20240419-国金证券-百亚股份-003006.SZ-1Q业绩表现靓丽_自由点加快升级_电商加速成长_4页_1011kb

公司财务业绩总结

14月19日，公司发布24Q1季报，报告期内公司实现营收765亿元（同比增长464%），归母净利润103亿元（同比增长281%），扣非归母净利润98亿元（同比增长306%），业绩表现超预期。其中，线下/电商营收分别为44亿/296亿元，同比增长167%/1505%，占比47%/39%。此外，线上渠道增速显著，24Q1电商营收同比增长1505%。

公司产品结构优化带动毛利率提升，综合毛利率和自由点毛利率分别达到54.4%和57.7%，同比提升7.5和5.8个百分点，创单季历史新高。高毛利产品如益生菌、有机纯棉等高端系列收入占比提高是主要推动力。公司积极拓展全国市场，重点发展广东、湖南、河北市场，同时优化销售团队分布，提高核心区域竞争力。

费用方面，24Q1销售费用率为344%（同比增长116%），主要系加大品牌宣传力度、代言人合作等推送所致；管理及研发费用率分别为2.7%和2%，同比变动-12/-5个百分点，费用控制效率提升。扣非归母净利率达12.8%，同比增长15个百分点，利润质量进一步优化。

需要注意的风险因素包括原材料价格波动、全国化进程不及预期、市场激烈竞争等。

未来预期

据预测，公司预计24-26年归母净利润分别为31亿、43亿、51亿元（对应PE分别为25x、20x、16x），维持“买入”评级。分析师看好公司本土头部品牌的地位，产品结构优化及渠道拓展将为长期增长提供动能。

Key Financial Performance

On January 19th, the company released its 24Q1 quarterly report. During the period, the company achieved RMB 76.5 billion in revenue (up 464% YoY), RMB 10.3 billion in net profit attributable to shareholders (up 281% YoY), and RMB 9.8 billion in non-GAAP net profit (up 306% YoY). The performance surpassed market expectations. Revenue from offline/direct sales channels saw increases of 167%/1505% YoY, contributing 47%/39% to total revenue.

The product portfolio optimization drove a significant improvement in gross margin, with composite and Free Point brand gross margins reaching 54.4% and 57.7% respectively (up 7.5/5.5pt YoY), setting a record for single-quarter performance. This was mainly attributed to higher revenue from premium product categories such as probiotics, organic cotton, and sensitive skin care. Efforts in brand building on the Omegle live streaming platform further enhanced marketing reach and brand strength.

To mitigate risks, the company continues to strengthen its existing market positions, selectively target underpenetrated provinces, and promote operational efficiency. Future path remains growth-focused in product development and channel expansion.

Future profit forecasts indicate RMB 3.1 billion, 4.3 billion, and 5.1 billion in net profits attributable to shareholders in 2024, 2025, and 2026 (PE: 25x, 20x, 16x), supporting a "Buy" recommendation. Analysts emphasize the company's potential for sustained growth via product innovation and channel expansion.

Note: Key risks include raw material volatility, national expansion risks, and competitive pressures.