证券研究报告 | 公司点评 | 文娱用品 短期盈利承压，新品类&全球布局增量明确 ——浙江自然点评报告 投资要点 ❑ 公司发布 2025H1 业绩： 1）水上用品：水上用品通过越南基地生产，有效规避了贸易壁垒，享受关税红 利，越南工厂采购模式使得双方利益深度绑定，公司基于原有客户关系订单拓展 确定性较高。 2）保温箱包：公司瞄准户外露营、越野、垂钓等场景对食品保鲜的刚性需求， 切入市场规模巨大的保温箱领域。通过柬埔寨美御基地深度绑定行业头部客户 （如 RTIC），利用客户示范效应 ，迅速打开市场。该品类技术壁垒较高，毛利 率可观，是未来利润贡献的重要来源。 ❑ 全球化产能布局深化，供应链韧性显著增强 公司通过越南、柬埔寨和摩洛哥三大海外基地形成了强大的供应链网络。越南基 地主要生产水上用品，目前海外无明确大型竞争对手，预计随着全球户外运动市 场的持续增长和消费者对水上用品需求的提升，越南基地将显示出强劲的盈利能 力。保温硬箱美国对越南等地区亦有额外关税，柬埔寨基地（美御）作为保温箱 包的专用生产基地，产能具有高稀缺性，潜在客户拓展可期。同时，摩洛哥基地 正在建设中，预计与柬埔寨公司、越南公司共同形成协同效应， ...

9月5日早盘，体育产业概念大幅高开，力盛体育（002858.SZ）、舒华体育（605299.SH）竞价涨停。此外，华洋 赛车（834058.BJ）、金陵体育（300651.SZ）等多只个股集体高开。 消息面上，国务院办公厅近日印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》（以下简称 《意见》）。其中提出，到2030年培育一批具有世界影响力的体育企业和赛事，推动体育产业总规模超7万亿 元。 多维驱动体育用品供给升级 据了解，《意见》提出6项20条重点举措，全方位推动体育产业升级。 在供给端，《意见》要求从丰富体育赛事活动、发展户外运动产业、培育壮大冰雪经济、推动体育用品升级等方 面扩大体育用品供给。 在丰富体育赛事活动方面，《意见》提出，出台赛事经济发展专项政策。构建多项目多层次赛事体系，提高职业 赛事发展水平，培育一批具有自主知识产权和国际影响力的品牌赛事。支持新兴体育项目赛事活动健康规范开 展。 在推动体育用品升级方面，《意见》提出，加大体育科技研发和转化力度，发挥重大专项资金、重大科技项目等 引导作用，组织产学研用协同攻关，研发一批运动员竞技、训练、测试、康复装备器材。鼓励体育企业与高校、 ...

体育产业板块高开，力盛体育、舒华体育涨停，华洋赛车涨超20%，金陵体育、夜光明、康比特涨超 10%，中体产业、一诺威、共创草坪、康力源、浙江自然跟涨。 ...

在市场风格切换的当下，高股息+低估值潜力股票更具备防守能力。 据新华社9月4日消息，国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意 见》(以下简称《意见》)，提出到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产业 发展水平大幅跃升，总规模超过7万亿元，在构建新发展格局中发挥重要作用。 《意见》提出6项20条重点举措。一是扩大体育产品供给，丰富体育赛事活动，优化赛事服务管理，发 展户外运动产业，培育壮大冰雪经济，推动体育用品升级。二是激发体育消费需求，拓展体育消费场 景，举办体育消费活动，实施消费惠民举措，扩大体育消费群体。三是壮大体育经营主体，做大做强体 育企业，搭建优质对接平台，深化体育产业交流合作。四是培育体育产业增长点，深化行业融合发展， 促进区域协调发展，推动体育数字化发展。五是强化产业要素支撑，加强人才队伍建设，加大金融支持 力度，丰富体育场地供给。六是提升服务保障水平，营造良好市场环境，做好体育产业统计监测工作。 体育消费成为扩内需的重要抓手。早前，国常会指出，发展体育产业和体育消费是落实扩大内需战略的 重要内容，要激发体育消费需求，拓展体育消费场景，鼓励各 ...

丨证券研究报告丨 公司研究丨点评报告丨浙江自然（605080.SH） [Table_Title] 浙江自然 2025H1 业绩点评：短期业绩承压，期 待经营回暖 报告要点 [Table_Summary] 浙江自然 2025H1 实现营收 6.9 亿元，同比+14.2%，归母净利润 1.5 亿元，同比+44.5%；其 中 Q2 实现营收 3.3 亿元，同比+0.7%，归母净利润 0.5 亿元，同比-20.1%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 浙江自然（605080.SH） cjzqdt11111 [Table_Title 浙江自然 2025H1 2] 业绩点评：短期业绩承压，期 待经营回暖 [Table_Summary2] 事件描述 浙江自然 2025H1 实现营收 6.9 亿元，同比+14.2%，归母净利润 1.5 亿元，同比+44.5%；其 中 Q2 实现营收 3.3 亿元，同比+0.7 ...

