百亚股份：全力以赴备战38节

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company has proposed six new strategies to tackle increasing competition in the sanitary napkin industry, including new product structures, promotional scenarios, and user expansion [1]. - The company is focusing on expanding its market presence in peripheral provinces, with significant growth in sales expected outside its core five provinces [3]. - The financial forecast for the company shows a steady increase in revenue and net profit, with projected EPS of 0.66 yuan, 0.87 yuan, and 1.12 yuan for 2024, 2025, and 2026 respectively [4]. Financial Data and Valuation - The company's revenue is projected to grow from 1,612.14 million yuan in 2022 to 5,298.46 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.61% [4][11]. - The EBITDA is expected to increase from 318.54 million yuan in 2022 to 647.84 million yuan in 2026, indicating improved operational efficiency [4]. - The projected PE ratios for 2024, 2025, and 2026 are 34x, 26x, and 20x respectively, suggesting a favorable valuation trend as earnings grow [4]. Market Strategy - The company is implementing a "Spring Thunder Action" across various regions to enhance market penetration and resource allocation, aiming for a competitive edge in the market [2]. - The focus on health-oriented products, particularly those featuring probiotics, is expected to drive revenue growth and market share expansion in key provinces like Guangdong, Hunan, and Jiangsu [3].