Investment Rating - The report maintains a "Buy" rating for the company Zhejiang Natural (605080) with a target price based on the last closing price of 20.37 [1]. Core Insights - The company reported a revenue of 190 million yuan for Q3 2024, representing a year-on-year increase of 34.9%. The net profit attributable to shareholders was 62 million yuan, with a significant increase in non-recurring gains contributing to the overall performance [1]. - The core business is recovering steadily, with overseas subsidiaries contributing to growth. The company is expanding into new product categories such as insulation boxes and water sports products, which are showing strong growth [1]. - The report highlights the company's strategic partnerships in the new energy vehicle market, aiming to create popular products for the "car camping" lifestyle [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 29.3%, with a notable increase in net profit margin to 32.6% due to improved investment income and fair value changes [1]. - The company expects continued revenue growth in Q4 2023, driven by the end of inventory destocking by brand clients and a recovery in orders [1]. - The financial projections for the upcoming years indicate a revenue growth rate of 16.3% in 2024, 22.9% in 2025, and 17.4% in 2026, with net profit expected to reach 181 million yuan in 2024 and 276 million yuan in 2026 [4].

上海市锦天城律师事务所 致: 浙江大自然户外用品股份有限公司 锦 天 城 律 师事务 所 ALLBRIGHT LAW OFFICES 地址： 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 邮编:200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会的法律意见书 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会的 法律意见书 1、出席会议的股东及股东代理人 根据出席会议股东签名及授权委托书等相关文件,出席公司本次股东大会现 场会议的股东及股东代理人共 5 人,持有公司股份数 94.500.100 股,占公司有表 决权股份总数的 67.3613%。通过上海证券交易所股东大会网络投票系统取得的 网络表决结果显示,参加公司本次股东大会网络投票的股东共 108 人,持有公司 股份数 639,140 股,占公司股份总数的 0.4515%。据此,出席公司本次股东大会 表决的股东及股东代理人共 113 人,持有公司股份数 95.13 ...

证券代码：605080 证券简称：浙江自然 公告编号：2024-048 浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 113 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 95,139,240 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.8169 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | | （%） | | （%） | | A 股 | 95, ...

Investment Rating - The report maintains an "Overweight" rating for the company [4][6] Core Views - The company achieved revenue of 1.9 billion yuan in Q3 2024, a YoY increase of 35%, and net profit attributable to the parent company of 0.6 billion yuan, a YoY increase of 372% [1] - For Q1-Q3 2024, the company achieved revenue of 7.9 billion yuan, a YoY increase of 18%, and net profit attributable to the parent company of 1.6 billion yuan, a YoY increase of 22% [1] - The company's gross margin increased by 0.8 percentage points YoY to 35.3% in Q1-Q3 2024 [1] - Profit growth was driven by overseas development strategy and gains from fair value changes of forward foreign exchange contracts and financial products [1] - The global outdoor sports market is expected to grow steadily despite economic pressures, with domestic demand for outdoor products rebounding [2] - The company has deepened its cooperation with the new energy vehicle market and expanded its product lines, with strong R&D capabilities [3] Financial Performance - The company's net profit margin attributable to the parent company was 20.8% in Q1-Q3 2024, a YoY increase of 1.4 percentage points [1] - The company's EPS is expected to be 1.28 yuan in 2024, 1.60 yuan in 2025, and 1.79 yuan in 2026 [4] - The company's PE ratio is expected to be 15X in 2024, 12X in 2025, and 11X in 2026 [4] - Revenue is forecasted to grow by 18.25% in 2024, 14.85% in 2025, and 13.65% in 2026 [5] - Net profit attributable to the parent company is expected to grow by 38.34% in 2024, 25.41% in 2025, and 11.49% in 2026 [5] Industry and Market Trends - The global outdoor sports market is slowing but still growing, with order demand gradually recovering [2] - The domestic outdoor market is diversifying, with "camping+" driving product innovation and material breakthroughs [2] - The company is leveraging its R&D capabilities to develop new materials and automated production lines, focusing on TPU composite fabrics and low-density high-resilience foam [3] Strategic Developments - The company has expanded its product lines and market development efforts, providing high-quality products to global customers [3] - R&D departments in Tiantai and Shanghai are focusing on new materials, automation, and key projects like inflatable water products and home air mattresses [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [6]. Core Views - The company has experienced a revenue increase of 18% year-on-year for the first three quarters of 2024, with a notable acceleration in Q3, where revenue grew by 35% compared to the previous year. This growth is primarily driven by the rapid expansion of new product categories [1][2]. - The company is expected to achieve steady growth in revenue and net profit in 2024, supported by the ongoing recovery of overseas clients' inventory levels and collaborations with automotive companies [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 790 million yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 160 million yuan, up 22% year-on-year. The net profit excluding non-recurring items was 150 million yuan, reflecting a 13% increase [1]. - In Q3 2024 alone, the company achieved a revenue of 190 million yuan, marking a 35% year-on-year increase, while the net profit attributable to shareholders surged by 372% to 60 million yuan [2]. - The gross profit margin for the first three quarters of 2024 was 35.3%, an increase of 0.8 percentage points year-on-year, while the net profit margin attributable to shareholders rose by 1.4 percentage points to 20.8% [1]. Order and Product Demand Summary - The company is focusing on expanding its product categories, particularly in outdoor inflatable mattresses, and is actively seeking to develop new customer channels in the electric vehicle sector. This strategy is expected to drive sustained growth in order demand [3]. - The company anticipates that the orders for its main product category, inflatable mattresses, will continue to grow steadily in the first half of 2024, with new product categories such as insulated bags and water sports equipment also expected to contribute to revenue growth [3]. Capacity and Operational Efficiency Summary - The company has established a vertically integrated supply chain for inflatable mattresses, which provides competitive advantages in cost, quality, and delivery time. The gross profit margin for this segment has consistently remained above 30% [4]. - The company is also enhancing its production capabilities in Cambodia and Vietnam, with expectations of improved profitability from these overseas bases as production ramps up [5]. - Inventory turnover days for the first three quarters of 2024 increased by 19.3 days to 111.6 days, while the net operating cash flow was 180 million yuan, approximately 1.1 times the net profit for the same period [4].

浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会会议资料 证券代码：605080 证券简称：浙江自然 浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会 会议资料 2024 年 11 月 | 2024 年第二次临时股东大会会议须知 | 3 | | --- | --- | | 2024 年第二次临时股东大会会议议程 | 5 | | 2024 年第二次临时股东大会会议议案 | 7 | | 关于部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补充流动资金的议案 | | | 7 | | 浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会会议资料 浙江大自然户外用品股份有限公司 2024年第二次临时股东大会会议须知 各位股东及股东代理人： 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利，根 据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会议事规则》等 有关规定，特制定本会议须知，请参会人员认真阅读。 一、公司负责本次股东大会的议程安排和会务工作，出席会议人员应当听从公司 工作人员安排，共同维护好会议秩序。 二、出席会议的股东及股东代理人 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 revenue and net profit exceeded expectations, driven by significant growth in overseas operations [3] - The report highlights a strong competitive advantage in the vertical integration of inflatable mattresses and waterproof bags, with expectations for continued growth in Q4 [3][4] - The forecast for net profit for 2024-2026 has been adjusted upwards due to better-than-expected revenue growth and fair value changes [3] Financial Summary - Q3 2024 revenue reached 190 million yuan, a year-on-year increase of 34.9%, while net profit attributable to shareholders was 62 million yuan, up 372% [3] - The adjusted net profit forecast for 2024-2026 is 180 million, 230 million, and 260 million yuan respectively [3] - The current stock price corresponds to a P/E ratio of 13.9, 11.3, and 9.9 for the years 2024, 2025, and 2026 respectively [3] Operational Insights - The parent company's business is expected to remain stable, with significant growth anticipated from the Cambodian subsidiary, projected to achieve over 40% revenue growth in H1 2024 [4] - The report notes a decrease in gross margin to 29.3% in Q3 2024, while the net profit margin improved significantly [4] - Cash flow from operating activities for Q3 2024 was 66 million yuan, an increase of 11.8% [4] Future Outlook - The company is expected to continue its robust growth trajectory, particularly in the inflatable mattress segment, with a recovery in order and shipment pace anticipated in H2 2024 [4] - The report indicates that the overseas subsidiaries are expected to grow faster than the parent company, with significant revenue increases projected for water sports products in Vietnam [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a 34.9% year-on-year increase in revenue for Q3 2024, reaching 190 million yuan, driven by overseas expansion and a low base effect from last year's inventory destocking by major brand clients [1]. - Gross margin remained stable, with a slight decline of 0.9 percentage points to 29.3%. The net profit attributable to the parent company surged by 372.4% year-on-year to 62 million yuan, benefiting from increased non-operating income [1]. - The company is focusing on its core business while expanding into new product categories and channels, particularly in the automotive camping market through partnerships with well-known domestic car manufacturers [1][7]. Financial Performance Summary - Revenue (in million yuan) is projected to increase from 823 in 2023 to 971 in 2024, representing a growth of 17.9% [8]. - Net profit (in million yuan) is expected to rise from 131 in 2023 to 181 in 2024, reflecting a growth of 38.5% [8]. - Earnings per share (EPS) is forecasted to increase from 0.92 in 2023 to 1.28 in 2024 [8]. - The company’s EBIT margin is projected to improve from 18.9% in 2023 to 20.9% in 2024 [8]. - Return on equity (ROE) is expected to rise from 7.0% in 2023 to 9.0% in 2024 [8]. Valuation and Price Target - The target price for the company is maintained at 21.8 to 24.2 yuan, corresponding to a price-to-earnings (PE) ratio of 17 to 19 times for 2024 [1][7].

东方证券股份有限公司 关于浙江大自然户外用品股份有限公司 部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补 充流动资金的核查意见 东方证券股份有限公司（以下简称"东方证券"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"）首次公开发 行股票并在上海证券交易所主板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》等有关规定， 对公司部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补充流 动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准浙江大自然户外用品股份有限公司首 次公开发行股票的批复》（证监许可〔2021〕1200 号）核准，公司首次公开发行 人民币普通股 2,528.09 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 浙江大自然户外用品股份有限公司（以下简称"公司"）第三届监事会第三 次会议于 2024 年 10 月 24 日在公司会议室以现场方式召开，本次会议通知已于 2024 年 10 月 12 日以书面等方式送达公司全体监事。本次会议由监事会主席韦 志仕先生主持，会议应参加表决监事三人，实际参加表决监事三人。本次会议的 召集、召开符合《中华人民共和国公司法》等法律、法规和《公司章程》的有关 规定。 证券代码：605080 证券简称：浙江自然 公告编号：2024-046 浙江大自然户外用品股份有限公司 第三届监事会第三次会议决议公告 2、公司 2024 年第三季度报告的内容和格式符合上海证券交易所的各项规 定，所包含的信息真实客观反映了公司报告期内的财务状况和经营成果。 3、未发现参与 2024 年第三季度报告编制和审议的人员存在违反保密规定的 行为。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关报告。 以上事项表决结果：同意 ...