百亚股份（003006）：益生菌系列龙头品牌，非核心市场拓展正当时

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is a leading brand in the probiotic series, focusing on health products, and is well-positioned for market expansion [3][6]. - The company has implemented a marketing strategy that emphasizes deepening its presence in core markets while expanding into other provinces and enhancing e-commerce capabilities [6][24]. - The company has a stable shareholding structure and an experienced management team, which contributes to its operational stability [9][38]. - The company is committed to product innovation, focusing on health-related products that address consumer pain points [44][45]. - The e-commerce channel is expected to recover to normal growth rates after a temporary adjustment period [46]. Financial Forecast - The company is projected to achieve revenues of 39.54 billion, 50.06 billion, and 64.55 billion yuan from 2025 to 2027, with year-on-year growth rates of 21.50%, 26.61%, and 28.96% respectively [5][77]. - The net profit attributable to shareholders is expected to be 3.57 billion, 4.81 billion, and 6.62 billion yuan for the same period, with growth rates of 24.15%, 34.74%, and 37.62% respectively [5][77]. - The current market valuation corresponds to P/E ratios of 31.0, 23.0, and 16.7 for 2025 to 2027 [5][77]. Industry Overview - The market for absorbent hygiene products in China is projected to reach 132.13 billion yuan in 2024, with a year-on-year growth of 13.8% [57]. - The female hygiene products market is expected to grow significantly, with a market size of 86.71 billion yuan in 2024, reflecting a growth of 23.3% [57]. - The industry is experiencing a trend of consumption upgrading, with increasing demand for high-end products [55][57].