Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved steady revenue and profit growth in 2024, with a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year. The gross margin improved to 58.17%, and the net margin increased to 22.77% [2][5]. - In Q1 2025, the company reported a revenue of 240 million yuan, reflecting a significant year-on-year growth of 44%, and a net profit of 44 million yuan, up 24.6% year-on-year [2]. Revenue Breakdown - The baby care segment generated 690 million yuan in revenue, a 32.42% increase year-on-year, while the mosquito repellent segment saw revenue of 439 million yuan, up 35.39% year-on-year. The essential oil segment achieved 158 million yuan, with a growth of 7.88% year-on-year [3]. - The company launched over 90 new products in 2024, focusing on market demands in the youth oil control, acne treatment, hair care, baby sunscreen, and children's makeup categories for 2025 [3]. Channel Performance - Online sales channels contributed significantly, with direct sales, platform distribution, and platform agency sales generating revenues of 774 million yuan, 165 million yuan, and 31 million yuan respectively, showing year-on-year growth rates of 24.84%, 23.38%, and 4.06% [4]. - The company has established a comprehensive sales network, maintaining a leading market share on platforms like Tmall, JD.com, and Douyin, while also expanding offline partnerships with quality retailers [4]. Profit Forecast - The company is expected to achieve net profits of 394 million yuan, 507 million yuan, and 635 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97 yuan, 1.25 yuan, and 1.57 yuan per share [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to experience high growth in performance, with both volume and price increases in the baby and child product category [6] - The company reported a total revenue of 1.318 billion yuan for 2024, representing a year-on-year growth of 27.6%, and a net profit attributable to the parent company of 300 million yuan, up 32.8% year-on-year [6] - For Q1 2025, the company achieved a revenue of 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, reflecting a 24.6% growth [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 1.714 billion yuan in 2025, 2.145 billion yuan in 2026, and 2.6 billion yuan in 2027, with respective year-on-year growth rates of 30.1%, 25.1%, and 21.2% [5] - The net profit attributable to the parent company is forecasted to be 389 million yuan in 2025, 473 million yuan in 2026, and 553 million yuan in 2027, with year-on-year growth rates of 29.7%, 21.5%, and 16.8% respectively [5] - The company maintains a gross profit margin of 58.2% for 2024, with a slight decrease to 57.7% in Q1 2025 [6] Product Performance - In 2024, the revenue from the mosquito repellent product series was 440 million yuan, a 35.4% increase year-on-year, while the baby and child products generated 690 million yuan, up 32.4% year-on-year [6] - The company launched over 90 new products in response to market demands, including children's sunscreen and egg yolk oil series [6] Market Strategy - The company is focusing on expanding its online and offline sales channels, leveraging platforms like Douyin for online sales and collaborating with various offline distributors [6] - The company aims to capitalize on the growth opportunities in the domestic personal care market through its three main product categories: mosquito repellent, baby care, and essential oils [6]

