Runben Biotechnology (603193) 国元证券·2025-04-26 00:16Investment 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].