Runben Biotechnology (SH:603193) Guotou Securities·2024-10-23 02:03Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 29.06 CNY [4][6]. Core Views - The company reported a revenue of 1.038 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 25.98%, and a net profit of 261 million CNY, up 44.35% [1]. - The gross margin for the first three quarters of 2024 was 58.38%, an increase of 3.90 percentage points, while the gross margin for Q3 2024 was 57.34%, a slight decrease of 0.04 percentage points [2]. - The company has focused on product innovation, particularly in the baby skincare segment, introducing several new products that enhance safety and comfort [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 25.14%, an increase of 3.18 percentage points, and for Q3 2024, the net profit margin was 27.65%, up 2.65 percentage points [2]. - The company’s revenue is projected to grow to 1.333 billion CNY in 2024, with a year-on-year growth rate of 29.1% [7]. - The net profit is expected to reach 309.4 million CNY in 2024, reflecting a growth rate of 36.9% [7]. Product Innovation and Market Strategy - The company has upgraded its baby skincare product line, focusing on safety and comfort, and has launched innovative products such as chlorine-removing shampoo and bathing gel for babies [3]. - The use of plant essential oils and herbal ingredients has been emphasized in product development, enhancing product efficacy [3]. - The company has introduced scenario-driven products to meet specific family needs, such as mosquito repellent sprays and customized lip balms for children [3].