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Views - The company is expected to achieve 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 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and adaptability in response to market demands [5] Summary by Sections Financial Performance - In 2024, the gross margin is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The sales expenses are anticipated to rise by 41.25% to 380 million yuan, with a sales expense ratio of 28.8%, an increase of 2.78 percentage points [4] - The company reported a revenue of 281 million yuan in Q4 2024, a year-on-year increase of 34.01%, although net profit for the same period decreased by 13.28% to 39 million yuan [4] Revenue and Profit Forecast - For 2025, the company is expected to generate a revenue of 1.740 billion yuan, with a year-on-year growth of 32.0%, and a net profit of 390 million yuan, reflecting a growth of 29.9% [6] - The projected earnings per share (EPS) for 2025 is 0.96 yuan, with a price-to-earnings (P/E) ratio of 36.2 [6] Business Segments - The mosquito repellent and baby care segments are identified as the key growth drivers, with significant contributions to overall revenue [5] - The online sales channel is expected to reach 970 million yuan in 2024, a year-on-year increase of 23.80%, with direct online sales contributing 774 million yuan [5] Market Position and Strategy - The company is focusing on product upgrades and new launches to capture market share, particularly in the mosquito repellent and baby care sectors [5] - The report highlights the company's ability to adapt to market changes and consumer preferences through continuous innovation and a flexible approach [6]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 39.00 RMB [6][7]. Core Views - The company reported a revenue of 1.318 billion RMB in 2024, representing a year-on-year increase of 27.61%, and a net profit attributable to shareholders of 300 million RMB, up 32.8% year-on-year. In Q4, the revenue was 281 million RMB, showing a year-on-year growth of 34.01% [1][4]. - In Q1 2025, the company achieved a revenue of 240 million RMB, a year-on-year increase of 44.0%, and a net profit of 44.2 million RMB, up 24.6% year-on-year. The company continues to upgrade its core mosquito repellent products and strengthen its online channels [1][2]. - The company is expected to launch a new series of products targeting teenagers in Q2 2025, which is anticipated to provide new growth opportunities [1][2]. Revenue Performance - In 2024, the revenue from mosquito repellent, baby care, and essential oil series was 439 million RMB (up 35.4% YoY), 690 million RMB (up 32.4% YoY), and 158 million RMB (up 7.9% YoY) respectively. In Q1 2025, the revenue from these series was 43 million RMB (up 10.5% YoY), 179 million RMB (up 65.6% YoY), and 11 million RMB (down 6.1% YoY) [2][3]. - The average selling prices for these products also showed positive trends, with increases in the baby care series by 34.2% YoY [2]. Channel Performance - In 2024, the online direct sales revenue was 774 million RMB (up 24.8% YoY), while non-platform distribution revenue was 347 million RMB (up 39.6% YoY), indicating strong growth in non-platform channels [3]. - The company plans to expand its mosquito repellent products into offline channels, which is expected to sustain the strong performance of non-platform distribution [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is as follows: net profit attributable to shareholders is expected to be 406 million RMB in 2025, 505 million RMB in 2026, and 625 million RMB in 2027, with corresponding EPS of 1.00 RMB, 1.25 RMB, and 1.54 RMB respectively [4][10]. - The target price has been adjusted to 39.00 RMB based on a 39x PE for 2025, reflecting the company's strong revenue growth and product pipeline [4][6].

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of RMB 39.00 [6][7]. Core Insights - The company reported a revenue of RMB 1.318 billion for 2024, representing a year-on-year growth of 27.61%, and a net profit attributable to the parent company of RMB 300 million, up 32.8% year-on-year. In Q4, the revenue was RMB 281 million, with a quarter-on-quarter increase of 34.01% but a year-on-year decrease of 4.37%. For Q1 2025, the revenue reached RMB 240 million, showing a year-on-year increase of 44.0%, and the net profit was RMB 44.2 million, up 24.6% year-on-year [1][4]. Revenue Performance - In 2024, the revenue from mosquito repellent, baby care, and essential oil series was RMB 439 million (up 35.4% YoY), RMB 690 million (up 32.4% YoY), and RMB 158 million (up 7.9% YoY) respectively. In Q1 2025, the revenue from these series was RMB 43 million (up 10.5% YoY), RMB 179 million (up 65.6% YoY), and RMB 11 million (down 6.1% YoY) respectively [2]. Channel Performance - In 2024, the online direct sales revenue was RMB 774 million (up 24.8% YoY), while non-platform distribution revenue was RMB 347 million (up 39.6% YoY) with a gross margin of 48.9%. The company plans to expand its mosquito repellent series into offline channels, which is expected to continue the strong performance of non-platform distribution [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are RMB 406 million, RMB 505 million, and RMB 625 million respectively, with corresponding EPS of RMB 1.00, RMB 1.25, and RMB 1.54. The report assigns a PE ratio of 39 for 2025, raising the target price to RMB 39.00 from the previous RMB 30.00 [4][12].

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Viewpoints - The company is expected to achieve 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 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, which is expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and responsiveness to market demands [5] Financial Summary - The total market capitalization of the company is 14.1 billion yuan, with a total share capital of 405 million shares [1] - The company’s gross margin for 2024 is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The company’s online sales are anticipated to reach 970 million yuan in 2024, reflecting a year-on-year growth of 23.80% [5] - The projected earnings per share (EPS) for 2024 is 0.74 yuan, with a price-to-earnings (P/E) ratio of 47.0 [7]

