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].

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 | | --- | --- | --- | --- | --- | --- | |- ...