Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that is stronger than the market by over 20% [7][17]. Core Insights - The company has demonstrated strong operational efficiency, leveraging a self-built supply chain and scale effects to enhance profitability [3]. - The brand's reputation has improved, with a continuous expansion of product SKUs, focusing on high-cost performance mosquito repellent, outdoor, and sunscreen products [6]. - The company is expected to experience significant growth in 2024, with revised profit forecasts indicating a net profit of 312 million yuan, reflecting a 38% year-on-year increase [7][17]. Financial Summary - The company reported total revenue of 1,033 million yuan in 2023, with a projected increase to 1,345 million yuan in 2024, representing a year-on-year growth rate of 30.2% [8][10]. - The net profit for 2023 was 226 million yuan, with expectations of 312 million yuan in 2024, marking a 38% increase [8][10]. - The gross margin is projected to improve from 56.3% in 2023 to 58.7% in 2024 [8]. Market Performance - The company's online sales through platforms like Douyin have shown significant growth, with a GMV of approximately 561 million yuan in Q2 2024, a 46% increase year-on-year [18]. - The offline distribution channels have also expanded rapidly, with partnerships established with major retailers such as Walmart and Watsons [18].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 18.53 yuan [9]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 1.85 billion yuan for the first half of 2024, representing a year-on-year growth of 46.48% to 54.85% [1]. - The growth in profit is driven by an expanded product matrix, channel development, and improved operational efficiency, leading to significant scale effects [1]. - The company has focused on the infant and child care segment, launching new sunscreen products that have received positive market recognition, contributing to revenue growth [2]. - The online sales channels, particularly on platforms like Tmall and Douyin, have shown strong growth, with a combined sales increase of 31.94% year-on-year in the first half of 2024 [7]. - The company is expected to maintain strong growth in net profit over the next few years, with projections of 3.01 billion, 3.81 billion, and 4.70 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 33.3%, 26.6%, and 23.1% [8]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company anticipates a net profit of 1.40 to 1.50 billion yuan for Q2, with a year-on-year growth of 41.88% to 52.04% [1]. - The company’s revenue is projected to reach 1.033 billion yuan in 2024, with a growth rate of 20.7% [3]. - The net profit attributable to shareholders is forecasted to be 226 million yuan in 2023, increasing to 301 million yuan in 2024, with a growth rate of 41.2% [3]. Product Development - The company has launched two new sunscreen products aimed at different age groups, which have been well-received in the market, indicating a strong potential for revenue contribution [2]. - The company has also secured additional product certifications, enhancing its product offerings in the sunscreen market [2]. Market Position - The company has established a strong presence in the mosquito repellent and infant care markets, with ongoing efforts to enhance its research and development capabilities and improve its distribution channels [8].

Investment Rating - The report maintains a "Buy" rating for the company [22][30]. Core Insights - The company is expected to achieve a significant growth in net profit for H1 2024, with estimates ranging from 1.75 to 1.85 billion yuan, reflecting a year-on-year increase of 46.5% to 54.9% [6][22]. - The company is positioned as a leading player in the mosquito repellent and baby care segments, with a strong focus on cost-effective products that align with consumer trends [6][22]. - The sales momentum is strong, with an upward revision of profit forecasts for 2024-2026, projecting net profits of 3.15 billion yuan, 3.90 billion yuan, and 4.79 billion yuan respectively [6][22]. Sales Performance - In the first five months, the company reported sales of approximately 1.56 billion yuan on Douyin (up 87%), 2.71 billion yuan on Tmall (up 24%), and 1.23 billion yuan on JD (up 60%), indicating robust growth in online direct sales [23]. - The mosquito repellent product line generated around 2.99 billion yuan in sales (up 56%) during the same period, with strong performance in the Tmall rankings [23]. Product Development - The company continues to expand its product offerings, launching a children's sunscreen product in Q1 2024, which quickly became a bestseller on Douyin and ranked 8th on Tmall's baby sunscreen sales list [3][7]. Financial Projections - The company forecasts revenue growth from 1.03 billion yuan in 2023 to 1.34 billion yuan in 2024, representing a year-on-year increase of 30.1% [8]. - The projected net profit for 2024 is expected to be 315 million yuan, with a year-on-year growth of 39.3% [8]. Profitability Metrics - The report indicates an improvement in operational efficiency, with gross margins expected to rise from 56.3% in 2023 to 56.5% in 2024 [8]. - The net profit margin is projected to increase from 21.9% in 2023 to 23.4% in 2024 [8]. Market Position - The company is recognized for its strong brand effect driven by high growth on Douyin, which is anticipated to spill over into other sales channels [2][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [11] Core