Investment Rating - The report maintains a "Buy" rating for Runben Co Ltd (603193) [3][4] Core Views - Runben Co Ltd achieved rapid growth in Q3 net profit attributable to parent company, with significant year-on-year improvement in profitability [1] - The company's focus on mosquito repellent and personal care products, coupled with its supply chain advantages and efficient operations, positions it well for continued growth [3] - Future performance is expected to maintain rapid growth driven by R&D and new product launches [3] Financial Performance Q3 2024 Results - Revenue reached RMB 10.38 billion in Q1-Q3 2024, up 25.98% YoY [1] - Net profit attributable to parent company was RMB 2.61 billion in Q1-Q3 2024, up 44.35% YoY [1] - Q3 revenue increased 20.10% YoY, with net profit up 31.98% YoY [1] Profitability - Gross margin increased 2.21 percentage points to 58.33% in Q1-Q3 2024 [2] - Net margin rose 3.20 percentage points to 25.15% in Q1-Q3 2024 [2] - Sales expense ratio increased 1.93 percentage points to 27.27% in Q1-Q3 2024 [2] Product Performance - Mosquito repellent products revenue reached RMB 0.89 billion in Q3 2024, up 16.15% YoY [2] - Baby care products revenue was RMB 1.50 billion in Q3 2024, up 26.72% YoY [2] - Essential oil series revenue reached RMB 0.46 billion in Q3 2024, up 15.35% YoY [2] Financial Forecasts Income Statement - Revenue is projected to grow from RMB 12.31 billion in 2024E to RMB 17.18 billion in 2026E [5][7] - Net profit attributable to parent company is expected to increase from RMB 2.97 billion in 2024E to RMB 4.52 billion in 2026E [5][7] Valuation Metrics - EPS is forecasted to grow from RMB 0.73 in 2024E to RMB 1.12 in 2026E [5][7] - PE ratio is expected to decrease from 33.45x in 2024E to 21.95x in 2026E [5][7] Balance Sheet - Total assets are projected to increase from RMB 22.34 billion in 2024E to RMB 28.20 billion in 2026E [7] - Shareholders' equity attributable to parent company is expected to grow from RMB 21.19 billion in 2024E to RMB 26.66 billion in 2026E [7]

Investment Rating - The report assigns an "Outperform" rating to Runben Co Ltd (603193) [1] Core Views - Runben has established a strong brand presence in the mosquito repellent category and is rapidly expanding into the high-margin baby care segment [5] - The company has built an online-driven omnichannel sales network, with online sales accounting for 72% of total revenue in 1H24 [5] - Runben has achieved steady growth in operating performance, with 1-3Q24 revenue and net profit increasing by 26% and 44% YoY respectively [5] - The company's gross margin reached 58 3% in 1-3Q24, up 2 2 percentage points YoY [5] Industry Analysis - The mosquito repellent and baby care industries are highly fragmented, with the top 5 baby care brands accounting for only 14% market share in China [5] - The baby care market is becoming more segmented, with products tailored to different body parts, functions, and scenarios [5] - Scientific parenting concepts are driving demand for more specialized baby care products [5] Competitive Advantages - Runben offers safe and gentle products, with mosquito repellents that are more environmentally friendly than traditional options [6] - The company has strong R&D capabilities, with 11 national invention patents and 11 utility model patents as of 1H24 [6] - Runben's integrated R&D, production, and sales model allows for better cost control and quality assurance [6] - The company achieved a net profit margin of 25 2% in 1-3Q24 [6] Growth Drivers - Frequent new product launches and price increases are driving growth, with 50+ new products introduced in 1H24 [6] - Runben is expanding its offline distribution channels, with non-platform distributors covering over 30 provinces and regions [8] - The company has a strong online presence, ranking first in maternal and infant care products on major e-commerce platforms during the 2024 618 shopping festival [8] Financial Projections - Revenue is expected to grow at a CAGR of 26 8% from 2024 to 2026, reaching 21 09 billion yuan by 2026 [9] - Net profit is projected to increase at a CAGR of 31 9% over the same period, reaching 5 19 billion yuan by 2026 [9] - The gross margin is forecast to improve from 58 8% in 2024 to 60 8% in 2026 [9] Business Segment Analysis - Mosquito repellent products: Expected to grow at a CAGR of 25 5% from 2024 to 2026, reaching 6 42 billion yuan by 2026 [10] - Baby care products: Projected to grow at a CAGR of 33 3% from 2024 to 2026, reaching 12 36 billion yuan by 2026 [10] - Essential