百亚股份：国庆目标高额达成

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong growth potential in the hygiene product industry [3][5][13]. Core Insights - The company achieved significant sales targets during the National Day holiday, completing its foundational goals three days early and reaching a 90% challenge target, which sets a strong foundation for Q4 and future growth [1]. - The company is positioned to capitalize on the restructuring opportunities within the sanitary napkin industry, with a focus on core markets, e-commerce, and expansion into peripheral provinces [3]. - Financial forecasts predict a continuous increase in net profit, with estimates of 340 million, 440 million, and 550 million for the years 2024, 2025, and 2026 respectively, reflecting a robust growth trajectory [3][4]. Financial Performance Summary - Revenue is projected to grow from 2,144.15 million in 2023 to 4,865.98 million by 2026, with a compound annual growth rate (CAGR) of approximately 22.15% [4][9]. - The company's net profit is expected to increase from 238.25 million in 2023 to 545.33 million by 2026, indicating a strong recovery and growth potential [4][9]. - The earnings per share (EPS) is forecasted to rise from 0.55 in 2023 to 1.27 by 2026, showcasing improved profitability [4][9]. Market Strategy - The company has set ambitious sales targets for the National Day period, achieving a 140% completion rate in key markets and establishing a strong online presence with a 105% target completion rate during the same period [2]. - The online team has effectively coordinated efforts to prepare for the upcoming Double 11 shopping festival, ensuring resource availability and maximizing sales opportunities [2]. Valuation Metrics - The report provides a valuation with a price-to-earnings (P/E) ratio projected to decrease from 44.92 in 2023 to 19.63 by 2026, indicating an attractive valuation as earnings grow [4][9]. - The price-to-book (P/B) ratio is expected to decline from 7.72 in 2023 to 5.58 by 2026, further supporting the investment case [4][9].