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].

您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（html//acc mof wor con l 台 (http://a c.mof.gov.cn） 报告编码 : 沪249P 关于浙江大自然户外用品股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 浙江大自然户外用品股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 2023 年度 信会师报字[2024]第 ZF10132 号 浙江大自然户外用品股份有限公司全体股东: 我们审计了浙江大自然户外用品股份有限公司(以下简称"贵公 司")2023年度的财务报表,包括 2023年12月 31 日的合并及母公 司资产负债表、2023年度合并及母公司利润表、合并及母公司现金 流量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 3 月 23 日出具了报告号为信会师报字[2024]第 ZF10130 号的 无保留意见审计报告。 贵公司管理层根据中国证券监督管理委员会《上市公司监管指引 第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公告 (2022) 26 号)和《上海证券交易所上市公司自律监管指南 ...

信会师报字[2024]第 ZF10131 号 浙江大自然户外用品股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了浙江大自然户外用品股份有限公司(以下简称贵 公司)2023年12月31日的财务报告内部控制的有效性。 浙江大自然户外用品股份有限公司 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 : 户 24 / 11 内部控制审计报告 内部控制审计报告 2023 年 12 月 31 日 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制政策 和程序遵循的程度降低,根据内部控制审计结 ...

证券代码：605080 证券简称：浙江自然 公告编号： 2024-009 浙江大自然户外用品股份有限公司 关于续聘会计师事务所的公告 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、准确性和完整性承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：立信会计师事务所（特殊普通合伙）以下 简称"立信"） 一、拟续聘会计师事务所的基本情况 截至 2023 年末，立信会计师事务所拥有合伙人 278 名、注册会计师 2,533 名、从业人员总数 10,730 名，签署过证券服务业务审计报告的注册会计师人数 693 名。立信 2022 年度业务收入（经审计）46.14 亿元，其中审计业务收入 34.08 亿元，证券业务收入 15.16 亿元。2023 年度立信为 671 家上市公司提供年报审 计服务，涉及的主要行业包括计算机、通信和其他电子设备制造业、医药制造业、 专用设备制造业、软件和信息技术服务业、土木工程建筑业等行业，审计收费 8.17 亿元，审计同行业上市公司 14 家。 （2）投资者保护能力 立信具有良好的投资者保护能力，按照相关法律法规要求总所统一计 ...