Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 1.32 billion yuan in 2024, representing a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [5] - The company is expected to maintain strong growth in the baby care segment and continue to launch new products to capture market share [8] Company Overview - Latest closing price: 35.58 yuan - Total shares: 4.05 billion, circulating shares: 1.03 billion - Total market capitalization: 14.4 billion yuan, circulating market capitalization: 3.7 billion yuan - 52-week high/low: 36.53/16.13 yuan - Debt-to-asset ratio: 6.3% - Price-to-earnings ratio: 48.08 [4] Financial Performance - In Q4 2024, the company achieved revenue and net profit of 280 million yuan and 40 million yuan, respectively, with year-on-year growth of 34% and a decline of 13% [5] - In Q1 2025, revenue and net profit were 240 million yuan and 44 million yuan, respectively, with year-on-year growth of 44% and 25% [5] - The gross profit margin for 2024 increased by 1.8 percentage points to 58.2% [7] - The company expects net profits of 390 million yuan, 500 million yuan, and 604 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36 times, 29 times, and 24 times [8][11] Revenue Breakdown - In 2024, revenue from mosquito repellent, baby care, and essential oils was 440 million yuan, 690 million yuan, and 160 million yuan, respectively, with year-on-year growth of 35%, 32%, and 8% [6] - For Q1 2025, the revenue growth rates for mosquito repellent, baby care, and essential oils were 66%, 11%, and -6%, respectively [6] - Online direct sales and non-platform distributors showed strong performance, with revenue growth of 24.8% and 39.6% in 2024 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 1.32 billion yuan in 2024, representing a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 300 million yuan, up 32.8% year-on-year [5] - The company is expected to maintain strong growth in the baby care segment and continue launching new products to capture market share [8] Company Overview - Latest closing price: 35.58 yuan - Total shares: 4.05 billion, circulating shares: 1.03 billion - Total market capitalization: 14.4 billion yuan, circulating market capitalization: 3.7 billion yuan - 52-week high/low: 36.53/16.13 yuan - Debt-to-asset ratio: 6.3% - Price-to-earnings ratio: 48.08 [4] Financial Performance - In Q4 2024, the company achieved revenue and net profit of 280 million yuan and 40 million yuan, respectively, with year-on-year growth of 34% and a decline of 13% [5] - In Q1 2025, revenue and net profit were 240 million yuan and 44 million yuan, respectively, with year-on-year growth of 44% and 25% [5] - The gross profit margin for 2024 increased by 1.8 percentage points to 58.2% [7] - The company expects net profits of 390 million yuan, 500 million yuan, and 604 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36 times, 29 times, and 24 times [8][11] Revenue Breakdown - In 2024, revenue from mosquito repellent, baby care, and essential oils was 440 million yuan, 690 million yuan, and 160 million yuan, respectively, with year-on-year growth of 35%, 32%, and 8% [6] - For Q1 2025, revenue growth rates for mosquito repellent, baby care, and essential oils were 66%, 11%, and -6%, respectively [6] - Online direct sales and non-platform distributors showed strong performance, with revenue growth of 24.8% and 39.6% in 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Insights - The company achieved steady revenue and profit growth in 2024, with a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year. The first quarter of 2025 saw accelerated growth, with revenue reaching 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, up 24.6% year-on-year [2][5]. Revenue and Profitability - In 2024, the company's gross margin was 58.17%, an increase of 1.82 percentage points year-on-year, while the net margin was 22.77%, up 0.89 percentage points year-on-year. The sales expense ratio increased to 28.80%, while the management expense ratio decreased to 2.45% [2][5]. Product Performance - The baby care series generated 690 million yuan in revenue, a 32.42% increase year-on-year, while the mosquito repellent series saw revenue of 439 million yuan, up 35.39% year-on-year. The essential oil series achieved 158 million yuan in revenue, a 7.88% increase year-on-year [3]. Channel Strategy - Online sales accounted for a significant portion of revenue, with direct sales, platform distribution, and platform agency sales generating 774 million yuan, 165 million yuan, and 31 million yuan respectively, all showing year-on-year growth. The company is actively building a comprehensive sales network, maintaining a leading market share on platforms like Tmall, JD, and Douyin [4]. Future Earnings Forecast - The company is expected to achieve net profits of 394 million yuan, 507 million yuan, and 635 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.97 yuan, 1.25 yuan, and 1.57 yuan [5][7].

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved steady revenue and profit growth in 2024, with a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year. The gross margin improved to 58.17%, and the net margin increased to 22.77% [2][5]. - In Q1 2025, the company reported a revenue of 240 million yuan, reflecting a significant year-on-year growth of 44%, and a net profit of 44 million yuan, up 24.6% year-on-year [2]. Revenue Breakdown - The baby care segment generated 690 million yuan in revenue, a 32.42% increase year-on-year, while the mosquito repellent segment saw revenue of 439 million yuan, up 35.39% year-on-year. The essential oil segment achieved 158 million yuan, with a growth of 7.88% year-on-year [3]. - The company launched over 90 new products in 2024, focusing on market demands in the youth oil control, acne treatment, hair care, baby sunscreen, and children's makeup categories for 2025 [3]. Channel Performance - Online sales channels contributed significantly, with direct sales, platform distribution, and platform agency sales generating revenues of 774 million yuan, 165 million yuan, and 31 million yuan respectively, showing year-on-year growth rates of 24.84%, 23.38%, and 4.06% [4]. - The company has established a comprehensive sales network, maintaining a leading market share on platforms like Tmall, JD.com, and Douyin, while also expanding offline partnerships with quality retailers [4]. Profit Forecast - The company is expected to achieve net profits of 394 million yuan, 507 million yuan, and 635 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97 yuan, 1.25 yuan, and 1.57 yuan per share [5][7].

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]

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Views - The company is expected to achieve a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and adaptability in response to market demands [5] Summary by Sections Financial Performance - In 2024, the gross margin is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The sales expenses are anticipated to rise by 41.25% to 380 million yuan, with a sales expense ratio of 28.8%, an increase of 2.78 percentage points [4] - The company reported a revenue of 281 million yuan in Q4 2024, a year-on-year increase of 34.01%, although net profit for the same period decreased by 13.28% to 39 million yuan [4] Revenue and Profit Forecast - For 2025, the company is expected to generate a revenue of 1.740 billion yuan, with a year-on-year growth of 32.0%, and a net profit of 390 million yuan, reflecting a growth of 29.9% [6] - The projected earnings per share (EPS) for 2025 is 0.96 yuan, with a price-to-earnings (P/E) ratio of 36.2 [6] Business Segments - The mosquito repellent and baby care segments are identified as the key growth drivers, with significant contributions to overall revenue [5] - The online sales channel is expected to reach 970 million yuan in 2024, a year-on-year increase of 23.80%, with direct online sales contributing 774 million yuan [5] Market Position and Strategy - The company is focusing on product upgrades and new launches to capture market share, particularly in the mosquito repellent and baby care sectors [5] - The report highlights the company's ability to adapt to market changes and consumer preferences through continuous innovation and a flexible approach [6]

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].

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].

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Viewpoints - The company is expected to achieve a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, which is expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and responsiveness to market demands [5] Financial Summary - The total market capitalization of the company is 14.1 billion yuan, with a total share capital of 405 million shares [1] - The company’s gross margin for 2024 is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The company’s online sales are anticipated to reach 970 million yuan in 2024, reflecting a year-on-year growth of 23.80% [5] - The projected earnings per share (EPS) for 2024 is 0.74 yuan, with a price-to-earnings (P/E) ratio of 47.0 [7]