百亚股份：舆情影响趋弱，长期成长无虞

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and performance [1]. Core Views - The report highlights that the impact of public sentiment on the company is weakening, suggesting a recovery in performance and a positive long-term growth trajectory [1]. - For 2024, the company is expected to achieve a revenue of 3.255 billion yuan, representing a year-on-year increase of 51.8%, and a net profit of 285 million yuan, up 19.7% year-on-year [1][4]. - The report emphasizes the ongoing product structure upgrade, particularly with the Free Point brand, which is projected to generate 3.037 billion yuan in revenue for 2024, reflecting a 60.7% increase year-on-year [2]. Summary by Sections Financial Performance - The company forecasts total revenue of 3.255 billion yuan for 2024, with a growth rate of 51.8% compared to the previous year [4]. - The net profit attributable to the parent company is projected to be 285 million yuan, marking a 19.7% increase year-on-year [4]. - The gross profit margin is expected to improve to 55.3% in 2024, up from 50.3% in 2023 [4]. Revenue Breakdown - Offline revenue for 2024 is anticipated to be 1.616 billion yuan, a 26.8% increase year-on-year, while online revenue is expected to reach 1.525 billion yuan, reflecting a significant growth of 103.9% [2]. - The report notes that the company is increasing its marketing expenditures, with a sales expense ratio of 41.3% in Q4 2024, which is a rise of 2.5 percentage points year-on-year [1]. Profitability Forecast - The projected net profits for the company from 2024 to 2026 are 285 million yuan, 380 million yuan, and 499 million yuan, respectively, with corresponding price-to-earnings ratios of 34.5X, 25.9X, and 19.7X [3].