Runben Biotechnology (SH:603193) Minsheng Securities·2024-08-16 15:30Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 17.22 yuan on August 16, 2024, corresponding to a PE of 22X, 17X, and 13X for the years 2024, 2025, and 2026 respectively [6][4]. Core Views - The company has achieved significant revenue growth, with a 28.47% year-over-year increase in revenue for the first half of 2024, reaching 744 million yuan, and a 50.69% increase in net profit attributable to shareholders, totaling 180 million yuan [2][3]. - The company is focusing on consumer pain points by accelerating product launches, particularly in the mosquito repellent and infant care segments, which are expected to see continued growth in the upcoming autumn and winter seasons [3][4]. - The change in product structure has enhanced the company's profitability, with a non-GAAP net profit margin increase of 3.12 percentage points to 23.58% in the first half of 2024 [4]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 744 million yuan, with a breakdown of 331 million yuan from mosquito repellent, 292 million yuan from infant care, and 108 million yuan from essential oils, reflecting year-over-year growth rates of 44.49%, 28.13%, and 6.94% respectively [3][4]. - The gross profit margin for the first half of 2024 was 58.64%, with a slight increase in the second quarter to 59.49%, driven by higher sales of premium products and stable raw material prices [4]. - The company expects to achieve net profits of 319 million yuan, 413 million yuan, and 519 million yuan for the years 2024, 2025, and 2026, with corresponding growth rates of 41.2%, 29.3%, and 25.8% [5][4]. Product Development and Market Strategy - The company has launched over 50 new products in the first half of 2024, including innovative mosquito repellent solutions and infant care products, which are expected to drive revenue growth [3][4]. - The strategy of focusing on "big brands, small categories" allows the company to establish a strong market presence in the mosquito repellent and infant care sectors, enhancing its competitive edge [4].