百亚股份（003006）：2024年年报点评：大单品持续放量，电商渠道加速弯道超车

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 3.254 billion yuan in 2024, representing a year-on-year increase of 51.77%, and a net profit attributable to shareholders of 288 million yuan, up 20.74% year-on-year [6][10] - The company continues to focus on its established development strategy, enhancing brand strength, optimizing product structure, and expanding its market presence through e-commerce and emerging channels [7][10] - The company has seen significant growth in its e-commerce channel, with online sales reaching 1.525 billion yuan in 2024, a year-on-year increase of 103.8% [7][10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.254 billion yuan, with a net profit of 288 million yuan, and a non-recurring net profit of 254 million yuan [6][10] - The fourth quarter of 2024 saw a revenue of 929 million yuan, a year-on-year increase of 39.10%, but a decline in net profit by 12.00% [6][10] Growth Drivers - The company's flagship product line, "Free Point," generated 3.036 billion yuan in revenue, marking a 60.6% increase year-on-year [7] - The health product series, particularly the probiotic range, has shown even faster growth [7] - The company is deepening its market presence in five core provinces while expanding into new regions, with significant revenue growth in peripheral provinces [7] E-commerce and Brand Development - The company is investing heavily in brand building and marketing, with sales expenses increasing by 83.2% to 1.226 billion yuan in 2024 [7] - Research and development expenses reached 72 million yuan, with 15 new patents filed [7] - The company launched new products in the probiotic series, enhancing its product offerings and market competitiveness [7] Future Projections - Revenue projections for 2025-2027 are 4.309 billion yuan, 5.358 billion yuan, and 6.459 billion yuan, respectively, with corresponding net profits of 375 million yuan, 474 million yuan, and 571 million yuan [10][11] - The company is expected to maintain a strong return on equity (ROE) of 24% in 2025, increasing to 31% by 2027 [10][11]