百亚股份（003006）：品牌势能持续累积，线下渠道保持高增

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 33.7 CNY per share [2][7]. Core Insights - The company reported a revenue of 1.0 billion CNY in Q1 2025, representing a year-on-year increase of 30.1%. The net profit attributable to the parent company was 130 million CNY, up 27.3% year-on-year, while the net profit excluding non-recurring items was also 130 million CNY, reflecting a 32.4% increase year-on-year [2][7]. - The company continues to optimize its product structure, focusing on the hygiene product series, with the probiotic product line expected to be a key growth driver in 2025 [7]. - The impact of public sentiment on sales is gradually diminishing, with online sales growing by 8.6% year-on-year to 320 million CNY in Q1 2025, while offline sales surged by 49.0% year-on-year to 650 million CNY [7]. - The company's gross margin stood at 53.3%, with a slight year-on-year decrease of 1.0 percentage points, but an increase of 4.4 percentage points compared to the previous quarter [7]. - The report forecasts that the company will achieve net profits of 370 million CNY, 500 million CNY, and 630 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 26, and 20 [7]. Financial Summary - The total revenue is projected to grow from 3.254 billion CNY in 2024 to 6.523 billion CNY by 2027, with year-on-year growth rates of 51.8%, 32.8%, 26.6%, and 19.2% respectively [2][8]. - The net profit attributable to the parent company is expected to increase from 288 million CNY in 2024 to 627 million CNY in 2027, with growth rates of 20.7%, 29.8%, 33.0%, and 26.3% respectively [2][8]. - The company’s total assets are projected to rise from 2.151 billion CNY in 2024 to 3.160 billion CNY in 2027 [8].