资产负债率 市净率 每股收益 分析师声明 其中益生菌等大健康系列是公司近年来推出的核心产品，公司聚焦资源投 入，已实现了大健康系列产品的快速增长，预期益生菌等大健康系列在中 长期会有更大突破。 24Q1 电商渠道实现营业收入 2.96 亿元，同比+150.5%；23 年公司自由点卫 生巾销售额连续多月在抖音平台卫生巾品牌排名第一，取得较好成效。 核心五省增长稳健，外围加速成长 资料来源：公司公告，天风证券研究所 公司报告 | 季报点评 成长靓丽，稀缺超预期消费品 公司发布 2024 年一季报 产品结构优化，盈利能力提升 24Q1 公司综合毛利率和自由点产品毛利率分别为 54.4%和 57.7%，较上年 分别同增 7.5pct 和 5.8pct。 电商打法持续升级，期待 24 年盈利表现 24Q1 公司线下渠道实现营业收入 4.36 亿元，同比+16.7%，其中核心区域 以外省份的营业收入同比+52.0%。 公司大健康产品力强劲，外围省份及电商渠道打法清晰、预计延续高增长， 根据 24 年一季报，我们调整盈利预测，预计 24-26 年归母分别为 3.2/4.0/5.0 亿（24-25 年前值分别为 3.0/3. ...

百亚股份(003006.SZ)/轻工 证券研究报告/公司点评 2024 年 04 月 20 日 业绩超预期，继续看好长期成长 来源:Wind、中泰证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|---------|--------|---------------------|----------------------|--------|---------|--------|---------------------| | 图表 1:百亚股份三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 356 | 487 | 607 | 822 | 梦业收入 | 2, 144 | 2,675 | 3, 283 ...

股 票 研 究 2023A 2,144 1,065 19 669 72 269 5 9 -4 281 41 0 238 780 5 19 491 111 1,884 479 19 1,387 1,391 229 56 -32 -84 169 331 -136 -145 50 33.0% 26.1% 27.2% 50.3% 12.5% 11.1% 17.2% 12.6% 16.5% 59.3 28.0 303.6 1.4 3.9% 26.4% 35.9% 32.95 4.69 18.95 3.66 3.0% 35% 38% 41% 44% 47% 50% 451 526 602 677 752 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或 影响，特此声明。 本报告中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。在任 ...

证券研究报告 百亚股份 (003006.SZ) 成交金额(百万元) 200 180 沪深3 1Q 业绩表现靓丽，自由点加快升级、 原材料价格大幅波动导致毛利率波动的风险;跨区域扩张不及预 期的风险;市场竞争激烈导致毛利率下滑的风险。 业绩简评 经营分析 电商、线下外围省份成长表现靓丽,核心区域深耕份额进一步提 升。公司深耕优势地区、有序拓展全国市场,加快电商和新兴渠 道建设，2401 线下/电商营收 4.4/2.96 亿元，同比 +16. 7%/+150.5%，占比 47%/39%,线下核心区域外省份营收+52%。 产品结构优化带动毛利率提振显著,投放效率优化、费用分配节 奏影响，带动利润率环比显著改善。2401 自由点品牌营收 7.01 亿元,同比+54.6%,增速环比加快。综合毛利率/自由点毛利率分 别 54.4%/57.7%(同比+7.5/+5.8pct),创单季度历史新高,我们预 计主因受高毛利的益生菌、有机纯棉等高端系列产品收入占比增 加影响。 盈利预测、估值与评级 分析师：尹新悦 (执业S1130522080004) yinxinyue@gjzq.com.cn 分析师:张杨桓 (执业S113052 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 | --- | --- | |------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 19 日 | | 收盘价（元） | 18.28 | | 一年内最高 / 最低（元） | 19.1/11.8 | | 市净率 | 5.3 3.01 | | 息率（分红/ 股价） 流通 A 股市值（百万元） | 7832 | | 上证指数/深证成指 | 3065.26/9279.46 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： | --- | --- | --- | --- | |-------|----------|---------------|-------------------| | | | | | | | 百亚股份 | 沪深 300 指数 | （收益率） | | | | | 10% | | | | | -30% -20% -10% 0% | 《百亚股份（003006）点评：年报利 ...

