Runben Biotechnology (SH:603193) HUAXI Securities·2025-10-21 05:20Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.238 billion yuan for Q1-Q3 2025, representing a year-over-year increase of 19.28%, with a net profit of 266 million yuan, up 1.98% year-over-year [2] - In Q3 2025, the company achieved a revenue of 342 million yuan, a year-over-year increase of 16.67%, while net profit decreased by 2.89% to 79 million yuan, primarily due to increased sales expenses [2] - The company is focusing on the performance of its new baby care products and the upcoming Q4 peak season [3] Revenue Analysis - Q3 revenue growth was steady, with the mosquito repellent series showing strong growth, contributing 132 million yuan, up 48.54% year-over-year, accounting for 38.66% of total revenue [3] - Baby care products generated 146 million yuan, down 2.76% year-over-year, with a decline in sales volume by 9.81% [3] - Essential oil products saw a revenue of 43 million yuan, down 7.02% year-over-year, while other products increased significantly by 152.92% to 22 million yuan [3] Profitability Analysis - The company's gross margin and net margin for Q1-Q3 2025 were 58.27% and 21.50%, respectively, showing a slight decline year-over-year [4] - In Q3 2025, the gross margin was 58.96%, an increase of 1.39 percentage points year-over-year, while the net margin decreased by 4.62 percentage points [4] Expense Analysis - The company's expense ratio for Q1-Q3 2025 was 33.41%, an increase of 4.67 percentage points year-over-year, with sales expenses rising significantly [5] - In Q3 2025, the expense ratio was 33.24%, up 7.02 percentage points year-over-year, driven by increased sales and financial expenses [5] Investment Recommendations - The company has a strong brand image in the baby care and mosquito repellent markets, with a well-iterated product system and refined operational capabilities [6] - Revenue forecasts for 2025-2027 are adjusted to 1.566 billion, 1.892 billion, and 2.273 billion yuan, respectively, with net profits of 308 million, 375 million, and 460 million yuan [6] - The corresponding EPS for these years are projected to be 0.76, 0.93, and 1.14 yuan, maintaining a "Buy" rating [6]