百亚股份（003006）：舆情影响弱化，核心市场表现靓丽

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections [1][5]. Core Insights - The company reported a revenue of 999.5 million yuan in Q1 2025, representing a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 131 million yuan, up 27.3% year-on-year, indicating better-than-expected profit performance [1]. - The company is expected to see a gradual improvement in its business model as the impact of public opinion diminishes, with a focus on enhancing online and offline integration and brand strength [1][2]. - The offline channel revenue reached 650 million yuan in Q1 2025, a significant increase of 49.0% year-on-year, with the core five provinces showing strong growth, particularly in the Sichuan-Chongqing market [2]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 53.3%, and the net profit margin was 13.1%, with operating cash flow netting 7 million yuan, reflecting a healthy overall financial status despite some short-term fluctuations [3]. - The company forecasts net profits of 380 million yuan, 490 million yuan, and 640 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30.7X, 23.6X, and 18.1X [3][4]. Market Dynamics - The company has regained its top position in the sanitary napkin category on Douyin as of April 2025, despite a slight decline in GMV across major e-commerce platforms [2]. - The strategic partnerships with platforms like Tmall and the diversification of sales channels are expected to enhance market presence and customer engagement [2]. Growth Projections - The company anticipates total revenue growth rates of 32.0%, 31.2%, and 33.5% for the years 2025, 2026, and 2027 respectively, with a projected gross margin increase to 56.6% by 2027 [4].