Investment Rating - The report assigns a rating of "Buy" for Zhejiang Nature (605080) with a target price of 23.58 CNY, down from the previous target of 37.91 CNY [19][29]. Core Views - The company's short-term profitability is under pressure due to weak order demand and low capacity utilization in 2023, but an improvement in performance is expected in 2024 as downstream brands begin to replenish inventory [19][29]. - The report highlights that the company's revenue for 2023 was 823 million CNY, a decrease of 13% year-on-year, with a net profit of 131 million CNY, down 38.6% year-on-year [19][29]. - The forecast for EPS (Earnings Per Share) has been adjusted to 1.31 CNY for 2024 and 1.52 CNY for 2025, with a projected EPS of 1.74 CNY for 2026 [19][29]. Financial Summary - The total revenue for 2023 was 823 million CNY, with a projected revenue of 947 million CNY for 2024 and 1.060 billion CNY for 2025, indicating a recovery trend [19][29]. - The net profit for 2023 was 131 million CNY, with expectations of 185 million CNY in 2024 and 215 million CNY in 2025 [19][29]. - The report notes a decrease in gross margin to 36.6% in 2023, down from 39.4% in 2022, primarily due to increased sales and management expenses [19][29]. Market Performance - The stock price has fluctuated between 15.37 CNY and 47.90 CNY over the past 52 weeks, with a current price of 18.07 CNY [19][20]. - The average PE (Price to Earnings) ratio for comparable companies in 2024 is projected to be 18 times, with Zhejiang Nature's PE ratio at 14.44 for 2024 [19][29].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.4 CNY based on a 17x PE valuation for 2024 [3][8]. Core Insights - The company reported a revenue of 823 million CNY in 2023, a decline of 13% year-on-year, and a net profit attributable to shareholders of 131 million CNY, down 38.6% year-on-year. However, in Q4 2023, revenue grew by 6.7% year-on-year, marking the first increase after five consecutive quarters of decline [2][3]. - The main business faced pressure due to inventory destocking in Europe and the US, while the Cambodian insulated hard case business began to ramp up. Revenue from inflatable mattresses fell by 25%, while outdoor bags saw a 23% increase in revenue, primarily due to the bulk shipment of insulated hard cases from Cambodia [2]. - The gross margin decreased by 2.8 percentage points to 33.8% in 2023, with the outdoor bag segment being the main drag. The company anticipates that inventory destocking pressures in Europe and the US will gradually ease starting in 2024, with growth opportunities identified in enhancing market share with existing clients and expanding into new product categories [2][3]. Financial Summary - The company’s financial performance for 2023 shows a significant drop in operating profit to 148 million CNY, down 38.4% year-on-year. The projected earnings per share for 2024, 2025, and 2026 are 1.20 CNY, 1.39 CNY, and 1.61 CNY respectively [5][8]. - The revenue forecast for 2024 is set at 957 million CNY, reflecting a 16.2% growth, followed by 1.08 billion CNY in 2025 and 1.22 billion CNY in 2026 [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company experienced a revenue decline of 13% and a net profit decline of 39% in 2023, with revenues of 820 million and net profits of 130 million [3]. - The company is expected to achieve stable revenue growth in 2024, driven by improved orders and enhanced profitability quality [3][15]. - The company is actively expanding its product categories, which is anticipated to contribute to revenue growth in 2024 [3][15]. Financial Performance Summary - **2023 Financials**: Revenue decreased by 13% to 820 million, and net profit decreased by 39% to 130 million. Gross margin fell by 2.8 percentage points to 33.8% [3][4]. - **2024 Projections**: Expected revenue of 951 million, representing a 15.5% growth, and net profit of 172 million, a 31.4% increase [4]. - **Earnings Per Share (EPS)**: Projected EPS for 2024 is 1.21, up from 0.92 in 2023 [4]. Operational Insights - The company has a diversified customer base, including outdoor sports brands and large supermarkets, with a significant portion of revenue coming from exports [3]. - The company is enhancing its supply chain and production capabilities, with new facilities in Vietnam and Cambodia expected to contribute to future growth [3]. Market Position - The company is positioned as a leading manufacturer in the outdoor products sector, benefiting from a vertically integrated supply chain and strong customer relationships [3][15].