Runben Biotechnology (603193) 长江证券·2024-11-18 02:34Investment Rating - The report maintains a "Buy" rating for Runben Co Ltd (603193 SH) [8] Core Views - Runben Co Ltd achieved rapid growth in Q3 2024, with revenue increasing by 20% YoY to 293 million yuan and net profit attributable to shareholders growing by 32% YoY to 81 million yuan [2][4] - The company's baby care segment drove revenue growth, accounting for 51% of total revenue in Q3 2024, up 2 7 percentage points YoY [5] - Profitability improved significantly, with net profit margin reaching 27 6% in Q3 2024, up 2 5 percentage points YoY [6] - New products launched in Q3, particularly the egg yolk oil series, showed strong performance on Douyin platform and are expected to contribute to future growth [7] Financial Performance Revenue Breakdown - Baby care segment revenue reached 150 million yuan in Q3 2024, up 27% YoY [5] - Mosquito repellent products generated 89 million yuan, up 16% YoY [5] - Essential oils contributed 46 million yuan, up 15% YoY [5] Profitability - Gross margin remained stable at 0 1 percentage point increase YoY in Q3 2024 [6] - Net profit margin improved to 27 6% in Q3 2024, up 2 5 percentage points YoY [6] - Financial surplus increased by 3 percentage points, offsetting rising operating expenses [6] Future Projections - EPS is expected to reach 0 79 yuan in 2024, 0 98 yuan in 2025, and 1 21 yuan in 2026 [7] - Revenue is projected to grow to 1 333 billion yuan in 2024, 1 698 billion yuan in 2025, and 2 122 billion yuan in 2026 [17] - Net profit is forecasted to reach 319 million yuan in 2024, 397 million yuan in 2025, and 491 million yuan in 2026 [17] Market Performance - Current stock price stands at 25 93 yuan as of November 14, 2024 [8] - The stock has shown strong performance, with a 52-week high of 27 62 yuan and low of 11 92 yuan [8] - Runben Co Ltd outperformed the CSI 300 index by 47% over the past 12 months [10]