Runben Biotechnology (603193) 平安证券·2025-04-25 09:30Investment 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]