"小赛道"迎来大爆发！ 今 年以来，港股市场频现"消费牛股"，引发市场关注，事实上，A股市场同样涌现了一批"小赛道"高增长的个 股。4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、 润本股份、锦波生物股价均创出历史新高。 去年四季度以来，不少公募基金产品投向这些高成长新兴消费公司，伴随这些公司股价的持续上涨，给基金净 值带来优异表现，如恒越匠心优选一年持有、申万菱信乐融一年持有、银华品质消费、海富通消费优选等年内 绩优消费主题基金收益回报均超20%。 渠道变革带来消费品公司业绩高增长 近期，去年四季度公募基金纷纷加仓的消费品赛道公司迎来股价持续上涨。 4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、润本 股份、锦波生物股价均创出历史新高。 股价增长背后，是这些"小赛道"公司业绩的高增长。以零食品牌"好想来"母公司万辰集团为例，前一日，万辰 集团发布公告称，2025年第一季度，公司营业收入108.21亿元，同比增长124.02%，主要系公司量贩零食业务 持续发展，收入相应增加；归属净利润2.15亿元，同比提升3344.1 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.57 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong revenue growth, achieving 9.95 billion CNY in Q1 2025, a year-on-year increase of 30.10%, and a net profit of 1.31 billion CNY, up 27.27% year-on-year [1][4]. - The company is focusing on expanding its market share through product structure optimization and channel expansion, particularly in e-commerce [4][8]. - The company’s gross margin slightly decreased to 53.32%, while the net margin was 13.12%, reflecting a minor decline [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 9.95 billion CNY, a 30.10% increase year-on-year, and a net profit of 1.31 billion CNY, which is a 27.27% increase year-on-year [1]. - The company’s gross margin was 53.32%, down 1.04 percentage points year-on-year, and the net margin was 13.12%, down 0.29 percentage points year-on-year [3]. Channel Performance - The e-commerce channel generated 3.22 billion CNY in revenue in Q1 2025, growing 8.6% year-on-year, while core provinces saw a 26.7% increase and peripheral provinces experienced a remarkable 125.1% growth [2]. - The company is shifting its marketing strategy to a multi-channel approach, increasing investments in platforms like Tmall, Pinduoduo, and Xiaohongshu, in addition to Douyin [2]. Future Projections - The company is projected to achieve revenues of 43.20 billion CNY, 55.09 billion CNY, and 70.31 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.76%, 27.51%, and 27.62% [4][9]. - Net profits are expected to reach 3.72 billion CNY, 4.74 billion CNY, and 6.45 billion CNY for the same years, with growth rates of 29.46%, 27.14%, and 36.02% [4][9].

暗盘资金正涌入这些股票，点击速看>>> 美容护理板块持续拉升，百亚股份（003006）冲击涨停，登康口腔（001328）涨超7%，丸美生物 （603983）涨超6%，拉芳家化（603630）、豪悦护理（605009）涨幅居前。 ...

Market Performance - On April 23, A-shares showed mixed performance, with the Shanghai Composite Index down by 0.1% to 3296.36 points, while the Shenzhen Component Index rose by 0.67% to 9935.8 points, and the ChiNext Index increased by 1.07% to 1949.16 points [1] Fund Manager Changes - In the past 30 days (March 24 to April 23), a total of 594 fund managers have left their positions, with 32 announcements made on April 23 alone. The reasons for these changes include work transitions for 4 managers across 7 funds and 3 managers across 25 funds [3][4] Fund Manager Profiles - Fund manager Yan Yifan from Chuangjin Hexin has managed funds totaling 28.676 billion yuan, with the highest return of 47.27% on the Chuangjin Hexin Xinqi Mixed A fund over 5 years and 35 days [4] - Zhao Jianzhong from Zhongyin Fund has managed funds totaling 3.976 billion yuan, achieving a return of 92.05% on the Zhongyin Shanghai Gold ETF over 4 years and 239 days [5] Fund Company Research Activity - In the last month, Boshi Fund conducted the most company research, engaging with 116 listed companies, followed by Jiashi Fund with 96, and Fuguo Fund with 90 [7][8] - The most researched industry was consumer electronics, with 429 instances, followed by chemical products with 392 [8] Recent Fund Research Focus - The most focused stock in the last month was Luxshare Precision, with 141 fund management companies participating in its research, followed by Lanke Technology and Lens Technology with 98 and 93 respectively [8][10] - In the past week (April 16 to April 23), the most researched company was Baiya Co., Ltd., with 70 fund institutions involved [9][10]

Core Viewpoint - The "refurbished sanitary napkin" incident has significantly impacted Baiya Co., Ltd. (003006), with noticeable changes in revenue and profit growth, particularly in e-commerce channels due to public sentiment [1][2]. Group 1: Financial Performance - In Q1 2025, Baiya Co. achieved revenue of 9.95 billion, a year-on-year increase of 30.1%, and a net profit of approximately 1.31 billion, up 27.27% [1]. - The cash flow from operating activities saw a drastic decline of 92.92%, dropping to 6.91 million from 97.57 million in the same period last year [7][8]. - The overall gross margin decreased by 1% to 53.3% compared to the previous year [4]. Group 2: Sales Channel Dynamics - The e-commerce channel, which was a significant growth driver, reported revenue of 3.22 billion in Q1 2025, with a growth rate of only 8.6%, down from 150.5% in the previous year [3][4]. - Offline sales channels performed better, generating 6.5 billion in revenue, a 49% increase, with growth in non-core regions reaching 125.1% [3][4]. Group 3: Marketing and Expenses - Sales expenses rose to 3.38 billion, a year-on-year increase of 28.5%, while R&D expenses decreased by 1% to 15.11 million [6][7]. - The company has historically prioritized marketing over R&D, with sales expenses being approximately 17 times higher than R&D expenditures in the past year [7]. Group 4: Future Outlook - Baiya Co. plans to increase investment in product R&D, focusing on the development and upgrade of existing products, particularly in the low-penetration segment of panty sanitary napkins [9].