Runben Biotechnology (603193) 信达证券·2025-01-26 01:22Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook for the company's growth potential in 2025 [1]. Core Views - The report highlights that Runben Co., Ltd. is expected to achieve a net profit attributable to shareholders of 300-310 million yuan in 2024, representing a year-on-year increase of 32.7%-37.2%. The fourth quarter of 2024 is projected to see a net profit of 39-49 million yuan, with a median of 44 million yuan, indicating a slight decline in profit due to increased promotional expenses [1]. - The company is anticipated to maintain a growth rate of around 30% in both revenue and profit for 2025, reflecting strong growth potential [1][2]. Summary by Sections Financial Performance - For 2024, the total revenue is expected to reach 1.316 billion yuan, with a year-on-year growth rate of 27.4%. The net profit attributable to shareholders is projected at 302 million yuan, with a growth rate of 33.5% [4]. - The gross profit margin is expected to improve from 56.3% in 2023 to 57.3% in 2024, indicating better cost management and pricing strategies [4]. Product Development - The company has a rich pipeline of new products, including a variety of mosquito repellent products and an expanded range of sun protection products aimed at teenagers. The introduction of these products is expected to enhance the company's growth trajectory [2]. - The report notes that the sales performance of the newly launched timed heaters has been promising, and further product diversification is anticipated in 2025 [2]. Market Positioning - Runben Co., Ltd. is expanding its distribution channels, both online and offline, with partnerships established with major retailers such as Walmart and Watsons. This balanced channel structure is expected to drive sales growth [2]. - The company is leveraging a consumer-to-manufacturer (C2M) model to create high-quality, cost-effective products, which has proven successful in building a strong product portfolio [2].