百亚股份：全年实现收入增速52%，短期行业舆情事件不改长期发展趋势

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][8] Core Views - The company achieved a revenue growth of 51.8% year-on-year in 2024, with total revenue reaching 3.255 billion [2][3] - The net profit attributable to the parent company was 285 million, reflecting a year-on-year increase of 19.69% [2][3] - Despite short-term impacts from industry public opinion events, the long-term growth trajectory remains intact, supported by ongoing channel expansion and product optimization strategies [2][8] Financial Performance Summary - In 2024, the company reported a total revenue of 3.255 billion, up 51.8% year-on-year, and a net profit of 285 million, up 19.69% [2][3] - The fourth quarter revenue was 930 million, showing a year-on-year increase of 39.18%, while the net profit for the same period was 47 million, up 16.49% [3] - The company’s gross margin for the year was 53.1%, an increase of 2.8 percentage points year-on-year, driven by product structure optimization [7] Product and Channel Analysis - The revenue from the company's flagship product line reached 3.037 billion, growing by 60.7% year-on-year, with probiotics series products showing even faster growth [6] - Online sales accounted for 1.525 billion, a significant increase of 104% year-on-year, while offline sales reached approximately 1.62 billion, up 26.8% [6] - The average transaction price increased by approximately 5% due to a higher proportion of mid-to-high-end products [6] Profitability and Cost Structure - The total sales expenses for 2024 were 1.226 billion, reflecting an increase of 83.3% year-on-year, with a sales expense ratio rising by 6.5 percentage points [7] - The company is expected to continue facing high sales expenses due to increased online traffic costs and brand promotion efforts in response to industry events [8] Future Outlook - The company is projected to achieve net profits of 285 million, 368 million, and 479 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 36, 28, and 21 [2][8] - The long-term outlook remains positive as the company continues to enhance its market position through product innovation and effective marketing strategies [8]