Runben Biotechnology (SH:603193) KAIYUAN SECURITIES·2024-07-11 06:31Investment 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]