Core Viewpoint - Runben Co., Ltd. has shown significant growth in revenue and net profit in 2024, driven by an accelerated pace of new product launches, although it faces challenges with high marketing expenses and reliance on online sales channels [2][3][5]. Financial Performance - In 2024, Runben achieved an operating revenue of 1.318 billion yuan, representing a year-on-year increase of 27.61%, and a net profit attributable to shareholders of 300 million yuan, up 32.80% [3]. - Sales expenses reached 380 million yuan, growing by 41.25%, which is significantly higher than the revenue growth rate [3]. Product Segmentation - Revenue from mosquito repellent products, baby care products, and essential oil products was 439 million yuan, 690 million yuan, and 158 million yuan, respectively [4]. - The proportion of revenue from baby care products has increased, surpassing 52% in 2024, indicating a strategic shift from mosquito repellent products [6]. Sales Channels - Online sales accounted for over 73% of total sales, amounting to 970 million yuan, highlighting the company's heavy reliance on e-commerce platforms [5]. - Runben is actively developing offline channels, partnering with key accounts such as Walmart and other retail chains, although contributions from these channels remain relatively weak [5]. Market Competition - The baby care market is highly competitive, with established domestic brands and foreign players vying for market share, making it challenging for Runben to establish a strong foothold [6][7]. - Runben's market share in the baby care segment is approximately 2.5%, ranking sixth among competitors, which include well-known brands like Johnson & Johnson and Pigeon [8]. Brand Strategy - Runben operates under a single brand, which limits its ability to diversify and strengthen its market presence compared to competitors with multiple brands [7]. - The company’s strategy to leverage its existing customer base from mosquito repellent products to enter the baby care market may face difficulties due to the intense competition and market dynamics [6][8].

申万宏源证券承销保荐有限责任公司 关于润本生物技术股份有限公司 2024年持续督导年度报告书 | 保荐人 | 申万宏源证券承销保荐 有限责任公司 | 上市公司简称 | 润本股份 | | --- | --- | --- | --- | | 保荐代表人 | 张晓、刘令 | 上市公司代码 | 603193 | | 报告年度 | 2024年度 | 报告日期 | 2025年4月25日 | 经中国证券监督管理委员会《关于同意润本生物技术股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕1631号）核准，润本生物技术股份有 限公司（以下简称"润本股份"或"公司"）首次向社会公开发行人民币普通股 （A股）60,690,000股，每股发行价格为17.38元/股，募集资金总额为105,479.22 万元，实际募集资金净额为97,122.85万元。上述募集资金已于2023年10月11日全 部到账，容诚会计师事务所（特殊普通合伙）对公司本次首次公开发行股票的资 金到位情况进行了审验，并出具了《验资报告》（[2023]510Z0017号）。 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作 ...

申万宏源证券承销保荐有限责任公司 关于润本生物技术股份有限公司 2025 年度 使用闲置自有资金进行现金管理的核查意见 公司及子公司拟使用不超过人民币 10 亿元的闲置自有资金购买理财产品。 在上述额度内，资金可循环滚动使用。 （三）资金来源 公司及子公司本次购买理财产品的资金来源系暂时闲置的自有资金。 （四）投资方式 公司及子公司将按照相关规定严格控制风险，使用闲置自有资金投资的产品 品种为安全性高、流动性好、风险等级较低的投资产品。 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作为润本生物技术股份有限公司（以下简称"润本股份"、"公司"）持续 督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等相关规定，对润本股份使用闲置自有资金进行 现金管理的事项进行了核查，具体情况如下： 一、投资情况概述 （一）投资目的 为提高公司资金使用效率，合理利用闲置自有资金，增加资金收益，在确保 资金安全性、流动性且不影响公司正常经营的基础上，公司及下属子公司拟使 ...

申万宏源证券承销保荐有限责任公司 关于润本生物技术股份有限公司 部分募投项目延期的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作为润本生物技术股份有限公司（以下简称"润本股份"、"公司"）持续 督导工作的保荐人，根据《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》《上海证券交易所股票上市规则》以及《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等规定，对润本股份首次公开发行股 票部分募投项目延期的情况进行了核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意润本生物技术股份有限公司首 次公开发行股票注册的批复》（证监许可[2023]1631 号），公司于 2023 年 9 月 27 日首次公开发行人民币普通股（A 股）60,690,000 股，发行价格为人民币 17.38 元/股，募集资金总额为人民币 1,054,792,200.00 元，扣除不含税的发行费用人民 币 83,563,748.31 元，实际募集资金净额为人民币 971,228,451.69 元。 上述募集资金已于 2023 年 10 月 ...