Runben Biotechnology (603193) 国联证券·2024-08-16 08:03Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company has achieved impressive performance in H1 2024, driven by online sales and the introduction of over 50 new products, including various baby care and mosquito repellent items [6][7] - The company's comprehensive gross margin reached 58.6%, an increase of 3.09 percentage points year-on-year, with a net profit margin of 24.20%, up by 3.57 percentage points year-on-year [6][7] - The company is expected to continue its growth trajectory, with projected revenues of 13.32 billion, 16.66 billion, and 20.02 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 29.0%, 25.0%, and 20.2% [7] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 744 million, a year-on-year increase of 28.5%, and a net profit of 180 million, up by 50.7% [6] - For Q2 2024, revenue was 577 million, representing a 35.0% year-on-year growth, with a net profit of 145 million, an increase of 47.0% [6] Product Development and Sales Strategy - The company has established a full-channel sales network, achieving top rankings in various e-commerce platforms for baby care products [6][7] - The introduction of new products has optimized the product mix and improved gross margins, contributing to overall sales growth [6][7] Research and Development - The company emphasizes R&D as a core strategic focus, with 85 patents granted as of June 2024, enhancing its innovation capabilities [7] Future Projections - Revenue and net profit forecasts for 2024-2026 indicate strong growth, with expected net profits of 319 million, 390 million, and 461 million respectively [7] - The projected EPS for the same period is 0.79, 0.96, and 1.14 per share, with corresponding P/E ratios of 22x, 18x, and 15x [7]