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 33.7 CNY per share [2][7]. Core Insights - The company reported a revenue of 1.0 billion CNY in Q1 2025, representing a year-on-year increase of 30.1%. The net profit attributable to the parent company was 130 million CNY, up 27.3% year-on-year, while the net profit excluding non-recurring items was also 130 million CNY, reflecting a 32.4% increase year-on-year [2][7]. - The company continues to optimize its product structure, focusing on the hygiene product series, with the probiotic product line expected to be a key growth driver in 2025 [7]. - The impact of public sentiment on sales is gradually diminishing, with online sales growing by 8.6% year-on-year to 320 million CNY in Q1 2025, while offline sales surged by 49.0% year-on-year to 650 million CNY [7]. - The company's gross margin stood at 53.3%, with a slight year-on-year decrease of 1.0 percentage points, but an increase of 4.4 percentage points compared to the previous quarter [7]. - The report forecasts that the company will achieve net profits of 370 million CNY, 500 million CNY, and 630 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 26, and 20 [7]. Financial Summary - The total revenue is projected to grow from 3.254 billion CNY in 2024 to 6.523 billion CNY by 2027, with year-on-year growth rates of 51.8%, 32.8%, 26.6%, and 19.2% respectively [2][8]. - The net profit attributable to the parent company is expected to increase from 288 million CNY in 2024 to 627 million CNY in 2027, with growth rates of 20.7%, 29.8%, 33.0%, and 26.3% respectively [2][8]. - The company’s total assets are projected to rise from 2.151 billion CNY in 2024 to 3.160 billion CNY in 2027 [8].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite facing challenges from public sentiment issues and cash flow disruptions due to promotional activities [1][4]. Financial Performance - The company achieved revenue of 9.95 billion, a year-on-year increase of 30.10% - The net profit attributable to shareholders was 1.31 billion, up 27.27% year-on-year - The net profit after deducting non-recurring items was 1.29 billion, reflecting a 32.40% increase year-on-year [1]. Product and Market Performance - The company focused on sanitary napkin products, with revenue from the Freedom Point sanitary napkin line reaching 9.52 billion, a 35.8% increase year-on-year - High-end product revenue share continued to rise, while offline channel revenue grew by 49.0% to 6.50 billion, with outer provinces seeing a 125.1% increase [2]. - E-commerce channel revenue was 3.22 billion, reflecting an 8.6% year-on-year growth [2]. Cost and Profitability Analysis - The overall gross margin decreased by 1.04 percentage points to 53.32% due to changes in channel and product structure - Sales expenses increased by 28.5% year-on-year, but the sales expense ratio was diluted due to rapid revenue growth, with net profit margin at 13.12%, down 0.29 percentage points [3]. Cash Flow and Operational Insights - Operating cash flow net amount was 0.07 billion, down 92.92% year-on-year, primarily due to increased accounts receivable from promotional activities - The company is managing the aftermath of the public sentiment issue and is expected to recover its reputation over time, which may lead to a more standardized development in the sanitary napkin industry [4]. Future Outlook - The company anticipates continued growth in the probiotic series, which is expected to drive e-commerce and outer market expansion - Revenue projections for 2025-2027 are 42.30 billion, 54.02 billion, and 67.39 billion, with year-on-year growth rates of 29.99%, 27.71%, and 24.74% respectively - Net profit forecasts for the same period are 3.68 billion, 4.52 billion, and 5.58 billion, with corresponding growth rates of 28.02%, 22.67%, and 23.47% [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q1 2025, the company achieved revenue of 999.5 million, net profit attributable to shareholders of 131 million, and net profit excluding non-recurring items of 129 million, representing year-on-year growth of 30%, 27%, and 32% respectively. The strong growth is attributed to high growth in core provinces and continued acceleration in peripheral provinces [2][6]. - The company's growth logic continues, with an emphasis on the potential for profit elasticity following brand momentum enhancement, and mid-term profit release is expected to accelerate [2][11]. Summary by Sections Revenue and Profit Performance - Q1 2025 revenue and profit figures exceeded expectations, driven