oil products and others: Forecast to grow at a CAGR of 7 3% from 2024 to 2026, reaching 2 3 billion yuan by 2026 [10] Valuation - The report values Runben at 25-30x 2025E PE, implying a market cap range of 103 43-124 12 billion yuan [9] - The target price range is 25 57-30 68 yuan per share [9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's performance in Q1-Q3 2024 met expectations, with revenue increasing by 26% to 1.04 billion yuan and net profit attributable to shareholders rising by 44% to 261 million yuan [1] - The third quarter saw a seasonal boost in sales for baby care products, with revenue up by 20% and net profit up by 32% [1] - The company is expected to maintain steady growth through capacity expansion, product line diversification, and channel expansion, with projected revenues of 1.34 billion yuan in 2024, 1.70 billion yuan in 2025, and 2.06 billion yuan in 2026, reflecting growth rates of 30%, 26%, and 22% respectively [3] Financial Summary - For Q1-Q3 2024, the gross margin was 58.3% (up 2 percentage points), and the net margin was 25.2% (up 3.2 percentage points) [1] - In Q3 2024, the revenue breakdown by product line showed mosquito repellent at 31%, baby care at 53%, and essential oils at 16% [1] - The average selling price for mosquito repellent was 5.5 yuan (up 2%), baby care products at 7.9 yuan (up 2%), and essential oils at 9.1 yuan (up 14%) [1] Sales Performance - Sales through Douyin (TikTok) increased significantly, with a 56% year-on-year growth from January to September 2024, and a 60% increase in September alone [2] - The company launched new products, including the egg yolk oil special care cream, which performed well in sales [2] Earnings Forecast - The forecast for net profit attributable to shareholders is 322 million yuan in 2024, 406 million yuan in 2025, and 490 million yuan in 2026, with growth rates of 42%, 26%, and 21% respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 30.69 yuan, reflecting an increase of 9.37 yuan from the previous estimate [4][5]. Core Views - The company's performance in Q3 2024 met expectations, with steady growth across various product categories during the off-season. The recent launch of autumn and winter baby products on Douyin, including egg yolk oil essence cream, has shown promising results, leading to an optimistic outlook for Q4 during the peak season for baby products [2][4]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 1.038 billion yuan, a year-on-year increase of 26%, with net profit attributable to the parent company reaching 261 million yuan, up 44% year-on-year. In Q3 alone, revenues were 293 million yuan, a 20% increase year-on-year, while net profit was 81 million yuan, reflecting a 32% increase [4][5]. - The gross profit margin for Q3 2024 was 57.6%, an increase of 0.11 percentage points year-on-year. The net profit margin for Q3 was 27.55%, up 2.48 percentage points year-on-year [4][5]. - The company expects revenues to grow to 1.322 billion yuan in 2024, 1.661 billion yuan in 2025, and 2.034 billion yuan in 2026, with corresponding net profits projected at 319 million yuan, 402 million yuan, and 493 million yuan respectively [5][11]. Product and Channel Performance - In Q3 2024, the company experienced robust growth in various product categories, with baby care products, mosquito repellent, and essential oils seeing revenue increases of 28%, 18%, and 17% year-on-year respectively. Douyin's sales grew over 30% year-on-year, while Tmall remained stable [4][5]. - The company has successfully launched new products, which have significantly boosted sales on Douyin, with notable growth in GMV since late September [4][5]. Long-term Outlook - The company is expected to benefit from a reshaping of competition in the baby care product category, focusing on product channel expansion and maintaining high growth rates. The company positions its products competitively in the 0-50 yuan price range, leveraging a self-built supply chain for cost advantages [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 30.00, maintaining an "Overweight" rating [5][6]. Core Views - The company reported Q3 2024 revenue of RMB 293 million, a year-on-year increase of 20.10%, and a net profit attributable to shareholders of RMB 80.86 million, up 31.98% year-on-year. For the first three quarters of 2024, revenue reached RMB 1.038 billion, reflecting a 25.98% year-on-year growth, while net profit was RMB 261 million, a 44.35% increase year-on-year. Despite a generally weak market in