Runben Biotechnology (SH:603193) Minsheng Securities·2024-10-23 08:00Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 26.48 yuan as of October 22, 2024 [5]. Core Insights - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 25.98%. The net profit attributable to the parent company was 261 million yuan, up 44.35% year-over-year [2]. - The company's core businesses, mosquito repellent and infant care, are expected to drive growth, particularly as the fourth quarter approaches, which is a peak season for infant care products [3]. - The company has successfully launched new products and upgraded existing ones, contributing to revenue growth during the traditionally slow third quarter [3]. - The report forecasts net profits for 2024, 2025, and 2026 to be 330 million, 427 million, and 535 million yuan, respectively, with year-over-year growth rates of 46.1%, 29.2%, and 25.5% [3][6]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 293 million yuan, a year-over-year increase of 20.10%, and a net profit of 81 million yuan, up 31.98% year-over-year [2]. - The gross profit margin for the first three quarters of 2024 was 58.33%, with a net profit margin of 25.15% [2]. - The company’s sales expense ratio was 27.27% for the first three quarters, while the management expense ratio was 2.07% [2]. - The report projects a steady increase in revenue and profit margins, indicating strong operational efficiency and profitability [6][7].