润本股份（603193）：业绩延续高增长，婴童品类量价齐升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to experience high growth in performance, with both volume and price increases in the baby and child product category [6] - The company reported a total revenue of 1.318 billion yuan for 2024, representing a year-on-year growth of 27.6%, and a net profit attributable to the parent company of 300 million yuan, up 32.8% year-on-year [6] - For Q1 2025, the company achieved a revenue of 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, reflecting a 24.6% growth [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 1.714 billion yuan in 2025, 2.145 billion yuan in 2026, and 2.6 billion yuan in 2027, with respective year-on-year growth rates of 30.1%, 25.1%, and 21.2% [5] - The net profit attributable to the parent company is forecasted to be 389 million yuan in 2025, 473 million yuan in 2026, and 553 million yuan in 2027, with year-on-year growth rates of 29.7%, 21.5%, and 16.8% respectively [5] - The company maintains a gross profit margin of 58.2% for 2024, with a slight decrease to 57.7% in Q1 2025 [6] Product Performance - In 2024, the revenue from the mosquito repellent product series was 440 million yuan, a 35.4% increase year-on-year, while the baby and child products generated 690 million yuan, up 32.4% year-on-year [6] - The company launched over 90 new products in response to market demands, including children's sunscreen and egg yolk oil series [6] Market Strategy - The company is focusing on expanding its online and offline sales channels, leveraging platforms like Douyin for online sales and collaborating with various offline distributors [6] - The company aims to capitalize on the growth opportunities in the domestic personal care market through its three main product categories: mosquito repellent, baby care, and essential oils [6]