Q3, the company achieved notable growth, driven primarily by its baby care segment [1][2]. Summary by Sections Revenue and Profitability - Q3 2024 revenue from the mosquito repellent segment was RMB 89.11 million, a 16% year-on-year increase, while the baby care segment generated RMB 150 million, growing 27% year-on-year. The essential oil segment reported revenue of RMB 45.71 million, up 15% year-on-year [2]. Margin and Cost Structure - The gross margin for Q3 2024 was 57.57%, an increase of 0.11 percentage points year-on-year, attributed to product mix optimization and higher average selling prices. The selling expense ratio was 23.55%, up 1.45 percentage points year-on-year, while the management expense ratio was 2.52%, down 0.1 percentage points year-on-year [3]. Earnings Forecast and Valuation - The company is projected to achieve net profits of RMB 322 million, RMB 406 million, and RMB 505 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 42%, 26%, and 24%. The corresponding EPS is expected to be RMB 0.79, RMB 1.00, and RMB 1.25. The target price is set at a PE ratio of 30 for 2025, leading to a target price of RMB 30.00 [4][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company has shown steady growth in its third-quarter performance, with a significant increase in net profit margin. For the first three quarters, the company achieved a revenue of 1.038 billion yuan, a year-on-year increase of 25.98%, and a net profit of 261 million yuan, up 44.35% year-on-year. The gross margin for the first three quarters was 58.33%, and the net profit margin was 25.15% [3]. - The company continues to innovate and iterate its product offerings, with strong growth in its Douyin channel and non-platform distribution. The mosquito repellent product line generated 89.11 million yuan in revenue, a year-on-year increase of 16.15%, while the baby care product line achieved 150 million yuan, up 26.72% year-on-year [4]. Financial Performance Summary - The company is expected to achieve net profits of 320 million yuan, 399 million yuan, and 499 million yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are projected to be 0.79 yuan, 0.99 yuan, and 1.23 yuan, with corresponding price-to-earnings (PE) ratios of 34x, 27x, and 22x [5][7]. - The financial data indicates a robust growth trajectory, with revenue expected to reach 1.343 billion yuan in 2024, reflecting a year-on-year growth of 29.99% [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q3 2024, with revenue of 1.04 billion yuan for the first three quarters, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 260 million yuan, up 44.4% year-on-year [1] - The mosquito repellent series continues to grow well, while the baby care series shows remarkable performance, contributing significantly to revenue growth [1] - The company is expected to maintain high growth rates through its refined brand strategy and competitive advantages in niche markets [2] Financial Performance Summary - For Q3 2024, the company achieved revenue of 290 million yuan, a year-on-year increase of 20.1%, and a net profit of 80 million yuan, up 32.0% year-on-year [1] - The revenue breakdown for the first three quarters shows the mosquito repellent, baby care, and essential oil series generating 420 million, 440 million, and 150 million yuan respectively, with year-on-year growth rates of 37.4%, 27.6%, and 9.3% [1] - The average selling prices for the three product series in Q3 2024 were 5.48 yuan, 7.89 yuan, and 9.09 yuan respectively, with year-on-year changes of +2.2%, +2.2%, and +14.1% [1] Profitability Metrics - The gross margin for the first three quarters of 2024 increased by 2.2 percentage points to 58.3%, with Q3 gross margin slightly up by 0.1 percentage points to 57.6% [1] - The net profit margin for the first three quarters improved by 3.2 percentage points to 25.1%, with Q3 net profit margin rising by 2.5 percentage points to 27.6% [1] - The company’s operating expenses as a percentage of revenue for Q3 2024 were 23.5% for sales expenses, 2.5% for management expenses, and 3.4% for R&D expenses [1] Earnings Forecast - The company is projected to achieve net profits of 300 million, 380 million, and 470 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 33%, 26%, and 24% [2] - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 36, 28, and 23 times respectively [2] Market Position - The company has successfully built a strong domestic brand image over more than a decade in the niche market, leveraging a "big brand, small category" strategy to maintain a competitive edge [2]

