润邦股份：三季报符合预期，净利同比高增

Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) based on expected performance [2][3]. Core Views - Runbang Co., Ltd. reported a strong performance in Q3 2024, with net profit growth outpacing revenue growth. The company achieved a revenue of 5.149 billion yuan, a year-on-year increase of 3.68%, and a net profit attributable to shareholders of 255 million yuan, a year-on-year increase of 17.26% [2]. - The company's profitability improved in the first three quarters of 2024, with a gross margin of 19.31%, up 1.57 percentage points year-on-year. The net profit margin reached 7.03%, an increase of 1.31 percentage points year-on-year [2]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 7.371 billion yuan, 8.250 billion yuan, and 9.992 billion yuan, representing year-on-year growth rates of 2.63%, 11.92%, and 21.11% respectively. The net profit attributable to shareholders is projected to be 406.59 million yuan, 509.61 million yuan, and 620.79 million yuan for the same period, with significant growth in 2024 [3]. Financial Summary - For the first three quarters of 2024, Runbang Co., Ltd. reported a revenue of 5.149 billion yuan and a net profit of 255 million yuan, with a quarterly revenue of 1.999 billion yuan in Q3, reflecting a year-on-year increase of 3.54% [2]. - The company’s operating income for 2023 is reported at 7.183 billion yuan, with a projected increase to 7.371 billion yuan in 2024, indicating a growth rate of 2.63% [3]. - The estimated earnings per share (EPS) for 2024 is 0.46 yuan, with a price-to-earnings (P/E) ratio of 11.71, which is expected to decrease to 7.67 by 2026 [3].