 179 million RMB (up 65.6% YoY), and 11 million RMB (down 6.1% YoY) [2][3]. - The average selling prices for these products also showed positive trends, with increases in the baby care series by 34.2% YoY [2]. Channel Performance - In 2024, the online direct sales revenue was 774 million RMB (up 24.8% YoY), while non-platform distribution revenue was 347 million RMB (up 39.6% YoY), indicating strong growth in non-platform channels [3]. - The company plans to expand its mosquito repellent products into offline channels, which is expected to sustain the strong performance of non-platform distribution [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is as follows: net profit attributable to shareholders is expected to be 406 million RMB in 2025, 505 million RMB in 2026, and 625 million RMB in 2027, with corresponding EPS of 1.00 RMB, 1.25 RMB, and 1.54 RMB respectively [4][10]. - The target price has been adjusted to 39.00 RMB based on a 39x PE for 2025, reflecting the company's strong revenue growth and product pipeline [4][6].