百亚股份（003006）：2025Q1点评：Q1业绩超预期，期待规模效应提升后的盈利弹性

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q1 2025, the company achieved revenue of 999.5 million, net profit attributable to shareholders of 131 million, and net profit excluding non-recurring items of 129 million, representing year-on-year growth of 30%, 27%, and 32% respectively. The strong growth is attributed to high growth in core provinces and continued acceleration in peripheral provinces [2][6]. - The company's growth logic continues, with an emphasis on the potential for profit elasticity following brand momentum enhancement, and mid-term profit release is expected to accelerate [2][11]. Summary by Sections Revenue and Profit Performance - Q1 2025 revenue and profit figures exceeded expectations, driven by high growth in core provinces and a significant increase in peripheral provinces [2][6]. - The company reported a 30% increase in revenue, with the "Free Point" brand growing by 36% [11]. Channel and Market Growth - Core provinces saw a 27% increase in revenue, with a notable improvement in the Sichuan-Chongqing region. Peripheral provinces experienced a remarkable 125% growth [11]. - E-commerce channels grew by 9%, recovering from previous disruptions, with significant growth observed on platforms like Douyin [11]. Product and Profitability Insights - The product structure continues to improve, with the health product series showing strong growth and an increasing share of probiotics [11]. - Despite external pressures, the company maintained stable profit margins, with a slight increase in net profit margin by 0.2 percentage points [11]. Cash Flow and Financial Health - Q1 cash flow was impacted by seasonal factors, but the overall financial condition remains stable, with expectations for cash recovery in Q2 [11]. - The company is expected to see accelerated profit release in the medium term, driven by product structure optimization and market expansion [11]. Future Outlook - The company is viewed as a high-growth target in the sanitary products industry, with significant potential for profit improvement in the medium term [11]. - Projected net profits for 2025 and 2026 are 400 million and 540 million respectively, with corresponding price-to-earnings ratios of 29 and 22 [11].