Investment Rating - The investment rating for the company is "Buy" [2][3] 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 attributable to shareholders of 238 million yuan, up 27.21% year-on-year [2][3] - The company plans to distribute a cash dividend of 5.5 yuan per 10 shares (tax included), totaling approximately 236 million yuan, corresponding to a dividend yield of about 3.4% based on the current market capitalization [3] - The company has been focusing on mid-to-high-end products and refined channel management, leading to a competitive market share in the Sichuan-Chongqing region and rapid development through online channels [3] Financial Performance Summary - In 2023, the company reported a gross margin of 50.32%, an increase of 5.21 percentage points year-on-year [2] - The company’s operating cash flow was 3.314 billion yuan, a year-on-year increase of 41.88%, while investment cash flow was -136 million yuan, down 84.50% year-on-year [3] - The company’s net profit margin for 2023 was 11.1%, a decrease of 0.5 percentage points year-on-year [2][3] Revenue and Profit Forecast - The company is expected to achieve net profits of 291 million yuan, 353 million yuan, and 429 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.3%, 21.0%, and 21.6% [3] - The projected price-to-earnings ratio (P/E) for 2024 is 20 times [3] Market Position and Strategy - The company’s product structure optimization has significantly improved its gross margin, with the health product series accounting for 26.17% of the sanitary napkin revenue [2] - The company is expanding its market presence in peripheral provinces, focusing on Guangdong, Hunan, and Hebei, and leveraging live e-commerce channels for marketing [2]

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|-----------|-----------------------------------------------------------------------|--------------|------------------------------------------|--------------------------------------------|-------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： | | | 2024.03.23 | | | [Table_Forcast] 财务预测（单位：百万元） | | | 股票研究 | | | | | 损益表 | | 2022A | | | | | | | 营业总收入 | | 1,612 | | 可 ...

Financial Performance - The company's operating revenue for 2023 reached ¥2,144,145,687, representing a 33% increase compared to ¥1,612,141,524 in 2022[6]. - Net profit attributable to shareholders for 2023 was ¥238,251,847, up 27.21% from ¥187,290,838 in 2022[6]. - The net profit after deducting non-recurring gains and losses was ¥215,656,473, reflecting a 20.33% increase from ¥179,221,701 in 2022[6]. - The net cash flow from operating activities increased by 41.88% to ¥331,394,248 in 2023, compared to ¥233,567,660 in 2022[6]. - The total assets at the end of 2023 were ¥1,884,474,560, an 8.83% increase from ¥1,731,603,476 at the end of 2022[6]. - The weighted average return on equity for 2023 was 18.17%, up from 15.30% in 2022[6]. - The gross margin for the company in 2023 was 50.32%, an increase of 5.21 percentage points from the previous year, with the Free Point product gross margin at 54.84%[56]. - The company reported a total revenue of 1.5 billion CNY for the year 2023, representing a year-on-year growth of 12%[114]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 15% year-over-year growth[120]. Market and Product Strategy - The company plans to focus on product innovation and market expansion to meet the evolving demands of consumers, particularly in the high-end and personalized segments of the hygiene products market[34]. - The company’s main products include sanitary napkins, baby diapers, and adult incontinence products, with a focus on mid-to-high-end positioning[40]. - The company has established a strong brand image in the domestic disposable hygiene products market, with its "Free Point" brand ranking fifth in national sales share and second among local brands in 2023[37]. - The company has focused on the development of high-end products, with the health series products accounting for 26.17% of the sanitary napkin revenue[56]. - The company plans to continue optimizing and enriching its product line, focusing on the development of high-end products and expanding the market share of baby diapers and adult incontinence products[96]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[120]. Risk Management and Challenges - The company faces risks from increasing market competition, fluctuations in raw material prices, and the expansion of its marketing network[6]. - The disposable hygiene products industry faces increasing market competition, with numerous brands and manufacturers leading to heightened competitive pressure[101]. - Core raw materials account for approximately 60% of total procurement costs, with fluctuations in prices of key materials like pulp and petroleum impacting operational costs[102]. - The company has established long-term relationships with key raw material suppliers to mitigate the impact of price volatility on production[102]. Research and Development - The company has increased its R&D investment, launching a series of high-end probiotic products to enhance brand awareness and market influence[48]. - Research and development investment amounted to ¥54,112,127, a 24.38% increase from ¥43,505,853 in the previous year, accounting for 2.52% of operating revenue[73]. - The company is investing 100 million CNY in R&D for new technologies aimed at improving production efficiency[116]. - The company has completed a strategic acquisition of a local competitor, enhancing its product portfolio and market reach[120]. Corporate Governance and Compliance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and has established a robust internal control system[107]. - The company emphasizes transparency in information disclosure, adhering to relevant laws and regulations, and ensuring equal access to information for all shareholders[109]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[108]. - The company has established an internal audit system to monitor internal controls and financial management effectively[111]. - The company has strengthened its internal control system and enhanced internal audit supervision to ensure compliance and risk management[147]. Shareholder and Financial Management - The company reported a net profit for the period, with a distributable profit of CNY 582,498,047, and a cash dividend distribution of CNY 236,170,715, representing 100% of the profit distribution total[140]. - The cash dividend for 2023 is set at CNY 5.5 per 10 shares, with no stock dividends or capital reserve transfers planned[141]. - The company has a clear and complete profit distribution policy, maintaining shareholder interests[138]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management amounted to CNY 14.83 million[125]. - The company has implemented a dynamic salary management system that combines performance evaluation and reward mechanisms[135]. Community Engagement and Social Responsibility - The company plans to donate sanitary products worth 1 million yuan annually to support poverty alleviation efforts over a ten-year period[153]. - In 2023, the company conducted over a hundred public lectures on physiological and psychological health for adolescent girls, promoting health awareness and education[154]. - The company actively participates in the Chongqing Red Cherry Volunteer Action, collaborating with local organizations for community support[156]. Future Outlook - The company projects a revenue growth of 10% for the upcoming fiscal year, targeting 1.65 billion CNY[116]. - New product launches are expected to contribute an additional 200 million CNY in revenue, focusing on eco-friendly hygiene products[115]. - The company will continue its poverty alleviation initiatives in 2024, focusing on spreading knowledge about physiological health and expanding its outreach[155].

