Runben Biotechnology (SH:603193) Xinda Securities·2025-04-02 13:01Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The company is expected to benefit from the upcoming summer season with new product launches, including mosquito repellent and skincare products targeted at children and teenagers [1][2]. - The company has established a significant user base through its product lines focused on mosquito repellent, children's products, and youth skincare, which is anticipated to drive sustained high growth [2]. - The sales performance of new products, such as the sunscreen gel launched in February and the upcoming youth skincare line, is expected to contribute positively to revenue growth [2]. Financial Summary - The total revenue for Runben Co., Ltd. is projected to grow from 1,033 million in 2023 to 2,178 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 27% [3]. - The net profit attributable to the parent company is expected to increase from 226 million in 2023 to 518 million in 2026, with growth rates of 41.2% in 2023 and 28.7% in 2026 [3]. - The gross profit margin is forecasted to improve from 56.3% in 2023 to 59.3% in 2026, indicating enhanced profitability [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 62.87 in 2023 to 27.46 in 2026, suggesting a more attractive valuation over time [3].