Core Viewpoint - Runben Co., Ltd. plans to invest 600 million yuan in a new R&D and production base in Guangzhou to enhance its research and production capabilities, expand its business scope, and solidify its market position as it continues to experience revenue growth [2][4]. Group 1: Financial Performance - In 2024, Runben achieved a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.80%, both reaching historical highs [2][8]. - The company has maintained a revenue growth rate exceeding 20% for five consecutive years since 2020 [3][8]. - Revenue for 2022 and 2023 was 856 million yuan and 1.033 billion yuan, reflecting year-on-year growth of 47.06% and 20.66%, respectively [8]. Group 2: Investment and Expansion Plans - Runben plans to build a new R&D base in the Guangzhou Knowledge City, with an investment of 600 million yuan, aimed at meeting the growing demand for production and research [2][4]. - The new base will include office, R&D, living, and manufacturing areas, supporting the development of personal care, cosmetics, and medical products [4][5]. Group 3: Product Performance - In 2024, the mosquito repellent series generated 439 million yuan in revenue, up 35.39%, while the infant care series reached 690 million yuan, increasing by 32.42% [8]. - The company introduced several new products in 2024, enhancing its product matrix and brand value [8]. Group 4: Research and Development - Runben's R&D expenses increased from 19.51 million yuan in 2022 to 35.07 million yuan in 2024, indicating a steady rise in investment in innovation [10]. - As of the end of 2024, the company employed 151 R&D personnel, accounting for 16.4% of its total workforce [11]. Group 5: Profitability Metrics - The gross profit margins for Runben from 2022 to 2024 were 54.19%, 56.35%, and 58.17%, showing a consistent upward trend [9]. - In Q1 2025, the gross profit margin reached 57.67%, compared to 55.69% in the same period the previous year [12].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.80% [1][9]. - The company has diversified its product offerings and expanded its sales channels, leading to sustained revenue growth [2][14]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares (tax included) [1]. Financial Performance Summary - In 2024, the company reported a revenue of 1.318 billion yuan, with a breakdown by product: mosquito repellent products generated 439 million yuan (33.33% of total revenue, +35.39%), baby care products 690 million yuan (52.36%, +32.42%), essential oils 158 million yuan (11.97%, +7.88%), and other products 30 million yuan (2.27%, -25.51%) [2][10]. - The company’s online direct sales accounted for 58.72% of total revenue, amounting to 774 million yuan, with a growth of 24.84% [2][10]. - The company’s expense ratio increased to 31.57% in 2024, up 1.35 percentage points, primarily due to increased marketing and financial expenses [11][12]. Future Projections - Revenue projections for 2025-2027 are estimated at 1.711 billion yuan, 2.175 billion yuan, and 2.728 billion yuan, respectively, with net profits expected to be 392 million yuan, 496 million yuan, and 613 million yuan [3][14]. - The company’s projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 40x, 32x, and 26x, respectively [3][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of —— yuan over the next 6 months [1]. Core Insights - The company continues to experience high revenue growth, with a diversified product matrix [2]. - The revenue for 2024 is projected to be 13.2 billion yuan, representing a year-on-year growth of 27.6%, while the net profit attributable to the parent company is expected to reach 3.0 billion yuan, up 32.8% year-on-year [9]. - The company has a strong focus on the baby care and mosquito repellent segments, which are expected to show good growth potential [9][10]. Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 13.18 billion yuan, net profit of 3.00 billion yuan - 2025E: Revenue of 17.72 billion yuan, net profit of 3.92 billion yuan - 2026E: Revenue of 22.99 billion yuan, net profit of 5.05 billion yuan - 2027E: Revenue of 28.79 billion yuan, net profit of 6.36 billion yuan - Growth Rates: - Revenue growth rates are projected at 27.61% for 2024, 34.39% for 2025, 29.77% for 2026, and 25.22% for 2027 - Net profit growth rates are expected to be 32.80% for 2024, 30.52% for 2025, 28.78% for 2026, and 26.05% for 2027 [4][11]. Product and Market Analysis - The company has successfully increased the average selling price of its baby care products, with significant room for further price increases compared to competitors [9]. - The product matrix has been continuously enriched, with over 90 new or upgraded products launched in 2024, including children's sunscreen and egg yolk oil series [9]. - Online sales channels have shown rapid growth, with significant contributions from platforms like Douyin, while offline channels are also expanding [9]. Profitability Metrics - The overall gross margin for 2024 is projected at 58.2%, with a net profit margin of 22.8% [9]. - The company is expected to maintain a healthy return on equity (ROE), projected to be 14.43% in 2024, increasing to 19.19% by 2027 [4][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company has demonstrated impressive revenue growth, with a CAGR of 38.8% in revenue and 58.6% in net profit from 2019 to 2023 [1][18] - The company focuses on niche markets such as mosquito repellent and baby care, with a clear strategy and strong performance [1][2] - The integration of research, production, and sales has allowed the company to create high-cost performance products, enhancing its competitive edge [3][4] Company Overview - The company was established in 2006, initially focusing on mosquito repellent products and has since expanded its product lines to include baby care and essential oils [14][33] - The company has a concentrated shareholding structure, with a stable management team and high operational efficiency [1][29] Financial Performance - The company achieved a revenue of 10.38 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 26%, and a net profit of 2.61 billion yuan, up 44% year-on-year [1][18] - Revenue and net profit projections for 2024-2026 are 13.2 billion, 16.9 billion, and 21.2 billion yuan, with corresponding net profits of 3.0 billion, 4.0 billion, and 5.1 billion yuan [4][5] Industry Overview - The mosquito repellent market is stable, while the baby care market presents significant growth potential, driven by consumer demand for quality and cost-effective products [2][33] - The personal care market, including baby care, is substantial, with the baby care segment valued at approximately 297 billion yuan in 2022 [33]

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 （广州经济技术开发区新庄五路 3 号） 以正式公告的招股说明书作为投资决定的依据。 大成国际大厦 20 楼 2004 室 润本生物技术股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 招股说明书 | > | | - ...

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 | 发行股票类型： | 人民币普通股（A 股） | | --- | --- | | 发行股数： | 本次发行不超过 6,069.00 万股，占公司发行后总股本的 | | | 比例不低于 15%，本次发行股份均为公开发行的新股， | | | 公司原有股东不公开发售股份。 | | 每股面值： | 元人民币 1.00 | | 每股发行价格： | 【】元人民币 | | 预计发行日期： | 【】年【】月【】日 | | 拟上市的证券交易所和板块： | 上海证券交易所主板 | | 发行后总股本： | 不超过 40,459.3314 万股 | | 保荐人（主承销 ...

润本生物技术股份有限公司 Runben Biotechnology Co., Ltd. （广州经济技术开发区新庄五路 3 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号 大成国际大厦 20 楼 2004 室 润本生物技术股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 润本生物技术股份有限公司 招股 ...