Views - The company is expected to achieve a significant growth in net profit for the first half of 2024, with an estimated increase of 46.5% to 54.9% year-on-year [11] - The company maintains a strong position as a leader in the mosquito repellent segment, with rapid growth anticipated in both Douyin and non-platform distribution channels [2][12] - The successful performance on Douyin is expected to enhance brand awareness and drive sales across other channels, with new children's sunscreen products showing promising potential [3][12] Financial Summary - The company forecasts a net profit of approximately 175 to 185 million yuan for H1 2024, with a year-on-year growth of 46.5% to 54.9% [11] - The projected net profit for Q2 2024 is estimated to be between 140 to 150 million yuan, reflecting a year-on-year increase of 41.9% to 52.0% [11] - Revenue for 2024 is expected to reach 1.344 billion yuan, with a year-on-year growth of 30.1% [13] - The company's gross margin is projected to improve slightly from 56.3% in 2023 to 56.5% in 2024 [13] - The earnings per share (EPS) is expected to increase from 0.56 yuan in 2023 to 0.78 yuan in 2024 [13] Sales Performance - From January to May 2024, the company reported sales of approximately 156 million yuan on Douyin (up 87% year-on-year), 271 million yuan on Tmall (up 24% year-on-year), and 123 million yuan on JD (up 60% year-on-year) [12] - The mosquito repellent product line generated sales of about 299 million yuan during the same period, reflecting a year-on-year growth of 56% [12] - The company’s mosquito repellent liquid has topped the sales charts on Tmall for eight consecutive weeks, indicating strong market demand [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.46 CNY per share, indicating a potential upside from the current price of 18.08 CNY [20]. Core Insights - The baby skincare category is experiencing a penetration rate increase, benefiting from a favorable growth trend due to a low base in Q3. The company is expected to achieve net profits of 310 million, 397 million, and 496 million CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 37%, 28%, and 25% [1][41]. - The company has a strong supply chain advantage, with a high proportion of self-manufactured products, allowing for competitive pricing. The average transaction value on platforms like Douyin is reported to be 1/3 to 1/2 of competitors, which aligns with the current consumer trend favoring cost-effective products [2][41]. Financial Summary - Revenue is projected to grow from 1,033 million CNY in 2023 to 2,174 million CNY by 2026, with growth rates of 20.7%, 30.0%, 28.6%, and 25.9% over the next four years [3]. - The company's EBITDA is expected to increase from 270 million CNY in 2023 to 598 million CNY in 2026, reflecting a strong operational performance [3]. - The net profit attributable to the parent company is forecasted to rise from 226 million CNY in 2023 to 496 million CNY in 2026, with corresponding growth rates of 41.2%, 37.3%, 27.8%, and 25.1% [3]. Market Performance - The company has shown a stable sales performance, with Douyin's GMV reaching approximately 44 million CNY in Q3 2023, and daily sales exceeding 1 million CNY in early July 2024 [19][41]. - The introduction of new products, such as mosquito repellent and children's sunscreen, is expected to continue driving sales growth during the summer season [19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.32 CNY, reflecting an upward adjustment in earnings forecasts for 2024-2026 [2][4]. Core Insights - The company is expected to achieve a net profit of 175-185 million CNY for H1 2024, representing a year-on-year increase of 46%-55%. The growth is driven by high performance in Douyin and distribution channels, particularly in products like timed mosquito repellent and Xiaotaoxi cream [2][4]. - The company has a rich pipeline of new products for H2 2024, which is anticipated to sustain high growth trends, especially in the baby care segment [2][4]. - Long-term growth potential is supported by the company's competitive pricing strategy and channel expansion, positioning it as a leading domestic brand in personal care and baby products [2][4]. Financial Summary - Revenue is projected to grow from 1,033 million CNY in 2023 to 1,344 million CNY in 2024, reflecting a 30.2% increase. Net profit is expected to rise from 226 million CNY in 2023 to 309 million CNY in 2024, a growth of 36.9% [12]. - The earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2023 to 0.76 CNY in 2024 [12]. - The company maintains a high gross margin of 56.3% in 2023, expected to improve to 58.1% in 2024 [12]. Market Data - The company's market capitalization stands at 7,315 million CNY, with a current share price of 18.08 CNY [14]. - The stock has traded within a range of 12.45-22.08 CNY over the past 52 weeks [14]. Product and Channel Performance - The Douyin channel is projected to see a GMV growth of 50%-100%, with Q2 growth accelerating compared to Q1 due to optimized strategies and strong product sales [2][4]. - The company has successfully launched new products in the mosquito repellent and baby care categories, which are expected to drive further revenue growth [2][4]. Long-term Outlook - The company is well-positioned to benefit from trends favoring cost-effective products and channel expansion, with significant growth potential in the personal care and baby product sectors [2][4].