证券代码：003006 证券简称：百亚股份 公告编号：2024-005 重庆百亚卫生用品股份有限公司 根据会计准则规定，公司于资产负债表日对应收票据、应收账款、其他应收 款和预付账款参考历史信用损失经验，结合当前状况以及对未来经济状况的预测， 通过违约风险敞口和未来 12 个月内或整个存续期预期信用损失率，计算预期信 用损失。2023 年度对公司的应收账款计提信用减值损失 13,772,175.00 元。 2、存货跌价准备 关于 2023 年度计提资产减值准备的公告 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"）于 2024 年 3 月 22 日 召开的第三届董事会第十五次会议审议通过了《关于 2023 年度计提资产减值准 备的议案》，同意公司对 2023 年度财务报告合并会计报表范围内相关资产计提资 产减值准备。具体情况公告如下： 一、本次计提资产减值准备的情况概述 为客观、公正地反映公司 2023 年度财务状况、经营成果和资产价值，本着 谨慎性原则，根据《企业会计准则》及相关规则的要求，公司对各项资产进行全 ...

环境、社会责任和公司治理 (ESG)报告 2023年度 重庆百亚卫生用品股份有限公司 2024年3月 关于本报告 有如对本报告有任何建议和意见，请通过以下方式与我们联系 电话：023-68825666-666 传真：023-68825666-801 邮箱：baiya.db@baiya.cn 地址：重庆市九龙坡区奥体路1号上城国际5栋25楼 编制 说明 本报告是重庆百亚卫生用品股份有限公司（以下简称"百亚股份"、"公 司"）的第二份年度企业社会责任报告。报告介绍了公司2023年度在环 境、社会责任和公司治理履行方面的活动开展情况。 报告 范围 编制 依据 数据 来源 联系 方式 时间范围：2023年1月1日至2023年12月31日（以下简称"报告期"）， 为提高报告完整性，部分内容适当溯及以往年份。 组织范围：本报告的组织范围涵盖百亚股份及子公司。 报告参考《深圳证券交易所上市公司自律监管指引第1号-主板上市公司 规范运作指引》，本报告未经第三方审验，经公司董事会审议通过。 报告使用数据来源包括公司内部报表、政府和媒体公开数据等。 走进百亚股份 01 02 目录 CONTENTS 权益保护 | 投资者权益保护 ...

重庆百亚卫生用品股份有限公司 2023 年度募集资金存放与实际使用情况专项报告及鉴证报告 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 1448号 (第一页,共二页) 我们的责任是在执行鉴证工作的基础上对募集资金存放与实际使用情况的专 项报告发表意见。我们根据《中国注册会计师其他鉴证业务准则第 3101 号 - 历 史财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证工作。该准则要求我 们遵守职业道德规范,计划和实施鉴证工作,以对募集资金存放与实际使用情况 专项报告是否在所有重大方面按照中国证券监督管理委员会公告[2022]15 号 《上市公司监管指引第 2 号-上市公司募集资金管理和使用的监管要求(2022 年 修订)》、深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 1 号 -- 主板上市公司规范运作(2023年 12 月修订)》及《深圳证券交易所上市 公司自律监管指南第2号 公告格式(2023年12月修订)-再融资类第2 号 上市 公司募集资金年度存放与使用情况公告格式》编制,在所有重大方面如实反映了 百亚股份 2023年度募集资金存放与实际使用 ...

