百亚股份（003006）：成长逻辑进阶

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, representing a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 131 million yuan, up 27.3% year-on-year [1] - The company maintains its established development strategy, focusing on leveraging its strengths to enhance brand and product power while expanding its national market presence [1][4] - The increase in revenue is primarily attributed to significant growth in the offline market in peripheral provinces, with high-end product sales continuing to rise [1][2] Financial Performance - In Q1 2025, the company's gross margin was 53.32%, a decrease of 1.04 percentage points year-on-year, while the net profit margin was 13.1%, down 0.29 percentage points [1] - The company achieved a revenue of 6.50 billion yuan from offline channels, a 49.0% increase year-on-year, with peripheral provinces seeing a remarkable 125.1% growth [2] - The e-commerce channel generated 3.22 billion yuan in revenue, reflecting an 8.6% year-on-year increase [2] Brand and Market Strategy - The company is intensifying its brand-building efforts, with sales expenses reaching 338 million yuan in Q1 2025, a 28.5% increase year-on-year [3] - The company is actively addressing the impact of public sentiment from the 315 incident by enhancing transparency and communication with consumers and distributors [3] - The company is expected to continue improving its research and development capabilities and expanding its product line while optimizing its marketing network [3] Profit Forecast - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 370 million yuan, 480 million yuan, and 590 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding price-to-earnings ratios (PE) are projected to be 31X, 24X, and 19X for the same years [4] Financial Data Summary - The company’s total revenue is projected to grow from 2.14 billion yuan in 2023 to 6.43 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.45% [9] - The net profit is expected to increase from 238 million yuan in 2023 to 594 million yuan in 2027, with a CAGR of 23.28% [9] - The company’s earnings per share (EPS) is forecasted to rise from 0.55 yuan in 2023 to 1.38 yuan in 2027 [9]