证券代码：605080 证券简称：浙江自然 公告编号：2024-021 投资者可于 2024 年 05 月 29 日(星期三)至 06 月 04 日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 irm@zjnature.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 浙江大自然户外用品股份有限公司（以下简称"公司"）已于 2024 年 3 月 26 日发布公司 2023 年度报告，为便于广大投资者更全面深入 地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 06 月 05 日上午 11:00-12:00 举行 2023 年度暨 2024 年第一季度业绩说明 会，就投资者关心的问题进行交流。 会议召开时间：2024 年 06 月 05 日(星期三)上午 11:00-12:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 一、 说明会类型 浙江大自然户外用品股份有限公司 关于召开 202 ...

本次股票上市类型为首发股份；股票认购方式为网下，上市股 数为 94,500,000 股。 本次股票上市流通总数为 94,500,000 股。 本次股票上市流通日期为 2024 年 5 月 10 日。 一、本次限售股上市类型 证券代码：605080 证券简称：浙江自然 公告编号：2024-020 浙江大自然户外用品股份有限公司 关于首次公开发行部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 2021 年 4 月 9 日，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，浙 江大自然户外用品股份有限公司（以下简称"公司"）首次公开发行人民币普通股 25,280,900 股，并于 2021 年 5 月 6 日在上海证券交易所挂牌上市。首次公开发行 后，公司的总股本为 101,123,600 股，其中有限售条件流通股 75,842,700 股，占 公司总股本的 75%。 本次申请上市流通的限售股为公司首次公开 ...

东方证券承销保荐有限公司 关于浙江大自然户外用品股份有限公司 首次公开发行部分限售股上市流通的核查意见 东方证券承销保荐有限公司（以下简称"东方投行""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""公司"）首次公开发 行股票并上市持续督导的保荐机构，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》等有关规定，对浙江自然本次限售股份上市流通事 项的合规性进行了审慎核查，核查情况如下： 一、本次限售股上市类型 2021年4月9日，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25,280,900股，并于2021年5月6日在上海证券交易 所挂牌上市。首次公开发行后，公司的总股本为101,123,600股，其中有限售条件 流通股75,842,700股，占公司总股本的75%。 本次上市流通的限售股为公司首次公开发行限售股，共涉及4名股东，分别 为为上海扬大企业管理有限公司（以下简称"上海扬大"）、天台瑞聚股权投资 中心（有限合伙）（以下简称"天台瑞聚"）、上海雨 ...

Investment Rating - The report maintains a "Buy" rating for the company [15][16]. Core Views - The company's revenue and net profit are expected to show steady growth in 2024, driven by the recovery of overseas clients' inventory and collaboration with automotive orders [25]. - The company has a vertically integrated supply chain for inflatable mattresses, maintaining a gross margin above 30%, which is higher than industry peers [14]. - The company is actively expanding its product categories and market scenarios, with expectations for rapid growth in orders for inflatable mattresses and new categories like water sports products in 2024 [24]. Financial Performance - In Q1 2024, the company reported a revenue of 270 million yuan, a year-on-year increase of 14%, while the net profit attributable to shareholders decreased by 42% to 40 million yuan [24]. - The gross margin for Q1 2024 was 38.4%, reflecting a year-on-year increase of 0.5 percentage points [24]. - The company’s operating cash flow for Q1 2024 was 30 million yuan, approximately 0.9 times the net profit attributable to shareholders for the same period [3]. Future Outlook - The company is expected to achieve revenue and net profit growth in 2024, with projected net profits of 172 million yuan, 196 million yuan, and 219 million yuan for 2024, 2025, and 2026 respectively [26]. - The company is enhancing its production capabilities with new facilities in Zhejiang and overseas, which are anticipated to contribute positively to profitability [14][25]. - The report estimates that the company's orders for inflatable mattresses will see steady growth in 2024, supported by the reduction of downstream inventory [25].

