Runben Biotechnology (603193) Guoyuan Securities·2024-10-23 11:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company has shown steady growth in its third-quarter performance, with a significant increase in net profit margin. For the first three quarters, the company achieved a revenue of 1.038 billion yuan, a year-on-year increase of 25.98%, and a net profit of 261 million yuan, up 44.35% year-on-year. The gross margin for the first three quarters was 58.33%, and the net profit margin was 25.15% [3]. - The company continues to innovate and iterate its product offerings, with strong growth in its Douyin channel and non-platform distribution. The mosquito repellent product line generated 89.11 million yuan in revenue, a year-on-year increase of 16.15%, while the baby care product line achieved 150 million yuan, up 26.72% year-on-year [4]. Financial Performance Summary - The company is expected to achieve net profits of 320 million yuan, 399 million yuan, and 499 million yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are projected to be 0.79 yuan, 0.99 yuan, and 1.23 yuan, with corresponding price-to-earnings (PE) ratios of 34x, 27x, and 22x [5][7]. - The financial data indicates a robust growth trajectory, with revenue expected to reach 1.343 billion yuan in 2024, reflecting a year-on-year growth of 29.99% [7].