2025年09月02日 证券研究报告 | 纺服新消费研究：户外行业专题 专业驱动增长，品牌分层竞逐，国产加速崛起 行业研究 · 行业专题 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 行业概览：从专业到破圈，从高端到下沉，高景气增长持续 02 品牌竞争力梳理：品牌分层竞逐，龙头品牌各具优势 品牌大单品梳理：高端品牌产品矩阵完善，电商品牌爆品策 略明显 03 产业链梳理：国际龙头供应商垄断高端市场，国内制造商受 益于行业景气增长 04 05 风险提示和投资建议 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 行业概览：从专业到破圈，从高端到下沉，高景气增长持续。中国户外鞋服市场千亿级规模，近年来保持双位数增长，高于全球整体户 外市场增速；快速增长的动力一方面基 ...

Core Viewpoint - The company experienced a revenue growth of 14% year-on-year in the first half of 2025, but faced a decline in gross margin due to changes in product structure and an increase in lower-margin new product categories [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 14.2% to 690 million yuan, while net profit attributable to shareholders rose by 44.5% to 146 million yuan [1] - The gross margin decreased by 2.1% year-on-year to 35.1%, primarily due to changes in product structure and an increase in overseas production capacity [1] - The operating profit margin increased by 4.3% to 24.5%, and the net profit margin attributable to shareholders rose by 4.5% to 21.2% [1] - In the second quarter, revenue growth slowed to 0.7% year-on-year, totaling 329 million yuan, with net profit declining by 20.1% [2] - The gross margin in the second quarter fell by 5.1% year-on-year to 31.1% due to product structure changes and deferred revenue [2] Group 2: Market Dynamics - Orders returned to normal in the third quarter, with previously delayed orders completed [3] - The company is expanding its market presence by deepening cooperation in the new energy vehicle market and developing new product lines, including inflatable mattresses for automotive camping [3] - The company is also focusing on expanding its water sports products and insulated bags, with production primarily in Vietnam and Cambodia [3] Group 3: Future Outlook - The company anticipates gradual recovery in revenue growth in the second half of the year as inventory issues among downstream brands are resolved [2][3] - Profit forecasts for 2025 to 2027 have been raised, with expected net profits of 250 million, 310 million, and 380 million yuan, representing year-on-year growth of 34.2%, 26.2%, and 22.1% respectively [4] - The target price has been adjusted to 28.1-31.6 yuan, reflecting an increase in profit forecasts and maintaining an "outperform" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][34]. Core Views - The company experienced a 14% year-on-year revenue growth in the first half of 2025, with a net profit increase of 44.5% to 146 million yuan. However, the gross margin declined by 2.1% to 35.1% due to changes in product structure and an increase in the proportion of lower-margin new product categories [1][4]. - The second quarter saw a slowdown in revenue growth to 0.7% year-on-year, primarily due to tariff policy disruptions leading to delayed orders and lower production efficiency during the ramp-up of overseas capacity. The gross margin further declined by 5.1% year-on-year to 31.1% [2][3]. - Orders have returned to normal in the third quarter, with new customers and products driving growth. The company is expanding its market presence in the automotive camping sector and enhancing its product lines, particularly in water sports and insulated bags [3][33]. Summary by Sections Financial Performance - In the first half of 2025, revenue reached 690 million yuan, with a net profit of 146 million yuan. The gross margin was 35.1%, reflecting a decline due to product mix changes [1]. - The second quarter revenue was 329 million yuan, with a gross margin of 31.1%, down from previous periods [2]. - The company expects revenue to recover in the second half of the year as inventory issues are resolved [3]. Revenue and Profit Forecast - The company has adjusted its profit forecasts, expecting net profits of 250 million yuan, 310 million yuan, and 380 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 34.2%, 26.2%, and 22.1% [4][34]. - Revenue projections for 2025 to 2027 are set at 1.26 billion yuan, 1.64 billion yuan, and 2.10 billion yuan, with expected growth rates of 26%, 30%, and 28% [29][38]. Market Position and Strategy - The company is focusing on stabilizing its core business while expanding into new markets and product lines, particularly in the automotive sector and outdoor products [3][33]. - The target price has been raised to 28.1-31.6 yuan, based on improved profit forecasts, corresponding to a price-to-earnings ratio of 16-18x for 2025 [4][34].

Market Overview - The entertainment products sector increased by 0.09% on August 29, with Chuangyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Chuangyuan Co., Ltd. (300703) closed at 32.76, up 5.10% with a trading volume of 173,300 shares [1] - Yuanfei Pet (001222) closed at 25.27, up 4.94% with a trading volume of 121,000 shares [1] - Zhejiang Zhengte (001238) closed at 55.29, up 3.87% with a trading volume of 10,100 shares [1] - Qunxing Toys (002575) closed at 8.83, up 3.15% with a trading volume of 606,300 shares [1] - Other notable stocks include Gaole Co., Ltd. (002348) up 2.75% and Dayuan Pet (301335) up 2.13% [1] Capital Flow - The entertainment products sector experienced a net outflow of 92.30 million yuan from institutional investors, while retail investors saw a net inflow of 0.85 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Chuangyuan Co., Ltd. had a net inflow of 44.92 million yuan from institutional investors, but a net outflow of 80.29 million yuan from retail investors [3] - Qunxing Toys saw a net inflow of 43.65 million yuan from institutional investors, with a net outflow of 36.02 million yuan from retail investors [3] - Dayuan Pet had a net inflow of 16.75 million yuan from institutional investors, but also faced a net outflow from retail investors [3]

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]