Runben Biotechnology (603193) 万联证券·2024-10-28 15:03Investment Rating - The report maintains a "Buy" rating for Runben Co Ltd (603193) [3][4] Core Views - Runben Co Ltd achieved rapid growth in Q3 net profit attributable to parent company, with significant year-on-year improvement in profitability [1] - The company's focus on mosquito repellent and personal care products, coupled with its supply chain advantages and efficient operations, positions it well for continued growth [3] - Future performance is expected to maintain rapid growth driven by R&D and new product launches [3] Financial Performance Q3 2024 Results - Revenue reached RMB 10.38 billion in Q1-Q3 2024, up 25.98% YoY [1] - Net profit attributable to parent company was RMB 2.61 billion in Q1-Q3 2024, up 44.35% YoY [1] - Q3 revenue increased 20.10% YoY, with net profit up 31.98% YoY [1] Profitability - Gross margin increased 2.21 percentage points to 58.33% in Q1-Q3 2024 [2] - Net margin rose 3.20 percentage points to 25.15% in Q1-Q3 2024 [2] - Sales expense ratio increased 1.93 percentage points to 27.27% in Q1-Q3 2024 [2] Product Performance - Mosquito repellent products revenue reached RMB 0.89 billion in Q3 2024, up 16.15% YoY [2] - Baby care products revenue was RMB 1.50 billion in Q3 2024, up 26.72% YoY [2] - Essential oil series revenue reached RMB 0.46 billion in Q3 2024, up 15.35% YoY [2] Financial Forecasts Income Statement - Revenue is projected to grow from RMB 12.31 billion in 2024E to RMB 17.18 billion in 2026E [5][7] - Net profit attributable to parent company is expected to increase from RMB 2.97 billion in 2024E to RMB 4.52 billion in 2026E [5][7] Valuation Metrics - EPS is forecasted to grow from RMB 0.73 in 2024E to RMB 1.12 in 2026E [5][7] - PE ratio is expected to decrease from 33.45x in 2024E to 21.95x in 2026E [5][7] Balance Sheet - Total assets are projected to increase from RMB 22.34 billion in 2024E to RMB 28.20 billion in 2026E [7] - Shareholders' equity attributable to parent company is expected to grow from RMB 21.19 billion in 2024E to RMB 26.66 billion in 2026E [7]