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 25.00 CNY, maintaining the rating [8][26]. Core Views - The company has shown signs of revenue recovery in Q4 2023, with a year-on-year revenue growth of 6.7%, indicating a positive demand trend for 2024 [6][22]. - The overall revenue for 2023 was 823 million CNY, a decrease of 12.95% year-on-year, primarily due to weak overseas demand and inventory destocking by downstream customers [22]. - The company is expected to benefit from the recovery in overseas demand and the upcoming Paris Olympics, which may boost the demand for sports goods [21][23]. Financial Performance Summary - In 2023, the company achieved a gross profit margin of 33.84%, a decline of 2.77 percentage points year-on-year, with Q4 gross profit margin at 30.81%, down 8.51 percentage points year-on-year [2]. - The net profit margin for 2023 was 15.57%, down 6.51 percentage points year-on-year, with Q4 showing a net profit margin of -1.46%, a decline of 9.32 percentage points year-on-year [2]. - The company reported a net cash flow from operating activities of 240 million CNY in 2023, an increase of 5.26% year-on-year [2]. Revenue Breakdown - For 2023, the revenue from air beds, bags, and cushions was 515 million CNY, 156 million CNY, and 60 million CNY respectively, with year-on-year growth rates of 25.2%, 22.5%, and a decline of 19.3% [22]. - The domestic and overseas sales revenue for 2023 decreased by 29.2% and 7.6% respectively, amounting to 171 million CNY and 650 million CNY [22]. Future Outlook - The company is expected to return to growth from 2024 to 2026, with projected revenues of 972 million CNY, 1.129 billion CNY, and 1.309 billion CNY, reflecting year-on-year growth rates of 18.1%, 16.1%, and 15.9% respectively [26]. - The projected net profit for 2024 is 181 million CNY, with an expected PE ratio of 14.9x [26].

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.96 CNY, maintained for the next six months [1][5]. Core Views - The company experienced a revenue recovery in Q4 2023, with expectations for demand recovery and profit improvement in 2024. Q4 revenue was 152 million CNY, a year-on-year increase of 6.7%, while net profit attributable to the parent company was -3 million CNY, a decrease of 121.7%. The non-recurring net profit improved to 4 million CNY, a significant increase of 465.8% [1][2][16]. Summary by Sections Financial Performance - In 2023, the company's total revenue was 823.32 million CNY, a decrease of 13.0% year-on-year, with a net profit of 130.68 million CNY, down 38.6%. The non-recurring profit was -6.25 million CNY [12][9]. - By product category, airbed revenue was 515 million CNY, down 25.2%, while luggage revenue increased by 22.5% to 156 million CNY. The overall gross margin for 2023 was 33.8%, a decrease of 2.8 percentage points [13][15]. Regional Performance - Revenue from foreign markets was 650 million CNY, down 7.6%, with a gross margin of 35.6%. Domestic revenue was 171 million CNY, down 29.2%, with a gross margin of 27.0% [3]. Profitability and Cost Structure - The total expense ratio for 2023 was 12.7%, an increase of 4.1 percentage points. The sales expense ratio was 2.4%, up 0.9 percentage points, while the management expense ratio was 7.1%, up 1.9 percentage points [4][16]. - The company anticipates a recovery in revenue and profitability in 2024, driven by the end of inventory destocking and successful product category expansion [16]. Future Projections - The company has adjusted its profit forecast, expecting revenues of 948.79 million CNY in 2024, 1,072.51 million CNY in 2025, and 1,203.68 million CNY in 2026. Net profits are projected to be 174.35 million CNY in 2024, 202.51 million CNY in 2025, and 240.40 million CNY in 2026 [16][9].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][20]. Core Views - In Q4 2023, the company's revenue growth turned positive, driven by improvements in the hard insulation box product line and the conclusion of inventory destocking by downstream customers of traditional inflatable mattress products [1][20]. - The company reported a total revenue of 823 million yuan in 2023, a year-on-year decrease of 12.95%, and a net profit attributable to shareholders of 131 million yuan, down 38.64% year-on-year [1][20]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.25, 1.47, and 1.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.1, 12.9, and 11.2 times based on the closing price on March 28, 2024 [1][20]. Revenue and Profitability - The company's revenue for Q1 to Q4 of 2023 was 240 million, 290 million, 141 million, and 152 million yuan respectively, showing a decline of 27.23%, 5.12%, 15.80%, and a growth of 6.7% in Q4 [1][20]. - The gross profit margin for the company decreased by 2.8 percentage points to 33.8% in 2023, with quarterly margins of 37.91%, 33.81%, 30.23%, and 30.81% [1][20]. - The company’s net profit margin for 2023 was 15.87%, down 6.65 percentage points year-on-year [1][20]. Product Performance - The inflatable mattress product line saw a year-on-year increase in gross margin, while the hard insulation box products from Cambodia began to be shipped in bulk, contributing to revenue growth [1][20]. - Revenue from product categories such as inflatable beds, bags, and cushions showed varied performance, with the bag category experiencing growth due to the new product launches in Cambodia [1][20]. Financial Forecasts - The report provides a financial outlook with projected revenues of 946 million, 1,116 million, and 1,288 million yuan for 2024, 2025, and 2026 respectively, indicating a recovery in growth [1][20]. - The company’s total assets are expected to grow from 2,156 million yuan in 2023 to 2,733 million yuan by 2026 [1][20].