浙江大自然户外用品股份有限公司 2023 年年度股东大会 证券代码：605080 证券简称：浙江自然 各位股东及股东代理人： 会议资料 2024 年 5 月 | 目录 | | --- | | 2023 年年度股东大会会议须知 | | | 3 | | --- | --- | --- | --- | | 2023 | | 年年度股东大会会议议程 | 5 | | 2023 | | 年年度股东大会会议议案 | 7 | | 关于《2023 | | 年度董事会工作报告》的议案 | 7 | | 关于《2023 | | 年度独立董事述职报告》的议案 | 15 | | 关于《2023 | | 年度财务决算报告》的议案 | 16 | | 关于《2023 | | 年年度报告》及摘要的议案 | 22 | | 关于 | 2023 | 年度利润分配预案的议案 | 23 | | 关于续聘会计师事务所的议案 | | | 24 | | 关于 | 2024 | 年度向金融机构申请综合授信额度及提供相应担保的议案 25 | | | 关于 | 2024 | 年度证券投资额度预计的议案 | 26 | | 关于《2023 | | 年度监事会工作报告》的 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 273,494,046.80, representing a year-on-year increase of 13.83%[5] - The net profit attributable to shareholders decreased by 42.46% to CNY 38,669,185.24 compared to the same period last year[5] - Basic and diluted earnings per share were both CNY 0.28, reflecting a decrease of 40.43% year-on-year[5][9] - Net profit for Q1 2024 was ¥40,959,110.59, a decrease of 38.5% from ¥66,606,878.52 in Q1 2023[23] - In Q1 2024, the company reported a total comprehensive income of CNY 40,959,110.59, a decrease of 38.5% compared to CNY 66,606,878.52 in Q1 2023[24] Cash Flow - The net cash flow from operating activities surged by 365.38% to CNY 34,339,160.69, primarily due to an increase in the recovery of receivables[5][9] - Cash inflows from operating activities totaled CNY 221,087,090.35, an increase of 25.9% compared to CNY 175,539,095.90 in Q1 2023[27] - The net cash flow from operating activities was CNY 34,339,160.69, significantly up from CNY 7,378,732.56 in Q1 2023, marking a 366.5% increase[28] - The company’s total cash inflow from operating activities was CNY 221,087,090.35, while total cash outflow was CNY 186,747,929.66, resulting in a positive cash flow from operations[28] - Cash inflows from financing activities amounted to CNY 161,317,700.00, with a net cash flow from financing activities of CNY 158,325,602.19, compared to a net outflow of CNY -140,713.00 in Q1 2023[29] Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 2,448,858,015.27, an increase of 13.58% from the end of the previous year[6] - Total liabilities rose to ¥529,193,817.04 in Q1 2024, up from ¥275,267,339.42 in Q1 2023, indicating an increase of 92.2%[19] - The company's cash and cash equivalents increased to ¥1,540,675,098.79 in Q1 2024, compared to ¥1,314,635,163.54 in Q1 2023, reflecting a growth of 17.2%[19] - The company's total assets increased to ¥2,448,858,015.27 in Q1 2024, compared to ¥2,156,032,657.06 in Q1 2023, marking a growth of 13.6%[20] Shareholder Information - The company reported a total of 12,458 common shareholders at the end of the reporting period[11] - The largest shareholder, Shanghai Yangda Enterprise Management Co., Ltd., holds 75,600,000 shares, accounting for 53.40% of total shares[11] - The company plans to repurchase shares with a total fund of no less than RMB 30 million and no more than RMB 60 million, with a maximum repurchase price of RMB 42 per share[14] - The company repurchased a total of 1,284,560 shares, representing 0.91% of the total share capital, with a total payment of RMB 30,016,134.20[15] Non-Recurring Items and Future Plans - Non-recurring losses amounted to CNY -16,987,291.14, significantly impacting the net profit[8] - The company plans to continue focusing on cash flow improvement and managing non-recurring losses in future quarters[9] - The company has not disclosed any new product developments or market expansion strategies in this report[10] - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending[12] - The company’s board of directors approved a plan for share repurchase to support employee stock ownership plans or equity incentives[14] Costs and Expenses - Total operating costs for Q1 2024 were ¥202,818,229.80, up from ¥175,875,840.13 in Q1 2023, reflecting a growth of 15.3%[21] - Research and development expenses for Q1 2024 were ¥7,698,267.26, slightly down from ¥8,271,554.41 in Q1 2023, a decrease of 6.9%[21]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.76 CNY per share, based on an 18x PE multiple for 2024 [25][26] Core Views - The report is optimistic about the company's performance recovery in 2024, driven by the gradual release of overseas subsidiary capacity and the normalization of downstream orders as overseas brand inventories near the end [2] - The company is expected to continue leading the demand for inflatable mattresses in the automotive camping sector, increase market share in waterproof and insulated bags, and expand into the home bed and water sports markets [2] Financial Performance Summary - In 2023, the company reported revenue of 823 million CNY, a decrease of 12.95% YoY, and net profit attributable to shareholders of 131 million CNY, a decline of 38.64% YoY [24] - The revenue decline was primarily due to reduced orders, delayed shipments, and slower new product development as a result of inventory adjustments in the downstream market [24] - The company's gross margin, net margin, and non-GAAP net margin in 2023 were 33.84%, 15.57%, and 16.63%, respectively, down by 2.77, 6.51, and 5.00 percentage points YoY [5] Financial Projections - Revenue is expected to grow to 971 million CNY in 2024, 1,124 million CNY in 2025, and 1,284 million CNY in 2026, with growth rates of 18.0%, 15.7%, and 14.2%, respectively [3] - Net profit attributable to shareholders is projected to increase to 171 million CNY in 2024, 211 million CNY in 2025, and 243 million CNY in 2026, with growth rates of 31.0%, 23.5%, and 15.1%, respectively [3] - EPS is forecasted to be 1.21 CNY in 2024, 1.49 CNY in 2025, and 1.72 CNY in 2026 [3] Product Performance - In 2023, the company's inflatable mattress, bags, pillow cushions, and other products generated revenues of 515 million CNY, 156 million CNY, 60 million CNY, and 90 million CNY, respectively, with YoY changes of -25.19%, 22.53%, -19.29%, and 64.35% [24] Valuation Metrics - The company's PE ratio is expected to decrease from 23.01x in 2023 to 15.68x in 2024, 12.70x in 2025, and 11.03x in 2026 [3] - The EV/EBITDA ratio is projected to decline from 14.44x in 2023 to 8.68x in 2024, 7.17x in 2025, and 5.68x in 2026 [3] Industry Comparison - Comparable companies such as Huali Group and Mogudiao have 2024E PE ratios of 18.63x and 13.26x, respectively, while the company's 2024E PE ratio is 15.68x [10]

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].