【投资要点】 公司发布2024 年报。2024 全年收入32.54 亿，yoy+51.8%；归母净利润2.88 亿，yoy+20.7%（略高于快 报）；扣非归母净利润2.54 亿，yoy+17.8%。其中24Q4 收入9.3 亿，yoy+39.1%，利润端受Q4 舆情短期 影响略有下滑。 产品端：聚焦自由点卫生巾，优化产品结构，提升盈利能力。①自由点24 全年收入30.4 亿元， yoy+60.6%，其中益生菌为代表的大健康系列保持更高增速，收入占比持续提升；②新品益生菌PRO+ Q4 表现亮眼，打入中高端客群市场。 渠道端：线上线下协同，新兴电商持续发力，深耕核心区域、开拓外围市场。①电商收入15.2 亿 yoy+103.8%，占比46.9%；②线下16.2亿yoy+26.7%，其中川渝/云贵陕/外围市场分别实现收入7.6/4.3/4.3 亿元，同比分别+11.5%/+18.9%/+82.1%。 利润端：①产品结构优化毛利率提升，24 年综合/自由点毛利率分别为53.2%/55.8%， yoy+2.9pct/+0.9pct；②24 年归母净利率8.8%，yoy-2.3pct，销售投入、短期舆情影响对Q4 及 ...

Core Insights - The company reported a revenue of 3.25 billion yuan and a net profit attributable to shareholders of 290 million yuan for 2024, reflecting year-on-year increases of 51.8% and 20.7% respectively [1] - The company continues to focus on health products, particularly sanitary napkins, which saw a revenue increase of 59.9% in 2024 [2] - The company plans to promote its probiotic product line in 2025, aiming to meet consumer demand and expand its market presence [3] Financial Performance - In Q4 2024, the company achieved a revenue of 930 million yuan, but the net profit attributable to shareholders decreased by 12.0% to 50 million yuan [1] - The gross margin for 2024 was 53.2%, an increase of 2.9 percentage points year-on-year, driven by a higher proportion of mid-to-high-end products [3] - The company’s online channel revenue reached 1.52 billion yuan in 2024, marking a significant year-on-year growth of 103.8% [3] Product and Market Strategy - The company is optimizing its product structure, focusing on the health product series, with a notable revenue increase in the probiotic product line [2][3] - The company is enhancing its marketing efforts, particularly in core provinces, while also expanding into peripheral markets [3] - The company has established a special task force to address public relations issues related to sanitary napkins, which may reshape industry dynamics in the long term [4] Future Outlook - The company expects to see continued growth in net profit, projecting 360 million yuan for 2025, with a corresponding PE ratio of 28 [4] - The company aims to maintain its competitive advantage in core provinces while increasing market penetration in regions like Guangdong, Hunan, and Hebei [4]

