润本股份（603193）：整体符合预期，收入增长靓丽

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][9] Core Views - The company reported a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [6] - The first quarter of 2025 saw a revenue of 240 million yuan, a 44% increase year-on-year, with a net profit of 44 million yuan, growing 24.6% year-on-year, indicating that performance is in line with expectations [6] - The company has successfully upgraded its products, leading to improved gross margins, with gross profit margins of 58.17% in 2024 and 57.67% in Q1 2025, reflecting a positive trend in profitability [6] Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 1.728 billion yuan, 2.251 billion yuan, and 2.873 billion yuan, with growth rates of 31%, 30%, and 28% respectively [6][8] - Net profit forecasts for the same period are 390 million yuan, 511 million yuan, and 657 million yuan, with growth rates of 30%, 31%, and 29% respectively [6][8] - Earnings per share (EPS) are projected to be 0.97 yuan, 1.26 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively [6][8] Product and Market Dynamics - The company’s product lines, including mosquito repellent and baby care products, have shown significant revenue growth, with mosquito repellent sales reaching 439 million yuan in 2024, up 35.4% year-on-year [6] - The average selling price of products has increased due to successful new product launches, with notable price increases of 15.9% for mosquito repellent and 26.1% for baby care products in Q4 2024 [6] - The company is expanding its distribution channels, with online direct sales and non-platform distributors showing strong growth, indicating a broad market expansion potential [6]