百亚股份：业绩快速增长，成长性凸显

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved rapid revenue growth, with a 61.31% year-on-year increase in revenue to 1.532 billion yuan in H1 2024, and a 36.41% increase in net profit to 180 million yuan [3] - E-commerce and offline peripheral markets are accelerating growth, with significant contributions from various regions [3] - The health product series is driving an increase in gross margin, with a notable 255.2% year-on-year growth in revenue from probiotic products [3] - The company is increasing its investment in marketing and resources to capture market share, expecting to maintain this momentum [3] - The company is projected to achieve net profits of 326 million, 432 million, and 557 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28.7, 21.6, and 16.8 [3] Financial Performance - In H1 2024, the company reported revenue of 1.532 billion yuan, a 61.31% increase year-on-year, and a net profit of 180 million yuan, up 36.41% [3] - The revenue for Q2 2024 was 767 million yuan, reflecting a 79.56% year-on-year growth, with net profit increasing by 49.37% to 77 million yuan [3] - The company’s gross margin reached 54.4% in H1 2024, an increase of 6.8 percentage points year-on-year [3] - The projected revenue growth rates for the next few years are 43.01% for 2024, 31.68% for 2025, and 22.20% for 2026 [5] Market Expansion - The company is focusing on expanding its e-commerce channels, which generated 653 million yuan in revenue in H1 2024, a 175.99% increase year-on-year [3] - The company is also expanding its presence in peripheral markets, with revenue contributions from various regions showing significant growth [3] Product Development - The company is optimizing its product structure, with health-related products accounting for 42.3% of sanitary napkin revenue [3] - The introduction of new high-end probiotic products is aimed at expanding the customer base [3]