2024 年 04 月 20 日 线下&线上份额加速提升，全国化扩张顺利。1）线下：2024Q1 线下渠道实 现收入 4.36 亿元（同比+16.7%），核心五省持续深耕，外围省份收入同比 +52.0%、延续高增，全国拓展提质提速；2）电商：2024Q1 电商渠道实现 收入 2.96 亿元（同比+150.5%），增长再提速，自由点卫生巾天猫份额实 现提升、抖音排名稳居第一、拼多多快速增长，2024 年电商渠道预计实现 个位数盈利，线上&线下相互赋能，成长进入高质量阶段。 证券研究报告 | 季报点评 三大核心逻辑加强兑现，业绩显著超预期 产品结构升级，驱动毛利率持续改善。2024Q1 公司自由点品牌实现收入 7.01 亿元（同比+54.6%），大健康系列占比持续提升，驱动毛利率进一步 向上；2024Q1 公司综合毛利率 54.4%（同比+7.5pct），其中自由点毛利 率 57.7%（同比+5.8pct），我们预计 Q2 毛利率有望进一步环比提升。2024 年大健康系列占比预计进一步提升、益生菌新品迭代，伴随公司产品结构持 续优化&品牌效应逐步体现，盈利能力有望稳步提升。 现金流及营运效率稳定。2024Q1 公 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥765,153,323, representing a 46.40% increase compared to ¥522,657,181 in the same period last year[3] - Net profit attributable to shareholders was ¥102,619,879, up 28.07% from ¥80,129,282 year-over-year[3] - The net profit after deducting non-recurring gains and losses was ¥97,529,910, reflecting a 30.63% increase from ¥74,659,934 in the previous year[3] - The basic earnings per share increased to ¥0.24, a rise of 26.32% compared to ¥0.19 in the same period last year[3] - The overall gross margin for Q1 2024 was 54.4%, an increase of 7.5% year-on-year, while the gross margin for core products was 57.7%, up 5.8%[14] - The operating profit for the first quarter of 2024 was CNY 117,736,829, representing a 26.6% increase from CNY 92,921,280 in the same period last year[29] - The net profit for the first quarter of 2024 was CNY 117,701,334, compared to CNY 93,181,237 in the previous year, marking a growth of 26.4%[29] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥2,064,455,475, marking a 9.55% increase from ¥1,884,474,560 at the end of the previous year[3] - The total current assets increased to CNY 1,389,789,341 from CNY 1,213,549,434, reflecting a growth of 14.5%[26] - The total liabilities increased to CNY 574,327,370 from CNY 497,531,273, indicating a rise of 15.4%[28] - The cash and cash equivalents at the end of the first quarter were CNY 427,310,246, up from CNY 356,266,644 at the beginning of the year[23] Revenue Breakdown - Revenue from the company's core sanitary napkin products reached 701 million RMB, up 54.6% year-on-year, with high-end product revenue share increasing[14] - Offline channel revenue was 436 million RMB, a 16.7% increase year-on-year, with revenue from provinces outside the core area growing by 52.0%[14] - E-commerce channel revenue surged to 296 million RMB, marking a significant increase of 150.5% year-on-year[14] Expenses and Costs - Sales expenses rose significantly by 120.72% to ¥263,360,590, attributed to increased marketing investments[9] - The total operating costs for the first quarter of 2024 were CNY 655,708,486, up 50.5% from CNY 435,362,780 in the previous year[29] Cash Flow - Cash flow from operating activities generated a net amount of CNY 97,574,818, a decrease of 11.2% from CNY 109,946,740 in Q1 2023[32] - Total cash inflow from operating activities was CNY 853,812,049, compared to CNY 610,443,236 in the previous year, marking a 39.8% increase[32] - The total cash outflow from operating activities was CNY 756,237,231, compared to CNY 500,496,496 in Q1 2023, reflecting a 50.9% increase[32] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 418,957,951, down from CNY 484,477,261 at the end of Q1 2023[33] Government Support and Future Plans - The company received government subsidies amounting to ¥553,821, contributing to its non-recurring gains[5] - The company plans to engage in related transactions with Guizhou Heli Supermarket Co., Ltd. and Guangdong Beihua New Materials Co., Ltd., with an estimated total amount not exceeding 60 million RMB for 2024[16] - The company plans to adjust the exercise price of stock options and the repurchase price of restricted stock as part of its incentive plan[21] - The company has approved changes to its registered capital and amendments to its articles of association, which will be implemented following the annual shareholders' meeting[22] Audit Status - The company has not undergone an audit for the Q1 2024 report[34]

