Runben Biotechnology (603193) 申万宏源·2024-07-12 06:01Investment 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].