Runben Biotechnology (603193) 财信证券·2025-02-27 03:49Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][10] Core Views - The company is expected to achieve a net profit attributable to the parent company of approximately 300 million to 310 million yuan in 2024, representing a year-on-year increase of 32.73% to 37.15% [6] - The company has a strong product pipeline and is expanding its product matrix, which is expected to drive significant growth [6][7] - The company has established a comprehensive online and offline sales network, achieving notable market recognition in the maternal and infant care product segment [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.349 billion, 1.716 billion, and 2.147 billion yuan respectively, with year-on-year growth rates of 30.64%, 27.18%, and 25.11% [7] - Net profit projections for the same years are 304.45 million, 382.81 million, and 470.12 million yuan, with corresponding growth rates of 34.70%, 25.74%, and 22.81% [7] - Earnings per share (EPS) are projected to be 0.75, 0.95, and 1.16 yuan for 2024, 2025, and 2026 respectively [7] Market Position and Strategy - The company is positioned as a leading player in the domestic infant care sector, focusing on meeting diverse consumer needs through continuous innovation and differentiated product offerings [6][7] - The company has successfully launched new products in the mosquito repellent and infant care categories, enhancing its market competitiveness [6][7] - The company is actively expanding its offline distribution channels, collaborating with major retailers to enhance market presence [6][7]