Runben Biotechnology (SH:603193) Ping An Securities·2025-08-20 02:56Investment Rating - The investment rating for the company is "Recommended" [1][10] Core Views - The company achieved a revenue of 895 million yuan in the first half of 2025, representing a year-on-year growth of 20.31%. The net profit attributable to the parent company increased by 4.16% to 188 million yuan [4][7] - The company is focusing on expanding its online and offline channels, with online sales accounting for 71.9% of total revenue, while offline channels are being developed through partnerships with various retailers [7][8] - The company has launched over 40 new products in the first half of 2025, with a significant increase in the average selling price of its baby care products by 6.93% [7][8] Financial Summary - The company expects revenue growth to continue, with projected revenues of 1,033 million yuan in 2023, 1,318 million yuan in 2024, and 1,619 million yuan in 2025, reflecting year-on-year growth rates of 20.7%, 27.6%, and 22.9% respectively [6] - The net profit is projected to reach 335 million yuan in 2025, with a net profit margin of 20.7% [6][9] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 80.92 million yuan, which represents 43.15% of the half-year net profit [4][7]