开源证券 浙江自然（605080.SH） 2024 年 03 月 27 日 ——公司信息更新报告 -64% -48% -32% -16% 0% 16% 2023-03 2023-07 2023-11 2024-03 浙江自然 沪深300 《2022Q4 业绩承压，2023 年内销及新 品有望驱动成长—公司信息更新报 告》-2023.5.3 公 司 研 究 投资评级：买入（维持） 股价走势图 相关研究报告 | --- | --- | |-------------------------------------------|----------------------------------------------------| | | | | 吕明（分析师） | 张霜凝（联系人） | | lvming@kysec.cn 证书编号： S0790520030002 | zhangshuangning@kysec.cn 证书编号： S0790122070037 | | 2023 年业绩承压，静待 | 年盈利能力改善，维持"买入"评级 | | --- | --- | --- | --- | --- | --- | |- ...

Investment Rating - The investment rating for the company is "Buy" [27][29]. Core Views - The company experienced a revenue decline of 13.0% year-on-year in 2023, with total revenue reaching 820 million yuan, and a net profit decrease of 38.6% to 130 million yuan [1][14]. - The decline in performance is attributed to multiple negative factors, including poor overseas macroeconomic conditions, high inventory levels among downstream customers, and a downturn in domestic camping demand [1][14]. - Despite the challenges, the company is expected to see a gradual improvement in demand and profitability, with a projected net profit of 172 million yuan in 2024, reflecting a year-on-year increase of 31.3% [1][14]. Summary by Sections Financial Performance - In 2023, the company's gross margin decreased by 2.8 percentage points to 33.8%, while the net profit margin fell by 6.6 percentage points to 15.9% [1][14]. - The fourth quarter of 2023 showed a revenue growth of 6.7% year-on-year, reaching 150 million yuan, although the gross margin is expected to decline to 30.8% due to product mix changes and capacity ramp-up [1][14]. Product and Regional Performance - Revenue from inflatable mattresses, outdoor bags, and pillows decreased by 25.2%, increased by 22.5%, and decreased by 19.3% respectively in 2023 [1][14]. - The outdoor bag segment performed well, primarily due to increased sales of insulated boxes from Cambodia, although this segment's gross margin declined by 6.2 percentage points [1][14]. - Revenue from exports and domestic sales fell by 7.6% and 29.1% respectively, with gross margins decreasing to 35.6% and 27.0% [1][14]. Future Outlook - The company anticipates that the negative factors impacting performance will gradually diminish, with a recovery in revenue expected as inventory issues among downstream brands are resolved [1][14]. - The company maintains a positive outlook for new product launches and capacity ramp-up, which are expected to improve profitability in the coming years [1][14]. - The reasonable valuation range has been adjusted to 21.8-24.2 yuan, down from the previous range of 28.3-29.8 yuan, corresponding to a 2024 price-to-earnings ratio of 18-20x [1][14].

关于浙江大自然户外用品股份有限公司 东方证券承销保荐有限公司 首次公开发行股票并在主板上市之保荐总结报告书 东方证券承销保荐有限公司（以下简称"东方投行"或"保荐机构"）作 为浙江大自然户外用品股份有限公司（以下简称"浙江自然"或"公司"）2021 年首次公开发行股票并在主板上市的保荐机构，持续督导期限截至2023年12月 31日。目前，持续督导期限已届满，保荐机构根据《证券发行上市保荐业务管 理办法》《上海证券交易所上市公司自律监管指引第11号——持续督导》等相 关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、本机构及本人自愿接受中国证券监督管理委员会对保荐总结报告书相关 事项进行的任何质询和调查。 3、本机构及本人自愿接受依据中国证监会《证券发行上市保荐业务管理办 法》等有关规定采取的监管措施。 三、发行人基本情况 1 | 公司名称 | 浙江大自然户外用品股份有限公司 | | --- | --- | | 股票简称 | 浙江 ...