Investment Rating - The report maintains an "Accumulate" rating with a target price of RMB 23.70 [7] Core Views - The company is expected to achieve a net profit of RMB 1.75 to 1.85 billion for 24H1, representing a year-on-year growth of 46.48% to 54.85%. The non-recurring net profit is projected to be RMB 1.70 to 1.80 billion, indicating a growth of 43.86% to 52.30% [1] - The company is positioned as a cost-effective national brand with strong competitive advantages, including integrated production, research, and sales, along with an efficient supply chain and rapid product upgrades [1] - The report anticipates that the profit growth will outpace revenue growth due to improved gross margins from cost control and scale effects, increased interest income from sufficient cash reserves, and government subsidies [1][20] Summary by Sections Financial Performance - For 24H1, the company is expected to see significant revenue growth in the mosquito repellent category, with a strong performance in the baby care segment as well. The first quarter of 2024 saw slower growth in the essential oil category, but new product launches in Q2 are expected to accelerate growth [5][20] - The company’s sales on the Douyin platform reached RMB 2.4 billion, a year-on-year increase of 53.85%, while sales on Taobao platforms reached RMB 3.58 billion, a year-on-year increase of 5.26% [5] - The report projects that the company will continue to enhance operational management and efficiency, leading to a significant increase in net profit [20] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted to RMB 0.79, RMB 0.92, and RMB 1.24 respectively, reflecting an upward revision due to improved profit margins [1][21] - The company’s projected revenue for 2024 is RMB 1.348 billion, with a year-on-year growth of 30.46% [21] - The report highlights that the company’s net profit for 2024 is expected to be RMB 321.55 million, representing a growth of 42.26% [21]

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 175 million and 185 million yuan, an increase of 55.53 million to 65.53 million yuan compared to the same period last year, representing a year-on-year growth of 46.48% to 54.85%[4]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between 170 million and 180 million yuan, an increase of 51.98 million to 61.98 million yuan compared to the same period last year, reflecting a year-on-year growth of 43.86% to 52.30%[5]. - The net profit for the first half of 2023 was 119.47 million yuan, and the net profit after deducting non-recurring gains and losses was 118.51 million yuan[7]. Non-Recurring Gains and Losses - The company anticipates non-recurring gains and losses for the first half of 2024 to amount to 4.51 million yuan, which includes government subsidies, investment income, and asset disposal gains, representing an increase of 3.55 million yuan compared to the same period last year[10]. Growth Drivers - The company has increased its R&D investment and expanded its product matrix, contributing to the growth in net profit[9]. - The company has actively expanded both online and offline sales channels, with significant growth in direct sales platforms like Douyin and non-platform distribution channels[9]. - The company has improved operational management efficiency and achieved significant cost control and efficiency gains, leading to a notable increase in net profit[9]. Performance Forecast Validity - The expected performance data is preliminary and has not been audited by registered accountants, with final figures to be disclosed in the official half-year report[6][12]. - There are no significant uncertainties affecting the accuracy of this performance forecast[11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4][8]. Core Insights - The company, Runben Co., Ltd., focuses on a dual strategy of mosquito repellent and baby care products, achieving a revenue of 1.033 billion yuan in 2023, a year-on-year growth of 20.66%, and a net profit of 226 million yuan, with a year-on-year growth of 41.23% [4][58]. - The revenue breakdown for 2023 shows that mosquito repellent products accounted for 31.49% of total revenue, baby care products for 50.48%, and essential oils for 14.15% [58]. - The company benefits from the growing outdoor activities and changing consumer attitudes towards mosquito control, with the mosquito repellent market expected to reach 12.006 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 7.28% from 2020 to 2024 [5][41]. Summary by Sections Company Overview - Runben Co., Ltd. specializes in the research, production, and sales of mosquito repellent and personal care products, with three core product lines: mosquito repellent, baby care, and essential oils [4][55]. - The company has established a strong brand presence since its inception in 2006, transitioning from offline distribution to a robust online sales model [55][31]. Financial Performance - In 2023, the company reported a revenue of 1.033 billion yuan and a net profit of 226 million yuan, with respective year-on-year growth rates of 20.66% and 41.23% [4][58]. - Forecasts for 2024-2026 predict revenues of 1.352 billion yuan, 1.714 billion yuan, and 2.033 billion yuan, with growth rates of 30.84%, 26.85%, and 18.60% respectively [7][10]. Market Analysis - The mosquito repellent market in China has shown steady growth, with retail sales increasing from 6.209 billion yuan in 2015 to an expected 12.006 billion yuan in 2024 [5][41]. - The baby care market is also expanding, driven by the demand for quality products from younger parents, with expectations for the market size to exceed 30 billion yuan in 2021 [5][68]. Competitive Advantages - The company offers high cost-performance products, with flagship items priced between 20-50 yuan, ensuring quality and effectiveness [6][100]. - Runben maintains a strong supply chain and operational capabilities, with significant investments in production automation and smart supply chain management [6][104]. - The company has a robust online presence, ranking first in sales on platforms like Tmall and actively expanding its offline distribution channels [6][84].

投资建议： 公司深耕婴童驱蚊及护理产品多年，在研产销一体以及优质品牌 形象的深厚护城河下有望加速抢占市场份额。我们预测公司 2024-2026 年营 收分 别为 13.4/17.2/21.6 亿 元，每 股收益 0.73/0.93/1.18 元，对应 2024 年 6 月 3 日收盘价 20.65 元，PE 分别为 28.44/22.18/17.49X。首次覆盖，给予"买入"评级。 风险提示 1） 生育率下降快于预期；2）行业竞争加剧；3）新渠道拓展 不及预期。 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...