百亚股份：“6.18”表现超预期，产品、品牌、渠道力向上共振

Investment Rating - The report maintains a "Buy" rating for Baiya Co Ltd (003006 SZ) [9] Core Views - The company's "6 18" performance exceeded expectations, with Free Point brand sales on Douyin and Tmall increasing by 290%+ and 120%+ respectively [2] - The company's product strength, brand power, and sales capabilities are resonating upwards [2] - The company's strategy is clear, e-commerce continues to exceed expectations, and the online-to-offline business model is gradually forming [2] - The company is expected to expand from regional to national markets and achieve high-speed growth [2] Financial Performance - Revenue is expected to grow from 2,144 million yuan in 2023 to 4,366 million yuan in 2026, with a CAGR of 26 7% [2] - Net profit is expected to grow from 238 million yuan in 2023 to 529 million yuan in 2026, with a CAGR of 30 4% [2] - EPS is expected to increase from 0 55 yuan in 2023 to 1 23 yuan in 2026 [2] - ROE is expected to increase from 17 2% in 2023 to 24 9% in 2026 [2] Product and Brand Development - The company launched the Pro+ series of probiotic sanitary napkins in Q2 2024, which has higher pricing and enhanced product strength compared to the basic probiotic series [2] - The Free Point brand achieved a gross margin of 57 7% for sanitary napkin products in Q1 2024, an increase of 5 8 percentage points year-on-year [2] - The company's brand exposure reached 1 5 billion+ during the "6 18" period, with a 330%+ increase in brand search volume [2] Market Expansion - The company achieved breakthroughs in potential platforms such as JD com, Tmall Supermarket, and Pinduoduo during the "6 18" period [2] - The Free Point brand ranked first in the new brand list on Tmall Supermarket, with a year-on-year growth of 270%+ [2] - The brand ranked second in the sales of sanitary napkins on Pinduoduo, with a year-on-year growth of 380%+ [2] Valuation - The company's P/E ratio is expected to decrease from 42 4 in 2023 to 19 1 in 2026 [2] - The company's P/B ratio is expected to decrease from 7 3 in 2023 to 4 8 in 2026 [2]