Runben Biotechnology (603193) 申万宏源·2025-01-23 10:51Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of over 300 million yuan in 2024, aligning with market expectations [8] - The company has shown significant growth in its online and offline channels, with GMV from Douyin exceeding 500 million yuan, a year-on-year increase of over 80%, and nearly 800 million yuan from Taobao, with double-digit growth [6] - The company is expanding its product matrix, particularly in the infant care and mosquito repellent categories, and has successfully launched new products that resonate with market demand [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,033 million yuan in 2023 to 2,175 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 26.2% [7] - The net profit attributable to shareholders is expected to increase from 226 million yuan in 2023 to 473 million yuan in 2026, reflecting a CAGR of about 21.6% [7] - The company's gross margin is forecasted to remain stable, increasing from 56.3% in 2023 to 59.1% in 2026 [7] Performance Comparison - The company's stock price has shown resilience, with a closing price of 25.63 yuan as of January 22, 2025, and a price-to-book ratio of 5.1 [2] - The stock has experienced a significant price range over the past year, with a high of 27.62 yuan and a low of 11.92 yuan [2]