证 券 研 究 报 告 百亚股份（003006）2024 年报点评 推荐（维持） 24 年营收增速靓丽，关注公司长期增长潜力 目标价：30.9 元 事项： ❖ 公司发布 2024 年年报。2024 年，公司实现营收/归母净利润/扣非归母净利润 32.5/2.9/2.5 亿元，同比+51.8%/+20.7%/+17.8%；其中，24Q4 实现营收/归母净 利润/扣非归母净利润 9.3/0.5/0.3 亿元，同比+39.1%/-12.0%/-36.8%。 评论： 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,254 | 4,320 | 5,470 | 6,523 | | 同比增速(%) | 51.8% | 32.8% | 26.6% | 19.2% | | 归母净利润(百万) | 288 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1][7]. Core Insights - The company has shown impressive revenue growth, with a projected increase in revenue from 32.5 billion yuan in 2024 to 69.9 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 22.78% [2][10]. - The net profit attributable to the parent company is expected to grow from 287.67 million yuan in 2024 to 629.52 million yuan in 2027, with a notable increase in earnings per share (EPS) from 0.67 yuan to 1.47 yuan during the same period [2][12]. - The company is focusing on optimizing its product structure, with an increasing proportion of mid-to-high-end products, which is expected to enhance gross margins [7][9]. Financial Performance Summary - In 2024, the company achieved a revenue of 32.5 billion yuan, a year-on-year increase of 51.8%, and a net profit of 2.9 billion yuan, up 20.7% from the previous year [7]. - The gross margin for the year was reported at 53.2%, an increase of 2.9 percentage points, driven by the optimization of the product mix [7]. - The company’s sales expenses increased due to heightened marketing efforts, resulting in a total expense ratio of 43.4% [7]. Revenue and Profit Forecast - The forecast for 2025-2027 indicates a steady increase in revenue and net profit, with EPS projected to be 0.88 yuan in 2025, 1.16 yuan in 2026, and 1.47 yuan in 2027 [2][12]. - The price-to-earnings (PE) ratio is expected to decrease from 35 in 2024 to 16 by 2027, indicating a potentially attractive valuation as earnings grow [2][12]. Market Expansion and Channel Development - The company is accelerating its e-commerce channel development, with online sales expected to grow significantly, reflecting a 103.8% increase in 2024 [7][10]. - The offline channel is also expanding, particularly in core markets such as Sichuan and Yunnan, with revenue growth of 11.5% and 18.9% respectively [7][10]. Product Development and Innovation - The company is focusing on the development of new products, particularly in the probiotic series, which is expected to become a flagship product [7][9]. - The company’s product categories include sanitary napkins, baby diapers, and ODM, with sanitary napkins showing the highest revenue growth of 59.9% in 2024 [7][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive revenue growth, with a year-on-year increase of 51.8% in 2024, reaching 3.25 billion yuan. The net profit attributable to the parent company also increased by 20.7% to 287.67 million yuan [7]. - The company is successfully expanding its product range and channels, particularly in the e-commerce sector, which saw a revenue increase of 103.8% year-on-year [7]. - The report highlights the company's focus on high-end product lines, which has led to an improvement in gross margin, reaching 53.2% in 2024, up by 2.9 percentage points [7]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 4.46 billion yuan in 2025, 5.70 billion yuan in 2026, and 6.99 billion yuan in 2027, with growth rates of 37.08%, 27.70%, and 22.78% respectively [2]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to grow to 376.50 million yuan in 2025, 499.71 million yuan in 2026, and 629.52 million yuan in 2027, with growth rates of 30.88%, 32.73%, and 25.98% respectively [2]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.67 yuan in 2024 to 1.47 yuan in 2027 [2]. - **Return on Equity (ROE)**: ROE is expected to rise from 19.84% in 2024 to 32.02% in 2027 [2]. Product and Channel Development - The company has successfully optimized its product structure, with a significant increase in the proportion of mid-to-high-end products. The gross margin for sanitary napkin products reached 55.6%, up by 1.2 percentage points [7]. - E-commerce and offline channels have both shown strong growth, with e-commerce revenue doubling and offline revenue increasing by 26.7% [7]. - The company is focusing on expanding its market presence in key regions, including Guangdong, Hunan, Hubei, Hebei, and Jiangsu, with expected revenue growth rates of 80%, 60%, and 50% from 2025 to 2027 [9]. Market Position and Strategy - The company is positioning itself as a leading player in the sanitary napkin market, with a strategic focus on enhancing brand recognition and expanding its consumer base through increased marketing efforts [7]. - Following a short-term public relations challenge, the company has implemented measures to restore its business, particularly in the e-commerce sector, where it has seen positive feedback from initiatives like transparent factory live streams [7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 3.254 billion yuan in 2024, representing a year-on-year increase of 51.77%, and a net profit attributable to shareholders of 288 million yuan, up 20.74% year-on-year [6][10] - The company continues to focus on its established development strategy, enhancing brand strength, optimizing product structure, and expanding its market presence through e-commerce and emerging channels [7][10] - The company has seen significant growth in its e-commerce channel, with online sales reaching 1.525 billion yuan in 2024, a year-on-year increase of 103.8% [7][10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.254 billion yuan, with a net profit of 288 million yuan, and a non-recurring net profit of 254 million yuan [6][10] - The fourth quarter of 2024 saw a revenue of 929 million yuan, a year-on-year increase of 39.10%, but a decline in net profit by 12.00% [6][10] Growth Drivers - The company's flagship product line, "Free Point," generated 3.036 billion yuan in revenue, marking a 60.6% increase year-on-year [7] - The health product series, particularly the probiotic range, has shown even faster growth [7] - The company is deepening its market presence in five core provinces while expanding into new regions, with significant revenue growth in peripheral provinces [7] E-commerce and Brand Development - The company is investing heavily in brand building and marketing, with sales expenses increasing by 83.2% to 1.226 billion yuan in 2024 [7] - Research and development expenses reached 72 million yuan, with 15 new patents filed [7] - The company launched new products in the probiotic series, enhancing its product offerings and market competitiveness [7] Future Projections - Revenue projections for 2025-2027 are 4.309 billion yuan, 5.358 billion yuan, and 6.459 billion yuan, respectively, with corresponding net profits of 375 million yuan, 474 million yuan, and 571 million yuan [10][11] - The company is expected to maintain a strong return on equity (ROE) of 24% in 2025, increasing to 31% by 2027 [10][11]

