百亚股份：2023年报及2024年一季报点评：产品结构持续优化，电商渠道收入高增

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 25.6 CNY per share [1]. Core Insights - The company reported a revenue of 2.14 billion CNY and a net profit attributable to shareholders of 240 million CNY for 2023, reflecting year-on-year growth of 33.0% and 27.2% respectively. For Q1 2024, the revenue reached 770 million CNY, with a net profit of 100 million CNY, showing year-on-year increases of 46.4% and 28.1% [1]. - The health product series has seen an increase in revenue contribution, with the e-commerce channel continuing to perform strongly. The sanitary napkin product line achieved a revenue of 1.89 billion CNY in 2023, growing by 41% year-on-year [1]. - The company is focusing on optimizing its product structure and expanding its market presence, particularly in the five core provinces and surrounding areas, with significant growth in e-commerce channels [1]. Financial Performance Summary - For 2023, the company achieved a gross margin of 50.3%, up by 5.2 percentage points year-on-year. The net profit margin was 11.1%, a slight decrease of 0.5 percentage points [1]. - In Q1 2024, the gross margin improved to 54.4%, with a net profit margin of 13.4%, reflecting a year-on-year increase of 7.5 percentage points and a decrease of 1.9 percentage points respectively [1]. - The company expects to achieve net profits of 320 million CNY, 400 million CNY, and 500 million CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32, 26, and 21 [1][7].