Runben Biotechnology (SH:603193) Minsheng Securities·2024-09-24 06:30Investment Rating - The report maintains a "Recommended" rating for Runben Co., Ltd. (603193.SH) with a closing price of 17.95 yuan on September 23, 2024 [4]. Core Viewpoints - Runben Co., Ltd. plans to invest 700 million yuan in the construction of an intelligent manufacturing future factory, which includes office, research, living, and production areas, aimed at expanding production capacity and enhancing market competitiveness [2]. - The investment is expected to support the company's growth by increasing production capacity, fostering technological innovation, and diversifying the product line to mitigate risks [2]. - The company has shown resilience in Q3, traditionally a slow season, with sales growth in its core mosquito repellent and infant care segments, indicating strong operational performance [2]. - The projected net profits for 2024-2026 are 319 million, 412 million, and 519 million yuan, with year-on-year growth rates of 41.2%, 29.2%, and 25.8% respectively [3][5]. Financial Summary - Revenue is forecasted to grow from 1,033 million yuan in 2023 to 2,105 million yuan in 2026, with growth rates of 20.7%, 29.5%, 27.3%, and 23.6% for the respective years [3][5]. - The net profit margin is expected to improve, with net profit growth rates of 41.2%, 29.2%, and 25.8% for 2024, 2025, and 2026 respectively [5]. - The company's PE ratio is projected to decrease from 32 in 2023 to 14 in 2026, indicating an attractive valuation over the forecast period [3][5].