新华网直击透明工厂：安全"可见"的卫生巾怎么生 产？ 卫生巾是女性生活的刚需，然而长久以来，卫生巾原料成分、生产模式存在严重的信息不透明问题。产 品成分是否安全？材料来源是否正规？制作工序是否符合标准？残次品销毁是否合规？……这些都是消 费者关注的焦点。近日，新华网走进西部地区卫生巾行业头部企业百亚股份的"自由点"工厂，实地见证 卫生巾工厂标准生产全流程，看一片合格的卫生巾如何诞生。 零接触生产 多轮检测 全流程生产管理体系保障安全品质 在自由点卫生巾智慧工厂，从原材料进厂到成品出厂，每一片卫生巾都要经过多道严格的工序，确保品 质安全可靠。 卫生巾原料进厂时，工作人员实施严格的检查流程以确保质量与安全，包括但不限于外观检查、性能测 试以及实验室分析检测。 自由点工厂卫生巾生产采用全封闭式生产线，从原料到卫生巾产出包装，实现零接触生产；自动生产线 还配备了多台高分辨率视觉检测系统和88个光电检测系统，能够自动检测金属、异物、残次品等，并自 动剔除，确保瑕疵产品零流出。 自动生产线剔除的残次品则直接送入工厂的废料间，在工作人员称重后记录后，送入自动破碎设备进行 物理破碎。完全破碎的卫生巾残次品，经工作人员复核无误 ...

美容护理 2025 年 03 月 25 日 百亚股份 (003006) ——收入表现亮眼，舆情短期扰动不改中长期品牌势能 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 24 日 | | --- | --- | | 收盘价（元） | 23.98 | | 一年内最高/最低（元） | 29.36/16.00 | | 市净率 | 7.1 | | 股息率%（分红/股价） | 2.29 | | 流通 A 股市值（百万元） | 10,277 | | 上证指数/深证成指 | 3,370.03/10,695.49 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 3.38 | | 资产负债率% | 32.60 | | 总股本/流通 A 股（百万） | 429/429 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-25 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01 ...

证券代码：003006 证券简称：百亚股份 重庆百亚卫生用品股份有限公司 投资者关系活动记录表 1 编号：2025-002 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他（投资者电话会议） 参与单位名称 及人员姓名 具体名单详见附件，排名不分先后 时间 2025 年 3 月 21 日 地点 电话会议 上市公司接待人员姓名 董事长冯永林先生，营销总曹业林先生，董事会秘书、财务总张黎先 生，电商总朱慧女士，供应链总梅莹鹏先生 投资者关系活动 主要内容介绍 一、 介绍公司 2024 年度业绩基本情况 2024 年公司实现营业收入 32.54 亿元，较上年同期增长 51.77%； 归属于上市公司股东的净利润 2.88 亿元，较上年同期增长 20.74%。从 产品端来看，2024 年自由点收入 30.36 亿元，较上年同期增长 60.64%， 以益生菌系列为代表的大健康系列产品收入增速更快，公司卫生巾产 品结构不断优化，中高端系列产品收入占比持续增加，带动了公司毛 利率提升。2024 年公司综合毛利率和自由点产品毛利率分别为 53.19% 和 5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 3.8 billion, 5 billion, and 6.3 billion yuan for 2025-2027, corresponding to PE ratios of 27, 20, and 16 times respectively [4] Core Insights - The company achieved a revenue of 3.254 billion yuan in 2024, representing a year-on-year growth of 51.8%, with a net profit of 288 million yuan, up 20.7% year-on-year [1] - The company is focusing on expanding its market share in e-commerce and peripheral provinces, with significant revenue growth in these areas [2] - The increase in the proportion of health-related products has positively impacted the average selling price and gross profit margins [3] Summary by Sections Financial Performance - In 2024, the company reported revenues of 3.254 billion yuan, with a growth rate of 51.8% compared to the previous year. The net profit attributable to the parent company was 288 million yuan, reflecting a growth of 20.7% [1][6] - The fourth quarter of 2024 saw revenues of 929 million yuan, a year-on-year increase of 39.1%, but the net profit decreased by 12% to 49 million yuan [1] Revenue Breakdown - Revenue by region in 2024: Sichuan-Chongqing (760 million yuan, +11.5%), Yunnan-Guizhou-Shaanxi (430 million yuan, +18.9%), peripheral areas (430 million yuan, +82.1%), and e-commerce channels (1.52 billion yuan, +104%) [2] - Product revenue in 2024: sanitary napkins (3.047 billion yuan, +59.9%), diapers (94 million yuan, -20.5%), and ODM business (114 million yuan, -6.1%) [2] Profitability and Costs - The overall average selling price increased by 3.8% in 2024, with gross margins of 53.2% and 55.8% for overall and free point brands respectively [3] - The sales expense ratio was 37.7%, up 6.5 percentage points year-on-year, primarily due to increased marketing and brand promotion efforts [3] Market Position and Strategy - The company has rapidly responded to public relations challenges and is focused on enhancing its brand image and market presence [3] - The report expresses confidence in the company's growth trajectory as a leading regional brand, supported by product optimization and channel expansion [4]