百亚股份(003006)2024年报点评：24年营收增速靓丽 关注公司长期增长潜力

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]