百亚股份：2024Q3收入符合市场预期，市场开拓高效推进

Investment Rating - The investment rating for the company is "Buy" with a target price set based on the latest closing price of 25.69 CNY per share [1][4]. Core Insights - The company reported a revenue of 2.325 billion CNY for the first three quarters of 2024, reflecting a year-on-year growth of 57.51%. The net profit attributable to the parent company was 239 million CNY, up 30.77% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 793 million CNY, a year-on-year increase of 50.64%, while the net profit was 59 million CNY, growing 16.10% year-on-year [2]. - The cash flow from operating activities for the first three quarters of 2024 was 222 million CNY, showing a stable performance with a year-on-year increase of 5.20% [2]. Summary by Sections Revenue Performance - The company’s revenue growth in Q3 2024 was in line with market expectations, driven by the strong performance of its core product lines, particularly the probiotic series, which saw a remarkable year-on-year growth of 255.2% [2]. Profitability Analysis - The gross margin for Q3 2024 was 55.80%, an increase of 4.20 percentage points year-on-year, while the net margin was 7.42%, a slight decrease of 2.21 percentage points year-on-year. The increase in gross margin is attributed to the continued growth of core product categories [3]. - The company’s selling expenses increased significantly, leading to a rise in the expense ratio to 48.01% in Q3 2024, up 8.22 percentage points year-on-year [3]. Financial Forecast - Revenue forecasts for 2024-2026 have been revised upwards to 3.216 billion CNY, 4.020 billion CNY, and 4.824 billion CNY respectively. However, profit forecasts have been adjusted downwards due to increased expenses, with expected net profits of 320 million CNY, 426 million CNY, and 534 million CNY for the same period [4][6]. - The earnings per share (EPS) are projected to be 0.75 CNY, 0.99 CNY, and 1.24 CNY for 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [4][6].