[Table_Contacts] | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|-------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1612 | 2144 | 2923 | 3700 | 4446 | | 增长率（ % ） | 10.2% | 33.0% | 36.3% | 26.6% | 20.2% | | EBITDA （百万元） | 263 | 321 | 392 | 522 | 629 | | 归母净利润（百万元） | 187 | 238 | 325 | 439 | 539 | | 增长率（ % ） | -17.8% | 27.2% | 36.6% | 34.9% | 22.8% | | EPS （元 / 股） | 0.44 | 0.55 | 0.76 | 1.02 | 1.26 | | 市盈率（ P ...

Investment Rating - The report maintains a "Buy" rating for Baiya Co Ltd (003006 SZ) [9] Core Views - The company's "6 18" performance exceeded expectations, with Free Point brand sales on Douyin and Tmall increasing by 290%+ and 120%+ respectively [2] - The company's product strength, brand power, and sales capabilities are resonating upwards [2] - The company's strategy is clear, e-commerce continues to exceed expectations, and the online-to-offline business model is gradually forming [2] - The company is expected to expand from regional to national markets and achieve high-speed growth [2] Financial Performance - Revenue is expected to grow from 2,144 million yuan in 2023 to 4,366 million yuan in 2026, with a CAGR of 26 7% [2] - Net profit is expected to grow from 238 million yuan in 2023 to 529 million yuan in 2026, with a CAGR of 30 4% [2] - EPS is expected to increase from 0 55 yuan in 2023 to 1 23 yuan in 2026 [2] - ROE is expected to increase from 17 2% in 2023 to 24 9% in 2026 [2] Product and Brand Development - The company launched the Pro+ series of probiotic sanitary napkins in Q2 2024, which has higher pricing and enhanced product strength compared to the basic probiotic series [2] - The Free Point brand achieved a gross margin of 57 7% for sanitary napkin products in Q1 2024, an increase of 5 8 percentage points year-on-year [2] - The company's brand exposure reached 1 5 billion+ during the "6 18" period, with a 330%+ increase in brand search volume [2] Market Expansion - The company achieved breakthroughs in potential platforms such as JD com, Tmall Supermarket, and Pinduoduo during the "6 18" period [2] - The Free Point brand ranked first in the new brand list on Tmall Supermarket, with a year-on-year growth of 270%+ [2] - The brand ranked second in the sales of sanitary napkins on Pinduoduo, with a year-on-year growth of 380%+ [2] Valuation - The company's P/E ratio is expected to decrease from 42 4 in 2023 to 19 1 in 2026 [2] - The company's P/B ratio is expected to decrease from 7 3 in 2023 to 4 8 in 2026 [2]

证券研究报告 | 公司点评 2024 年 06 月 23 日 百亚股份（003006.SZ） 618 大促战绩亮眼，逻辑持续超预期兑现 事件：618 战绩亮眼，主要平台均实现翻倍以上增长。自由点 618 期间抖 音 / 天 猫 / 猫 超 / 拼多多 / 京 东 平 台 增 速 分 别 为 290%/120%/270%/380%/230%，位居抖音 618 大促排名 TOP1、天猫个 护榜单 TOP2（仅次于护舒宝）、猫超新锐品牌榜 TOP1、拼多多个护品牌 榜单 TOP8、拼多多卫生巾品牌榜单 TOP2（仅次于护舒宝）、两次登顶京 东个护竞速榜 TOP1，成长势能持续加强，我们预计 2024Q2 公司收入有望 实现 40%以上同比增速。 量价齐升享估值溢价，中期盈利拐点&远期品类拓展定义估值上限。 风险提示：全国化拓展不及预期、产线投放不及预期、行业竞争加剧。 -27% -14% 0% 14% 27% 41% 55% 2023-06 2023-10 2024-02 2024-06 百亚股份 沪深300 相关研究 2024 年 06 月 23 日 邮箱：gsresearch@gszq.com 本公司力求报告内 ...

公司报告 | 公司点评 公司 618 期间电商表现靓丽 分平台来看：1）抖音：自由点登顶大促排名 TOP1，销售额同比增长 290%+； 2）天猫：自由点荣登个护销售榜 TOP2，销售额同比增长 120%+；3）京东： 在 5.27 与 6.14 两次登顶个护竞速榜 TOP1，销售额同比增长 230%+；4）拼 多多：自由点获个护品牌销售榜 TOP8 佳绩，荣登卫生巾品牌销售榜 TOP2， 销售额同比增长 380%+；5）天猫超市：自由点登顶猫超新锐榜 TOP1，销 售额同比增长 270%+。 产品推新节奏快，赋能电商快速成长 维持盈利预测，维持"买入"评级 产能限制缓解，核心五省全力冲刺 风险提示：新品拓展不及预期，外围拓展进度不及预期，线上竞争加剧等 百亚股份（003006） 作者 | --- | --- | --- | --- | --- | --- | |-----------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.54 RMB [3][5] Core Views - The company demonstrated strong growth across multiple platforms during the 618 shopping festival, with significant brand-building success on Douyin (TikTok) [1][3] - Revenue is expected to maintain steady growth in Q2, with potential profit improvement from falling raw material prices and product mix optimization [3] - The company's 2024-2026 EPS forecasts remain unchanged at 0.70/0.81/0.99 RMB [3] Financial Performance - 2024E revenue is projected at 2,675 million RMB, a 24.7% YoY increase [4] - Net profit (attributable to parent company) is forecasted to grow 26.2% YoY to 301 million RMB in 2024E [4] - Gross margin improved by 7.50 percentage points YoY and 1.16 percentage points QoQ in 2024Q1 [3] Product Performance - The probiotic sanitary napkin product sold over 1.4 million sets during the 618 period (May 20 - June 20, 2024) [3] - The company's 5A user base exceeded 210 million, with A3 users surpassing 71 million [3] - Brand search volume increased by 330% YoY, with total exposure exceeding 1.5 billion [3] Platform Performance - Douyin: Maintained top position with over 290% YoY growth during 618 [3] - Tmall: Achieved 120%+ YoY growth, ranking second in personal care sales [3] - Pinduoduo: Recorded 380%+ YoY growth, ranking second in sanitary napkin sales [3] - JD.com: Achieved 230%+ YoY growth, topping the personal care speed ranking twice [3] Regional Expansion - The company is expanding steadily in peripheral provinces, with Guangdong and Jiangsu showing excellent performance [3] - Hunan province is expected to cross the breakeven point, with potential for non-linear profit growth after scale effects are realized [3] Financial Projections - 2024E operating income is projected at 2,675 million RMB, with net profit of 301 million RMB [4] - ROE is expected to increase from 17.2% in 2023A to 20.4% in 2024E [4] - The company's P/E ratio is forecasted to decrease from 43.10 in 2023A to 34.14 in 2024E [4]

