证券研究报告 美容护理 | 个护用品 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 13 日 百亚股份(003006.SZ) 投资评级： 买入（首次） ——国内优质卫生巾品牌 大单品持续放量 投资要点： 风险提示：市场竞争日益加剧的风险；原材料价格波动的风险；营销网络拓展的风险。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com | 基本数据 | | 年 | 11 | 日 | | | | 06 | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 29.21 | | | | | | | | | 一 年 最 低 | 高 | | | | 内 | 最 | / | | | | | （元） | | | | | | | | | 34.99/19.97 | | | 总市值（百万元） | | | | | | | | | 12,551.12 | | | 流通市值（百 ...

Core Viewpoint - The report by Huayuan Securities on Baiya Co., Ltd. highlights the company's strong position in the domestic disposable hygiene products market, particularly in sanitary napkins, and assigns a "Buy" rating for the stock [1][4]. Company Overview - Baiya Co., Ltd. was established in 2010 and specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products. The company owns well-known brands such as "Free Point," "Good," and "Danning." It primarily sells through distributors, key accounts, and e-commerce channels, focusing on a multi-brand strategy to cater to consumers of all ages [2][3]. Competitive Advantages - **Channel Strategy**: The company is expanding its market presence through a focused marketing strategy in key regions, particularly in the Sichuan-Chongqing area, while also enhancing its e-commerce and emerging channel capabilities. It has a strong market share in key provinces, ranking first in Chongqing, Sichuan, and Yunnan, and second in Guizhou and Shaanxi [3]. - **Brand Development**: Baiya is concentrating on health-oriented product lines, continuously upgrading its offerings to enhance brand strength. The introduction of the Pro series of probiotics is aimed at younger consumers and professionals, which has received positive market feedback [3]. - **Research and Development**: The company is increasing its R&D investments to maintain its industry-leading position. It focuses on high-end products and has expanded its product matrix to include various innovative offerings, which has contributed to the growth of its sanitary napkin sales [3]. Financial Projections - Baiya's revenue is projected to reach 4.48 billion, 5.50 billion, and 6.57 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.5%, 23.0%, and 19.3%. The net profit is expected to be 380 million, 500 million, and 610 million yuan for the same years, with growth rates of 33.8%, 28.9%, and 23.0% [4]. - The current price-to-earnings (PE) ratios are projected to be 33, 25, and 21 for the years 2025, 2026, and 2027, respectively. Comparatively, similar companies in the personal care sector have a PE ratio of 63 for 2025 [4]. Market Position - Baiya Co., Ltd. is recognized as a leading domestic brand in the sanitary napkin market, with a significant market share and a strong competitive edge in key provinces. The company's focus on e-commerce and health-oriented products is expected to drive future growth [2][4].

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