百亚股份（003006）：2025Q2外围市场高速开拓，看好后续拐点上扬

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a strong revenue growth of 15.12% year-on-year in the first half of 2025, with total revenue reaching 1.764 billion yuan [2] - The net profit attributable to the parent company for the same period was 188 million yuan, reflecting a growth of 4.64% year-on-year [2] - The company is focusing on expanding its product line, particularly in the sanitary napkin segment, which has seen significant growth [3] Financial Performance - In Q2 2025, the company achieved a revenue of 768 million yuan, a slight increase of 0.18% year-on-year, but the net profit decreased by 25.50% to 57 million yuan [2] - The company's cash flow from operating activities for the first half of 2025 was 68 million yuan [2] - The gross margin and net margin for Q2 2025 were 53.24% and 10.66%, respectively, showing a slight decrease in gross margin but an increase in net margin compared to the previous year [4] Product and Market Analysis - The company's flagship product line, the "Free Point" sanitary napkin series, generated 1.687 billion yuan in revenue, marking a year-on-year increase of 20.5% [3] - The revenue from offline channels reached 1.133 billion yuan, up 39.8% year-on-year, with significant growth in regions outside the core areas, showing a 124.2% increase [3] - Online channel revenue was 592 million yuan, experiencing a decline due to short-term market sentiment impacts, but the company is actively addressing these challenges [3] Profitability and Cost Control - The company maintained a relatively stable profitability level, with a cost control strategy reflected in the expense ratio of 40.65% for Q2 2025, a decrease of 0.76 percentage points year-on-year [4] - The increase in sales expense ratio is attributed to enhanced brand building and market promotion efforts [4] Investment Forecast - The company is expected to achieve revenues of 4.359 billion yuan, 5.614 billion yuan, and 7.101 billion yuan for the years 2025, 2026, and 2027, respectively [5] - The projected net profits for the same years are 374 million yuan, 484 million yuan, and 612 million yuan, with corresponding EPS of 0.87 yuan, 1.13 yuan, and 1.42 yuan [5] - The price-to-earnings ratio (PE) is expected to decrease from 34 times in 2025 to 21 times in 2027, indicating a favorable valuation trend [5]