市场份额提升加速，盈利提升可期 现金流改善，营运能力稳定。2023 年净经营现金流为 3.31 亿元（同比+0.98 亿元），单 Q4 为 1.20 亿元（同比+0.36 亿元）。营运能力方面，截至 2023Q4， 应收账款周转天数为 28.02 天（同比-5.65 天），应付账款周转天数为 70.76 天（同比-0.88 天），存货周转天数为 59.34 天（同比-9.91 天）。 百亚股份（003006.SZ） 产品结构持续升级，渠道扩张稳步推进。1）产品端：2023 年自由点品牌收 入 18.90 亿元（同比+41.2%），大健康系列放量驱动单价上行&毛利率提 升，2023 年综合毛利率提升至 50.3%（同比+5.2%），综合片单价同比+9% 左右，2024 年大健康占比预计进一步提升至 40%左右（2023 年为 26%）。 2）渠道端：电商&非核心市场增长靓丽，2023 年电商渠道实现收入 7.48 亿元（同比+101.5%），2024 年预计延续高增、目标实现个位数盈利；外 围市场收入增长逐季提速，2023 年核心五省/外围省份分别实现收入 10.37/2.38 亿元（同比+13.5%/21.2 ...

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 编号：2024-002 □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 投资者关系活动类别 □现场参观 ☑其他（投资者电话会议） 参与单位名称 具体名单详见附件，排名不分先后 及人员姓名 时间 2024年3 月23日 地点 电话会议 董事长冯永林先生，董事会秘书、财务总张黎先生，营销总曹业林先 上市公司接待人员姓名 生，生产总彭海麟先生，电商总朱慧女士 一、介绍公司 2023年度业绩基本情况 2023 年公司实现营业收入 21.44 亿元，较去年同期增长 33.0%， 归属于上市公司股东的净利润2.38亿元，较去年同期增长27.2%。 从产品端来看，2023 年自由点收入 18.9 亿元，大健康中高端系 列收入增速更快，2023 年全年占卫生巾比重为 26.2%，单 4 季度占比 ...

风险提示：电商渠道竞争加剧影响盈利，全国化扩张进程低于预期。 公司点评 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 与公司有关的信息披露 本公司隶属于申万宏源证券有限公司。本公司经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司关联机构在法 律许可情况下可能持有或交易本报告提到的投资标的，还可能为或争取为这些标的提供投资银行服务。本公司在知晓范围内依法合 规地履行披露义务。客户可通过 compliance@swsresearch.com 索取有关披露资料或登录 www.swsresearch.com 信息披露栏 目查询从业人员资质情况、静默期安排及其他有关的信息披露。 请务必仔细阅读正文之后的各项信息披露与声明 第 4 页 共 4 页 简单金融 成就梦想 上 市 公 司 | --- | --- | |-----------------------------|- ...

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 ...