百亚股份（003006）：多重增长逻辑持续兑现，中长期成长动能充沛

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated strong performance in Q1 2025, with total revenue reaching 995 million yuan, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 131 million yuan, up 27.3% year-on-year, exceeding market expectations [7] - The company is experiencing a rapid recovery in e-commerce following short-term disruptions due to public sentiment, and is accelerating its offline national expansion, with significant growth in peripheral markets [7][10] - The management team is proactive, and the company is expected to maintain strong growth momentum in the medium to long term due to multiple growth drivers [10] Financial Data and Profit Forecast - Projected total revenue for 2025 is 4,281 million yuan, with a year-on-year growth rate of 31.5% [6] - The net profit attributable to shareholders is expected to reach 398 million yuan in 2025, reflecting a year-on-year increase of 38.5% [6] - Earnings per share are forecasted to be 0.93 yuan for 2025, with a projected gross margin of 53.2% [6] - The return on equity (ROE) is expected to be 22.2% in 2025, indicating strong profitability [6] Market Performance - The company's stock closed at 31.84 yuan on June 4, 2025, with a market capitalization of 13,646 million yuan [2] - The stock has shown a price range over the past year between 19.97 yuan and 34.99 yuan [2]