Runben Biotechnology (603193) 信达证券·2025-04-27 10:10Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on recent performance and product launches [1]. Core Views - The report highlights the successful promotion of new sunscreen products and the promising potential of the youth series, indicating a strong growth trajectory for the company [1][2]. - The company achieved a revenue of 1.318 billion yuan in 2024, reflecting a year-on-year growth of 27.6%, and a net profit of 300 million yuan, up 32.8% [1][4]. - The first quarter of 2025 saw a revenue of 240 million yuan, marking a 44.0% increase year-on-year, with a net profit of 44 million yuan, up 24.6% [1]. Summary by Relevant Sections Financial Performance - In 2024, the company's baby and child care products generated revenue of 690 million yuan, a 32.4% increase year-on-year, with a gross margin of 59.8% [2]. - The first quarter of 2025 for baby and child care products showed a revenue of 179 million yuan, a significant 65.6% increase year-on-year, driven by higher average prices of new products [2]. - The company's gross margin and net profit margin for Q1 2025 were 57.7% and 18.4%, respectively, with operational cash flow showing improvement [3]. Product Development - The sunscreen gel launched in February 2025 is expected to see rapid sales growth due to its favorable skin feel and cost-effectiveness [2]. - The mosquito repellent segment also showed growth, with revenue of 439 million yuan in 2024, a 35.4% increase year-on-year, and continued expansion in outdoor mosquito repellent products [2]. Profit Forecast - The forecast for net profit from 2025 to 2027 is projected at 400 million yuan, 530 million yuan, and 704 million yuan, respectively, with corresponding P/E ratios of 36X, 27X, and 20X [3].