证券代码：003006 证券简称：百亚股份 公告编号：2024-026 重庆百亚卫生用品股份有限公司 第三届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 经全体董事认真审议，通过了以下议案： 1、审议通过了《关于<2024 年第一季度报告>的议案》 公司根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指南第 1 号——业务办理》等法律法规的规定编制的《2024 年第 一季度报告》真实、准确、完整地反映公司实际情况，符合相关法律、法规及规 范性文件的规定。 公司第三届董事会审计委员会 2024 年第二次会议审议通过了本议案。 具体内容详见公司于 2024 年 4 月 20 日在巨潮资讯网（www.cninfo.com.cn） 披露的《2024 年第一季度报告》（公告编号：2024-027）。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 2、审议通过了《关于聘任证券事务代表的议案》 为保障公司信息披露工作高效、高质的开展，经董事会秘书张黎先生提名， 公司董事会同意聘任刘嘉 ...

Investment Rating - The report maintains an "Outperform" rating for the company [15] Core Views - The company achieved a revenue of 2.144 billion yuan in 2023, representing a year-on-year growth of 33.0%, and a net profit of 238 million yuan, up 27.2% year-on-year [17][22] - The company is expected to realize net profits of 299 million yuan, 365 million yuan, and 440 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 25.3%, 22.2%, and 20.6% [2][22] - The company is positioned as a leader in the personal hygiene sector, with a reference PE valuation of 28-30 times for 2024, leading to a reasonable value range of 19.46 to 20.85 yuan [2][21] Financial Performance Summary - In 2023, the company reported a gross margin of 50.32%, an increase of 5.21 percentage points year-on-year, with the gross margin for the "Free Point" product line reaching 54.84% [20] - The company’s revenue from e-commerce channels reached 748 million yuan, a significant increase of 101.52% year-on-year, driven by enhanced marketing efforts and brand investments [18][20] - The company’s total revenue is projected to grow to 2.602 billion yuan in 2024, with a year-on-year growth rate of 21.3% [22] Business Segment Analysis - Revenue from the Sichuan-Chongqing region is expected to grow from 678 million yuan in 2023 to 725 million yuan in 2024, with a growth rate of 7.0% [9] - The company’s revenue from e-commerce is projected to reach 1.047 billion yuan in 2024, reflecting a growth rate of 40.0% [9] - The company’s revenue from the Yunnan-Guizhou-Shaanxi region is expected to increase from 359 million yuan in 2023 to 424 million yuan in 2024, with a growth rate of 18.0% [9] Market Position and Strategy - The company has increased its market share in key provinces, achieving a revenue of 1.037 billion yuan in 2023 from these regions, a growth of 13.45% [18] - The company has focused on product innovation, launching new products such as probiotics series and collaborations with brands, which contributed to a 26.17% share of the health product series in total sanitary napkin revenue [5][20]

证券代码：003006 证券简称：百亚股份 公告编号：2024-025 重庆百亚卫生用品股份有限公司 2023年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重庆百亚卫生用品股份有限公司（以下简称"公司"）2023 年度利润分配方 案已经公司 2023 年年度股东大会审议通过，现将分红派息事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司于 2024 年 4 月 12 日召开的 2023 年年度股东大会审议通过了《关于 2023 年度利润分配预案的议案》，2023 年度利润分配方案为：以权益分派股权登 记日的总股本为基数，向全体股东每 10 股派发现金红利 5.50 元（含税），不送 红股，不以公积金转增股本。 2、自利润分配方案披露之日至实施期间公司总股本未发生变化。若公司总 股本在利润分配实施前发生变化，按照分配比例不变的原则对分配总金额进行调 整。 4、本次分配方案实施时间距离股东大会审议通过之日起未超过两个月。 二、本次实施的利润分配方案 1、发放年度：2023 年度。 2、本公司 2023 年年度权益分派方案为：以 ...