重庆百亚卫生用品股份有限公司 关于首次公开发行股票募集资金使用完毕及注销募集 证券代码：003006 证券简称：百亚股份 公告编号：2024-017 资金专户的公告 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。 | 账户名称 | 开户银行 | 银行账号 | 账户状态 | | --- | --- | --- | --- | | 重庆百亚卫生用 | 华夏银行股份有限公司 | 11266000000226634 | 本次注销 | | | 重庆两江支行 | | | | 品股份有限公司 | 重庆农村商业银行股份 | 5101010120010015712 | 本次注销 | | | 有限公司两江分行 | | | 三、募集资金使用完成及募集资金专户注销情况 截至本公告披露日，公司已根据募集资金使用计划将全部募集资金按照承诺 用途使用完毕，相关募集资金专用账户结余利息收入 5,702.07 元，募集资金专用 账户结息已全部转入公司自有资金账户用于永久性补充流动资金。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》等相关规定，单个或者全部募集资 ...

证券代码：003006 证券简称：百亚股份 公告编号：2024-013 重庆百亚卫生用品股份有限公司 关于回购注销 2021 年股票期权与限制性股票激励计划部分 限制性股票的公告 根据公司《2021 年股票期权与限制性股票激励计划（草案）（修订稿）》（以 下简称"《激励计划（草案）（修订稿）》"）的规定，以及公司 2021 年第二次临时 股东大会授权，同意公司对 7 名激励对象因离职而不再具备激励对象资格所持有 的尚未解除限售的 288,750 股限制性股票回购注销，现将具体情况说明如下： 一、股权激励计划已履行的相关审批程序 1、2021 年 11 月 30 日，公司召开的第三届董事会第三次会议审议通过了《关 于公司<2021 年股票期权与限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2021 年股票期权与限制性股票激励计划实施考核管理办法>的议案》和 《关于提请股东大会授权董事会办理 2021 年股票期权与限制性股票激励计划相 关事宜的议案》。公司独立董事就本次激励计划是否有利于公司的持续发展及是 否存在损害公司及全体股东利益的情形发表了独立意见。公司同日召开的第三届 监事会第三次会议审议通过 ...

现将本人 2023 年度履行独立董事职责情况汇报如下： 一、独立董事个人履历、专业背景及兼职情况 晏国菀，1971 年出生，博士研究生学历，曾任重庆市渝中区房地产管理局干 部；现任重庆大学经济与工商管理学院副教授，隆鑫通用动力股份有限公司独立 董事，贵州百灵企业集团制药股份有限公司独立董事，齐合环保集团有限公司独 立非执行董事，百亚股份独立董事。 本人未在公司担任除独立董事以外的任何职务，本人及直系亲属、主要社会 关系均未在公司或其附属企业任职，亦不存在为公司及其控股股东或者其各自的 附属企业提供财务、法律、咨询等服务的情形，不存在妨碍本人进行独立客观判 断的情形，亦不存在违反《上市公司独立董事管理办法》第六条规定的情形。 独立董事：晏国菀 各位股东及股东代表： 作为重庆百亚卫生用品股份有限公司（以下简称"公司"、"百亚股份"）独 立董事，本人在 2023 年度严格按照《公司法》《证券法》《深圳证券交易所股票 上市规则》等法律法规以及《公司章程》《独立董事工作制度》等规章制度的要 求，诚实、勤勉、独立的履行职责，及时了解公司发展状况，积极出席相关会议， 参与重大经营决策并对重大事项独立、客观地发表意见，切实维 ...

证券代码：003006 证券简称：百亚股份 公告编号：2024-009 重庆百亚卫生用品股份有限公司 关于 2024 年度向银行申请综合授信额度的公告 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"）于 2024 年 3 月 22 日 召开的第三届董事会第十五次会议审议通过了《关于 2024 年度向银行申请综合 授信额度的议案》，现将相关事项公告如下： 一、基本情况 二、有效期限 自公司董事会审议通过之日起 12 个月内有效。在此期限内，授信额度可循 环使用。 三、对公司的影响 公司拟向不存在关联关系的银行申请综合授信额度，是为了满足公司发展和 生产经营的需要，有利于促进公司发展，进一步提高经济效益。目前，公司经营 状况良好，具备良好的偿债能力，本次向银行申请综合授信额度不会给公司带来 重大财务风险，不存在损害公司、股东利益的情形。 四、备查文件 1、第三届董事会第十五次会议决议。 特此公告。 重庆百亚卫生用品股份有限公司 董事会 2024 年 3 月 23 日 为满足公司经营发展的资金需求，公司 2024 年度 ...