Runben Biotechnology (SH:603193) Guolian Securities·2024-10-23 00:09Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrated strong resilience in performance during the off-season, with Q3 2024 revenue increasing by 20.1% year-on-year and net profit attributable to shareholders rising by 32% [2][6] - The company plans to invest 700 million yuan in the construction of the "Runben Intelligent Manufacturing Future Factory Project," which aims to enhance product innovation capabilities and increase production capacity [6] - The "Big Brand + Small Category" strategy continues, with projected revenues for 2024-2026 expected to be 1.332 billion, 1.701 billion, and 2.101 billion yuan, respectively, reflecting growth rates of 29.0%, 27.6%, and 23.5% [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.038 billion yuan (up 26.0% year-on-year) and a net profit of 261 million yuan (up 44.3% year-on-year) [6] - Q3 2024 financial metrics include a gross margin of 57.6% (up 0.11 percentage points year-on-year), a sales expense ratio of 23.5% (up 1.45 percentage points), and a net profit margin of 27.55% (up 2.48 percentage points) [2][6] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.79, 1.00, and 1.20 yuan per share, with corresponding price-to-earnings (P/E) ratios of 33.5x, 26.5x, and 22x [6]