Runben Biotechnology (603193) Minsheng Securities·2024-07-11 13:30Investment 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].