Runben Biotechnology (603193) 民生证券·2025-01-23 07:02Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 25.63 yuan as of January 22 [6][4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 300 to 310 million yuan in 2024, representing a year-on-year increase of 32.73% to 37.15% [1] - The fourth quarter of 2024 is projected to show a net profit of about 39 to 49 million yuan, with a year-on-year change of -13.64% to +8.44% [1] - The company has demonstrated strong sales performance in its infant care products, particularly in the fourth quarter, with sales exceeding 160 million yuan on Douyin, a 176.29% increase quarter-on-quarter and a 78.52% increase year-on-year [2] Summary by Sections Financial Performance - The company forecasts a total revenue of 1,318 million yuan for 2024, with a growth rate of 27.6% [5] - The net profit attributable to shareholders is projected to be 311 million yuan in 2024, with a growth rate of 37.5% [5] - The earnings per share (EPS) is expected to be 0.77 yuan in 2024, with a price-to-earnings (PE) ratio of 33 [5] Business Strategy - The company adheres to a "research-production-sales integration" strategy, continuously enhancing its supply chain and product cost-performance barriers [3] - The company has established a strong market presence in the mosquito repellent and infant care sectors, with ongoing product innovations expected to drive future growth [4] Product Development - The company has successfully launched new products in the infant care category, such as the egg yolk oil series, which has shown strong sales performance [2][3] - The company plans to continue introducing new products in both the mosquito repellent and infant care categories, with several products upgraded without price increases to strengthen brand positioning [3]