Runben Biotechnology (603193) 国元证券·2025-01-24 01:43Investment Rating - The report maintains a "Buy" rating for Runben Co., Ltd. (603193) [4][7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 300-310 million yuan in 2024, representing a year-on-year growth of 32.73%-37.15% [2] - The growth is driven by the expansion of online and offline channels, increased R&D investment, and a diversified product matrix in the baby care and mosquito repellent categories [2][3] - The company has successfully launched new products, particularly in the baby care segment, with strong sales performance in Q4 [3] Financial Performance Summary - The projected revenue for 2024 is 1,342.71 million yuan, with a year-on-year growth of 29.99% [6] - The expected net profit for 2024 is 308.20 million yuan, with a year-on-year increase of 36.36% [6] - Earnings per share (EPS) for 2024 is forecasted at 0.76 yuan, with a price-to-earnings (P/E) ratio of 34x [4][6] Product Development and Market Strategy - The company focuses on a "big brand, small category" integrated strategy, driving growth through mosquito repellent and personal care segments [4] - New product launches, such as the egg yolk oil series and collaborations with influencers, have contributed to strong sales [3] - The company is set to introduce new products in 2025, enhancing its product efficacy and market presence [3]