百亚股份：25年趋势延续逻辑加强

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant revenue increase of 52% year-on-year for 2024, reaching 3.25 billion yuan, while the net profit attributable to the parent company is expected to grow by 20% to 290 million yuan [1][5]. - The revenue growth is attributed to the company's focus on optimizing product structure, enhancing brand building, and expanding into e-commerce and emerging channels [1]. - The company is expected to continue its growth trajectory in 2025, driven by product structure optimization, e-commerce growth, and market expansion [1]. Financial Performance - In Q4 2024, the company achieved a revenue of 930 million yuan, a year-on-year increase of 39%, but the net profit attributable to the parent company decreased by 16% to 47 million yuan [1]. - The company's gross margin for 2024 is projected to be 53.1%, an increase of 2.8 percentage points year-on-year, driven by a higher proportion of mid-to-high-end products [2]. - The company’s revenue from its probiotic product line is expected to continue growing rapidly, with a focus on health products in the coming years [2]. Market Strategy - The company is deepening its presence in key regions while accelerating e-commerce development, achieving a 103.8% year-on-year revenue increase in the e-commerce channel [3]. - The company plans to enhance its market penetration in both core provinces and peripheral regions, with a focus on product iteration and optimization [3]. - The company aims to adapt its strategies to the evolving market environment, particularly on platforms like Douyin and Tmall, to boost revenue growth [4]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 290 million, 370 million, and 480 million yuan respectively [5]. - The price-to-earnings ratio (P/E) is projected to decrease from 35 in 2024 to 20 in 2026, indicating an improving valuation as the company grows [5].