百亚股份（003006）：疫情影响有望逐步淡化，线下外围市场持续高速增长

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][16]. Core Views - The impact of public sentiment is expected to gradually fade, with continued rapid growth in offline peripheral markets [1]. - The company's brand momentum is driving rapid growth in offline channels, with Q1 2025 revenue reaching 999.5 million, a year-on-year increase of 30.10% [1][9]. - Despite the impact of public sentiment events in December and March, the company has effectively responded through marketing and strong product capabilities, leading to significant overall performance growth [1][9]. Revenue and Profitability - In Q1 2025, the company achieved a net profit of 131 million, up 27.27% year-on-year, and a non-recurring net profit of 129 million, up 32.40% year-on-year [1][9]. - The revenue from the "Free Point" product line reached 952 million, growing 35.8% year-on-year, with mid-to-high-end health products accounting for nearly 60% of the revenue [2][9]. - The offline channel performed strongly, generating 650 million in revenue, a year-on-year increase of 49.0% [2][9]. Channel Performance - The core five provinces saw a year-on-year growth of 26.7%, while the peripheral market achieved a remarkable revenue growth of 125.1% [2][9]. - The e-commerce channel faced significant short-term impacts from public sentiment events, with Q1 revenue of 322 million, growing only 8.6% year-on-year [2][9]. Profitability Metrics - The gross margin and net margin for Q1 2025 were 53.32% and 13.12%, respectively, with slight year-on-year declines of 1.04 and 0.29 percentage points [3][10]. - The company has optimized its product structure, leading to a year-on-year increase of approximately 7% in average transaction value [2][9]. Financial Forecasts - The company has revised its net profit forecasts for 2025-2027 to 368 million, 483 million, and 627 million, respectively, with corresponding P/E ratios of 31, 24, and 18 [4][16]. - Projected revenue for 2025 is 4,366 million, reflecting a growth rate of 34.1% [5][19].