百亚股份：业绩快报点评：收入表现亮眼，多重增长逻辑持续加速兑现

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported impressive revenue performance with a total revenue of 3.255 billion yuan in 2024, representing a year-on-year growth of 51.8%. The net profit attributable to the parent company was 285 million yuan, up 19.7% year-on-year [6] - Multiple growth drivers are accelerating, including the continued success of probiotic products, high growth in e-commerce revenue, steady offline national expansion, and a proactive management team [6] - The company focuses on health products, particularly probiotics, with revenue from the "Free Point" brand reaching 3.037 billion yuan in 2024, a 60.7% increase year-on-year [6] - E-commerce revenue grew significantly, achieving 1.525 billion yuan in 2024, a 103.8% increase year-on-year, driven by strong brand presence on platforms like Douyin and Tmall [6] - Offline expansion is also progressing, with revenue from offline channels reaching 1.616 billion yuan, a 26.8% increase year-on-year, particularly in peripheral markets [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.144 billion yuan in 2023 to 5.646 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 29.4% [4] - The gross profit margin is expected to improve from 53.1% in 2024 to 56.6% in 2026, reflecting a positive trend in product positioning and sales [4] - The return on equity (ROE) is forecasted to increase from 19.7% in 2024 to 26.8% in 2026, indicating enhanced profitability [4]