百亚股份（003006）：外埠省份高增为核心驱动，期待后续盈利弹性

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In Q3 2025, the company achieved revenue of 859 million yuan, a year-on-year increase of 8.33%, while net profit attributable to the parent company decreased by 3.89% to 57 million yuan. The adjusted net profit increased by 2.27% to 55 million yuan [2][6]. - The revenue growth rate improved compared to Q2, driven by significant growth in peripheral provinces (+94%), while the decline in e-commerce revenue narrowed [2][12]. - The product structure continued to improve, although profit margins slightly declined, primarily due to e-commerce challenges. The gross margin and net profit margin decreased by 0.3 and 0.8 percentage points year-on-year, respectively [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.623 billion yuan, a 12.80% increase year-on-year, with net profit attributable to the parent company rising by 2.53% to 245 million yuan [6]. - In Q3 2025, the company’s revenue was 859 million yuan, with a year-on-year growth of 8.33%, while net profit attributable to the parent company was 57 million yuan, down 3.89% [2][6]. Revenue Breakdown - In Q3, revenue from the core five provinces grew by 1%, while revenue from peripheral provinces surged by 94%. E-commerce revenue saw a decline of 11% year-on-year, but the rate of decline improved compared to previous quarters [12]. - The company is focusing on expanding its market share in peripheral provinces, which is expected to be a key growth driver over the next 2-3 years [12]. Product Development - The company is increasing its focus on health products, with significant growth in the probiotic and organic cotton series, which saw a revenue increase of 35.5% year-on-year in Q3 2025 [12]. - The introduction of new product lines, such as the "万里挑 E" series, is anticipated to be a focal point for future growth [12]. Market Outlook - The company is expected to maintain its competitive edge in the offline market, with steady growth anticipated in core provinces and high growth in peripheral regions, particularly in economically developed coastal areas [12]. - E-commerce is viewed as a critical platform for brand building and customer acquisition, with adjustments in strategy expected to lead to a gradual reduction in losses and eventual profitability [12]. - The company is projected to achieve net profits of approximately 330 million, 460 million, and 600 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29.6, 21.2, and 16.1 times [12].