by high growth in core provinces and a significant increase in peripheral provinces [2][6]. - The company reported a 30% increase in revenue, with the "Free Point" brand growing by 36% [11]. Channel and Market Growth - Core provinces saw a 27% increase in revenue, with a notable improvement in the Sichuan-Chongqing region. Peripheral provinces experienced a remarkable 125% growth [11]. - E-commerce channels grew by 9%, recovering from previous disruptions, with significant growth observed on platforms like Douyin [11]. Product and Profitability Insights - The product structure continues to improve, with the health product series showing strong growth and an increasing share of probiotics [11]. - Despite external pressures, the company maintained stable profit margins, with a slight increase in net profit margin by 0.2 percentage points [11]. Cash Flow and Financial Health - Q1 cash flow was impacted by seasonal factors, but the overall financial condition remains stable, with expectations for cash recovery in Q2 [11]. - The company is expected to see accelerated profit release in the medium term, driven by product structure optimization and market expansion [11]. Future Outlook - The company is viewed as a high-growth target in the sanitary products industry, with significant potential for profit improvement in the medium term [11]. - Projected net profits for 2025 and 2026 are 400 million and 540 million respectively, with corresponding price-to-earnings ratios of 29 and 22 [11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 33.00 RMB [7][8]. Core Views - The company reported a strong first-quarter performance with revenue of 999.5 million RMB, a year-on-year increase of 30.1%, and a net profit of 131 million RMB, up 27.3% year-on-year, driven by offline growth [1][2]. - The company is expected to strengthen its competitive advantage in key provinces, with refined operations and product structure optimization likely to support a stable increase in net profit margin [1][4]. - The e-commerce channel is anticipated to regain growth momentum as operational strategies are optimized [1][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's revenue from offline channels reached 650 million RMB, a 49% increase year-on-year, with significant growth in provinces outside the core areas, which saw a 125.1% increase [2]. - The overall gross margin for Q1 2025 was 53.3%, a decrease of 1 percentage point year-on-year, primarily due to changes in cost allocation for e-commerce logistics [3]. - The net profit margin for Q1 2025 was 13.1%, down 0.3 percentage points year-on-year [3]. Financial Forecasts - The company’s projected net profits for 2025-2027 are 372 million RMB, 487 million RMB, and 657 million RMB, with year-on-year growth rates of 29%, 31%, and 35% respectively [4]. - The estimated revenue for 2025 is 4,469 million RMB, reflecting a growth rate of 37.32% [6]. Valuation - The company is assigned a PE ratio of 38 times for 2025, with a target price of 33 RMB, reflecting its growth potential in the southwestern market and nationwide expansion [4][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company's Q1 performance exceeded expectations with a revenue growth of 30% and a net profit growth of 27% year-on-year [1][6] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 42.85 billion, 54.13 billion, and 66.04 billion for 2025, 2026, and 2027 respectively [1][6] - The report highlights the company's successful expansion into peripheral markets, with a remarkable 125% year-on-year revenue growth in these regions [1][6] - The company is focusing on high-end product offerings, which are increasingly contributing to its revenue [1][6] Financial Performance - In Q1 2025, the company reported total revenue of 9.95 billion and a net profit of 1.31 billion, reflecting a year-on-year increase of 30.1% and 27.27% respectively [1][6] - The gross margin for Q1 2025 was 53.32%, showing a slight decline of 1.04 percentage points year-on-year due to changes in channel structure and revenue mix [1][6] - The company’s operating cash flow showed a significant decline, with a net cash flow of 6.91 million, down 92.92% year-on-year, attributed to factors such as downstream payment terms and expense timing [1][6] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be 3.65 billion, 4.73 billion, and 5.93 billion respectively, with corresponding PE ratios of 32, 24, and 20 [1][2][6] - The company’s total revenue is projected to grow at rates of 33%, 52%, 32%, 26%, and 22% from 2023 to 2027 [2][9] - The report indicates a steady improvement in the company's return on equity (ROE), expected to rise from 20% in 2024 to 29.3% in 2027 [3][9] Market Position - The company has successfully regained its position as the leading brand in the sanitary napkin category on Douyin, indicating effective brand management and marketing strategies [1][6] - The report emphasizes the company's commitment to nationwide expansion and product innovation as key drivers for increasing market share [1][6]