百亚股份：全渠道捷报频传，期待38表现-20250228

Investment Rating - The report maintains a "Buy" rating for the company [4][6][18] Core Views - The company has achieved top rankings on multiple e-commerce platforms, including Tmall and Pinduoduo, which sets a strong foundation for the upcoming March 8th sales campaign [1][2] - The management team and distributors are actively engaged in promoting the brand and utilizing innovative marketing strategies to enhance store performance during the March 8th festival [2][3] - The company is focusing on brand strength and customer acquisition through various marketing initiatives, including collaborations with brand ambassadors and unique promotional events [3][4] Financial Projections - The company expects to achieve a net profit of 290 million, 370 million, and 480 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 35, 27, and 21 [4][5] - Revenue is projected to grow significantly from 1.61 billion yuan in 2022 to 5.30 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.61% [5][12] - The EBITDA is expected to increase from 318.54 million yuan in 2022 to 647.84 million yuan in 2026, indicating strong operational performance [5][12] Key Financial Metrics - The company's earnings per share (EPS) is projected to rise from 0.44 yuan in 2022 to 1.12 yuan in 2026 [5][12] - The gross margin is expected to improve from 45.11% in 2022 to 54.19% in 2026, showcasing enhanced profitability [13] - The asset-liability ratio is forecasted to increase from 26.05% in 2022 to 35.48% in 2026, indicating a stable financial structure [13]