百亚股份（003006）：收入增长亮眼，产品与渠道稳步拓展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive revenue growth, with a year-on-year increase of 51.8% in 2024, reaching 3.25 billion yuan. The net profit attributable to the parent company also increased by 20.7% to 287.67 million yuan [7]. - The company is successfully expanding its product range and channels, particularly in the e-commerce sector, which saw a revenue increase of 103.8% year-on-year [7]. - The report highlights the company's focus on high-end product lines, which has led to an improvement in gross margin, reaching 53.2% in 2024, up by 2.9 percentage points [7]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 4.46 billion yuan in 2025, 5.70 billion yuan in 2026, and 6.99 billion yuan in 2027, with growth rates of 37.08%, 27.70%, and 22.78% respectively [2]. - Net Profit Forecast: The net profit attributable to the parent company is expected to grow to 376.50 million yuan in 2025, 499.71 million yuan in 2026, and 629.52 million yuan in 2027, with growth rates of 30.88%, 32.73%, and 25.98% respectively [2]. - Earnings Per Share (EPS): EPS is projected to increase from 0.67 yuan in 2024 to 1.47 yuan in 2027 [2]. - Return on Equity (ROE): ROE is expected to rise from 19.84% in 2024 to 32.02% in 2027 [2]. Product and Channel Development - The company has successfully optimized its product structure, with a significant increase in the proportion of mid-to-high-end products. The gross margin for sanitary napkin products reached 55.6%, up by 1.2 percentage points [7]. - E-commerce and offline channels have both shown strong growth, with e-commerce revenue doubling and offline revenue increasing by 26.7% [7]. - The company is focusing on expanding its market presence in key regions, including Guangdong, Hunan, Hubei, Hebei, and Jiangsu, with expected revenue growth rates of 80%, 60%, and 50% from 2025 to 2027 [9]. Market Position and Strategy - The company is positioning itself as a leading player in the sanitary napkin market, with a strategic focus on enhancing brand recognition and expanding its consumer base through increased marketing efforts [7]. - Following a short-term public relations challenge, the company has implemented measures to restore its business, particularly in the e-commerce sector, where it has seen positive feedback from initiatives like transparent factory live streams [7].