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]

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 ...

3 月 21 日公司发布 2024 年度报告，24 年公司实现营收 32.54 亿 元，同比+51.8%，归母净利润 2.88 亿元，同比+20.7%，扣非归母 净利润 2.54 亿元，同比+17.77%。其中 24Q4 实现营收 9.29 亿元， 同比+39.1%，归母净利润 0.49 亿元，同比-12.0%。 电商、外围省份收入增速创新高，核心区域深耕份额进一步提升。 1 ） 分 区 域 ： 24 年 川 渝 / 云 贵 陕 / 外 围 / 电 商 渠 道 营 收 7.6/4.3/4.3/15.2 亿元（同比+11.5%/+18.9%/+82.1%/+104%），外 围战区延续加速成长态势，24 年电商/外围区域收入占比 46.9%/13.3%（+12/+2.2pct）；电商综合实力彰显，流量外溢+资 源倾斜策略下天猫等平台加速成长。2）分产品：24 年卫生巾/纸 尿 裤 /ODM 业 务 营 收 30.47/0.94/1.14 亿 元 （ 同 比 +59.9%/-20.5%/-6.1%）,主业卫生巾在大健康系列益生菌驱动下 保持快速成长。根据尼尔森，24 年公司自由点品牌市场份额在本 土卫生巾品牌中排名 ...

百亚股份（003006） 证券研究报告 化行业挑战为成长动力 公司发布 2024 年年报 24Q4 实现收入 9.29 亿，同比+39.10%；归母净利润 0.49 亿，同比-12.00%； 扣非归母净利润 0.28 亿，同比-36.80%； 24 年实现收入 32.54 亿，同比+51.77%；归母净利润 2.88 亿，同比+20.74%； 扣非归母净利润 2.54 亿，同比+17.77%。 公司报告 | 年报点评报告 24 年公司自由点产品实现营业收入 30.36 亿元，同比+ 60.6%，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，带动毛利率提升，24 年公司综合毛利 率和自由点产品毛利率分别为 53.2%和 55.8%，同比+ 2.9pct 和 0.9pct。 深耕优势地区，有序拓展市场，电商高增延续 公司继续深耕优势地区，加快电商渠道建设，有序拓展全国市场，坚持线 上线下渠道融合协同发展，通过市场推广和品牌宣传持续提升公司品牌影 响力。 24 年公司线下渠道实现营业收入 16.16 亿元，同比+26.7%，公司继续深耕 川渝云贵陕核 ...

证券代码：003006 证券简称：百亚股份 公告编号：2025-018 重庆百亚卫生用品股份有限公司 关于拟调整2021年股票期权与限制性股票激励计划 相关事项的公告 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 2025 年 3 月 21 日 召开的第四届董事会第四次会议和第四届监事会第四次会议分别审议通过了《关 于拟调整 2021 年股票期权与限制性股票激励计划相关事项的议案》。鉴于公司计 划于本次股票期权行权及限制性股票回购注销前实施完成 2024 年年度权益分派， 故董事会将根据《重庆百亚卫生用品股份有限公司 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 规定及公司 2021 年第二次临时股东大会授权，拟对本激励计划中股票期权的行 权价格、限制性股票的回购价格进行调整。现将相关事项公告如下： 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 ...

证券代码：003006 证券简称：百亚股份 公告编号：2025-012 重庆百亚卫生用品股份有限公司 关于注销 2021 年股票期权与限制性股票激励计划 部分股票期权的公告 3、2021 年 12 月 17 日，公司召开的 2021 年第二次临时股东大会审议通过 《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》。公司对内幕知情人及首次授予激励对象在自查期间买卖公司 股票情况进行了核查，并披露了《关于公司 2021 年股票期权与限制性股票激励 计划内幕信息知情人及首次授予激励对象买卖公司股票情况的自查报告》（公告 编号：2021-058）。 4、2022 年 1 月 14 日，公司召开的第三届董事会第四次会议和第三届监事 会第四次会议分别审议通过了《关于调整 2021 年股票期权与限制性股票激励计 划首次授予激励对象名单和授予数量的议案》和《关于向 2021 年股票期权与限 制性股票激励计划激励对象首次授予股 ...