百亚股份：公司点评报告：24Q2收入表现超预期，电商及外围市场扩张提速

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a revenue of 1.532 billion RMB for H1 2024, representing a year-on-year increase of 61%, with a net profit attributable to shareholders of 180 million RMB, up 36.4% year-on-year. In Q2 alone, revenue reached 767 million RMB, a growth of 80% year-on-year, and net profit was 77 million RMB, increasing by 49% year-on-year [3][4]. - The product structure is continuously upgrading, with the "Free Point" product line generating 1.4 billion RMB in revenue for H1 2024, a growth of 69.7% year-on-year. The health product series saw even faster growth at 255.2% year-on-year, accounting for 42.3% of sanitary napkin revenue [3][4]. - The company is expanding its presence in peripheral provinces, with revenue from these areas growing by 65.6% year-on-year in H1 2024, and Q2 showing an 83.1% increase. E-commerce revenue surged by 176% year-on-year, with Q2 growth at 201.4% [4]. - The company is enhancing brand building and marketing efforts, with sales expenses reaching 541 million RMB in H1 2024, a 283.1% increase year-on-year. The company plans to maintain this investment level in H2 2024 to further increase market share [4]. Financial Forecasts - The company is projected to achieve net profits of 340 million RMB, 430 million RMB, and 540 million RMB for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 28x, 22x, and 17x [4][5]. - Total revenue is expected to grow from 2.144 billion RMB in 2023 to 5.122 billion RMB by 2026, reflecting a compound annual growth rate of approximately 24.67% [5]. - The company's gross margin is anticipated to improve to 54.4% in H1 2024, up 6.8 percentage points year-on-year, driven by an increase in high-margin products [3][4].