Runben Biotechnology (SH:603193) Huachuang Securities·2025-10-22 08:44Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][13]. Core Insights - The company reported a revenue of 1.238 billion yuan and a net profit attributable to shareholders of 266 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 19.28% and 1.98% respectively. However, the third quarter saw a revenue of 342 million yuan, with a net profit decline of 2.89% year-on-year [1][3]. - The increase in sales expense ratio has put pressure on Q3 performance, but the upcoming autumn and winter peak season, along with new product categories, are expected to drive growth [1][7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 58.3%, which remained stable year-on-year. The net profit margin for the same period was 21.5%, down by 3.6 percentage points year-on-year [7]. - The company’s revenue projections for 2025-2027 are 1.556 billion yuan, 1.891 billion yuan, and 2.301 billion yuan respectively, with year-on-year growth rates of 18.0%, 21.6%, and 21.7% [3][8]. - The projected net profit for 2025-2027 is 310 million yuan, 383 million yuan, and 468 million yuan, with growth rates of 3.3%, 23.6%, and 22.1% respectively [3][8]. Market Position and Strategy - The company is positioned as a leader in the domestic mosquito repellent and infant personal care sectors, with a strong brand presence and an integrated research, production, and sales model that creates a competitive edge [7]. - The introduction of new product lines, particularly in the youth skincare segment, is anticipated to contribute to future growth, alongside the expansion of offline channels [7][8].