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的各位尊敬的投资者大家下午好那欢迎大家参加百亚股份近期经营情况的交流会那今天我们还是请到公司的农民张总跟大家做一个沟通那我是申万青宫的图一群今天和我一起主持的还有我们组的庞盈盈那么百亚也是我们申万青宫一直持续看好和重点推荐的品种那么尤其在目前的整个一个内需的这个消费环境当中 那白亚还是我们觉得非常非常稀缺的一个确定性成长的一个品种那公司本身在自身的这个渠道的扩张然后产品结构的升级包括品牌力提升的这些逻辑呢也是在一个 持续的兑现和验证的过程当中那我们今天先把时间先交给张总先请张总跟我们沟通一下定期的情况尤其是最近应该也是这个618整个一个活动的一个收尾的一个阶段那么公司整体现在618的一个情况市场也是比较关心的那我们先把时间交给张总张总好的 谢谢苏老师各位同事们下午好我是百亚部门总编张琳 昨天618算是结束我们的担保就现在还没有我们内部还在审就还没有发出来整 ...

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The content of the conference call is strictly for internal reference among participants, and any disclosure or external sharing of the information is prohibited [1] - Participants are warned against requesting, leaking, disseminating, or forwarding the conference call minutes, as such actions are considered infringement [1] - The organization reserves the right to pursue legal action against individuals who leak or forward the conference call minutes [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality indicates a sensitive nature of the information discussed during the call, suggesting potential strategic insights or financial data that could impact stakeholders [1]

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 好的各位尊敬的投资者大家下午好那欢迎大家参加百亚股份近期经营情况的交流会那今天我们还是请到公司的农秘张总跟大家做一个沟通那我是深湾清工的图一婷今天和我一起主持的还有我们组的庞盈盈那么百亚呢也是我们深湾清工一直持续看好和重点推荐的品种那么尤其在目前的整个一个内市的这个消费环境当中 那白亚还是我们觉得非常非常稀缺的一个确定性成长的一个品种那公司本身在自身的这个渠道的扩张然后产品结构的升级包括品牌力提升的这些逻辑呢也是在一个 持续的兑现和验证的过程当中那我们今天呢先把时间先交给张总先请张总跟我们沟通一下定期的情况尤其是最近应该也是这个618整个一个活动的一个收尾的一个阶段那么公司整体虽然618的一个情况市场也是比较关心的那我们先把时间交给张总张总好的谢谢托尔子各位投资人下午好我是百亚股份总经理张宁 昨天618算是结束对就是我们的担保就现在还没有就还就是我们内部还在审就还 ...

大家好会议即将开始请您稍后谢谢大家好会议即将开始请您稍后谢谢 大家好 会议即将开始 请您稍后 谢谢大家好 会议即将开始 请您稍后 谢谢 本次中华会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体 转发此次电话会议相关内容未经允许和授权转载转发均属侵权国泰居安证券将保留追究其法律责任的权利国泰居安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加百亚股份线上交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢好的感谢魏秘书各位投资者大家下午好 我是国财局安的刘嘉坤首先非常感谢大家的时间然后这个拐押股份其实也是我们团队一直非常一跟踪持续重点推荐的一家公司包括近期其实我们也刚发了一个点评的报告就是我们觉得从未来的 我们觉得这个还是一如既往的这个坚定的看好那今天呢也特别的这个荣幸请到了我们上述公司的财务总监兼董事会秘书张总也可能跟这个我们在会的很多投资者也都是老朋友了这个邀请张总难得的这个机会百忙之中来给我 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 守正出奇，持续革新 本报告导读： 投资要点： 请务必阅读正文之后的免责条款部分 百亚股份(003006) [Table_PicQuote] -29% -14% 1% 16% 31% 47% 2023-06 2023-10 2024-02 52周股价走势图 百亚股份 深证成指 股 票 研 究 证 券 研 究 报 告 | --- | --- | --- | --- | --- | |----------|--------------------------------------|--------|-------------------------|-------| | | | | | | | | | | | | | | [table_Authors 刘佳昆 ] ( 分析师 ) | 王佳 ( | 分析师 ) | | | | 021-38038184 | | 010-83939781 | | | | liujiakun029641@gtjas.com | | wangjia025750@g ...