Investment Rating - The stock is rated as "Buy" and the rating is maintained [2] Core Views - The company reported strong Q3 2024 results with revenue of RMB 1.04 billion, up 26.0% YoY, and net profit attributable to shareholders of RMB 260 million, up 44.4% YoY [3] - Q3 revenue was RMB 290 million, up 20.1% YoY, and net profit attributable to shareholders was RMB 80 million, up 32.0% YoY, meeting expectations [3] - The company's mosquito repellent and baby care products showed resilient growth, with Q3 revenue from mosquito repellent products up 16% YoY and baby care products up 27% YoY [3] - The company's gross margin improved slightly, and the net profit margin increased due to optimized financial expense ratio [3] - The company is expected to see accelerated growth in Q4 due to new product launches and seasonal demand [3] Financial Performance Summary - The company's gross margin for the first three quarters of 2024 was 58.3%, up 2.2 percentage points YoY, and the net profit margin was 25.2%, up 3.2 percentage points YoY [3] - Q3 gross margin was 57.6%, up 0.1 percentage points YoY, and net profit margin was 27.6%, up 2.5 percentage points YoY [3] - The company's financial expense ratio improved significantly, contributing to the increase in net profit margin [3] Earnings Forecast and Valuation - The company's net profit attributable to shareholders is forecasted to be RMB 320 million, RMB 400 million, and RMB 500 million for 2024, 2025, and 2026, respectively [4] - The corresponding P/E ratios are 33x, 27x, and 22x for 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be RMB 0.79, RMB 0.99, and RMB 1.22 for 2024, 2025, and 2026, respectively [5] Financial Ratios and Metrics - The company's revenue growth rate is expected to be 28.79%, 24.34%, and 23.90% for 2024, 2025, and 2026, respectively [5] - The company's ROE is expected to be 14.78%, 15.55%, and 16.17% for 2024, 2025, and 2026, respectively [7] - The company's debt-to-asset ratio is expected to be 8.78%, 9.10%, and 9.39% for 2024, 2025, and 2026, respectively [7] Product Performance - Q3 revenue from mosquito repellent products was RMB 90 million, up 16% YoY, with an average price increase of 2.2% [3] - Q3 revenue from baby care products was RMB 150 million, up 27% YoY, with an average price increase of 2.2% [3] - Q3 revenue from essential oil products was RMB 50 million, up 15% YoY, with an average price increase of 14.1% [3]

润本生物技术股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.18 元（含税） 相关日期 证券代码：603193 证券简称：润本股份 公告编号：2024-044 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/29 | － | 2024/10/30 | 2024/10/30 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 2 日的 2024 年第二次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 404,593,314 股为基数，每股派发现金红 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperforming the market by over 20% in the next six months [6][16]. Core Insights - The company reported a 37% year-on-year increase in net profit attributable to the parent company for Q3 2024, driven by strong performance in the infant and child care segment and channel expansion [5][6]. - Revenue for Q3 2024 reached 293 million yuan, a 20.1% increase year-on-year, with a total revenue of 1.038 billion yuan for the first three quarters, reflecting a 25.98% growth [5][6]. - The company is positioned as a strong player in the affordable consumer goods market, with a focus on high-quality infant care, mosquito repellent, and outdoor products [6]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 57.57%, with a net profit margin of 27.55%, reflecting improvements in product mix and pricing strategies [5][6]. - The company’s revenue projections for 2024 to 2026 are 1.345 billion, 1.736 billion, and 2.190 billion yuan respectively, with corresponding net profits of 312 million, 391 million, and 475 million yuan [7][6]. - The report highlights a significant increase in the average selling prices of key product categories, contributing to overall revenue growth [5][6]. Market Position and Strategy - The company benefits from a high degree of supply chain self-sufficiency, with production bases in Yiwu and Huangpu, which enhances product stability and profitability [6]. - There is a clear trend towards domestic product substitution in the infant care market, with increasing market share for local brands [6]. - The company is actively expanding its product lines and enhancing its online and offline distribution channels to capture market opportunities [6].