Financial Performance - In 2023, the company's operating revenue was CNY 823,315,739.10, a decrease of 12.95% compared to CNY 945,801,135.01 in 2022[27]. - The net profit attributable to shareholders of the listed company for 2023 was CNY 130,681,179.01, down 38.64% from CNY 212,972,056.13 in 2022[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 136,927,812.22, a decrease of 33.08% from CNY 204,616,331.46 in 2022[27]. - Basic earnings per share decreased by 38.67% to CNY 0.92 compared to CNY 1.50 in 2022, primarily due to a decline in market demand and underutilization of overseas subsidiaries[29]. - Net profit attributable to shareholders decreased by 38.64% year-on-year, mainly impacted by market demand decline and high initial costs during the ramp-up phase of overseas subsidiaries[29]. - Diluted earnings per share also fell by 38.67% to CNY 0.92, reflecting similar challenges as basic earnings[30]. - The weighted average return on equity decreased by 5.42 percentage points to 7.12% from 12.54% in 2022, indicating reduced profitability[29]. - The company's main business revenue was CNY 821.36 million, reflecting a year-on-year decline of 13.08%[52]. - The company's operating costs decreased by 9.14% to CNY 544.72 million compared to the previous year[53]. Cash Flow and Dividends - The net cash flow from operating activities for 2023 was CNY 239,706,823.64, an increase of 5.26% compared to CNY 227,722,891.40 in 2022[27]. - The total cash dividend proposed for 2023 is CNY 13,187,117.12, which represents 10.09% of the net profit attributable to shareholders[7]. - The total cash dividend, including share repurchase amounts, is CNY 41,143,021.32, accounting for 31.48% of the net profit attributable to shareholders[8]. - The company distributed a cash dividend of CNY 0.22 per share and increased its total share capital to 141,573,040 shares through a capital reserve transfer of 0.4 shares for every share held[31]. Assets and Investments - The company's total assets at the end of 2023 were CNY 1,867,493,572.71, an increase of 4.50% from CNY 1,787,015,489.90 at the end of 2022[27]. - Cash and cash equivalents decreased by 24.31% from the previous period, totaling ¥341,556,762.49, which represents 15.84% of total assets[70]. - Trading financial assets increased by 19.67% to ¥592,412,461.40, representing 27.48% of total assets[70]. - Inventory decreased by 16.41% to ¥215,482,753.98, accounting for 9.99% of total assets[70]. - The company's fixed assets increased by 29.44% to ¥467,568,104.03, which is 21.69% of total assets[71]. Research and Development - Research and development expenses increased by 3.48% to CNY 35.68 million, indicating a continued focus on innovation[53]. - The company is enhancing its core technology advantages and increasing R&D efficiency and quality[44]. - R&D investment accounted for 4.93% of the parent company's operating revenue, with R&D personnel making up 10.96% of the total workforce[68]. - The company plans to increase R&D investment to improve product competitiveness and reduce production costs through technological innovation[84]. Market and Expansion - The company plans to continue focusing on market expansion and new product development in the upcoming year[9]. - The company has initiated global expansion with products from subsidiaries in Vietnam and Cambodia starting mass shipments in 2023[43]. - The outdoor camping market is projected to grow at a compound annual growth rate of 6.68% over the next five years, with a market size of USD 15.01 billion in 2023[46]. - The company will focus on expanding its outdoor product line, including automatic inflatable mattresses and camping products, to capture new market demands[83]. Governance and Management - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of its financial statements[6]. - The board of directors and senior management have maintained their shareholding status, with no changes reported during the reporting period, ensuring stability in leadership[92]. - The total remuneration for the board members and senior management for the reporting period was approximately 70.70 million yuan, reflecting the company's commitment to rewarding its leadership[92]. - The company has established a remuneration management system to ensure timely payment of salaries to its directors and senior management[98]. Environmental Responsibility - The company reduced carbon dioxide emissions by 4,308 tons through various energy-saving measures and the implementation of a green energy system[126][127]. - The company invested RMB 47.91 million in environmental protection initiatives during the reporting period[125]. - The company engaged over 700 employees in environmental protection activities, including tree planting and green commuting[126]. - The company plans to continue its focus on sustainable development and environmental responsibility in future operations[126]. Risks and Compliance - The company faces risks related to high customer concentration, primarily relying on major clients in the outdoor products industry[86]. - Fluctuations in raw material prices and exchange rates pose significant risks to the company's operational performance[87]. - The company has maintained compliance with related party transaction regulations, ensuring no violations occurred during the reporting period[130]. - The company has committed to resolving industry competition issues and has fulfilled this commitment as of the reporting period[130].