浙江自然(605080)：Q1业绩超预期 新品放量&产能释放驱动成长

Core Insights - The company reported a revenue of 1 billion in 2024, representing a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 190 million, up 41.7% year-on-year, with a non-recurring net profit of 170 million, up 25% year-on-year [1] - In Q1 2025, the company achieved a revenue of 360 million, a year-on-year increase of 30.4%, and a net profit attributable to shareholders of 96 million, up 148.3% year-on-year, with a non-recurring net profit of 86 million, up 54% year-on-year [1] - The company experienced significant growth in its inflatable mattress and new product categories, with revenue from inflatable mattresses, outdoor bags, headrest cushions, and other income increasing by 14%, 31%, 16%, and 48% respectively [1] Financial Performance - The gross margin for 2024 and Q1 2025 was 33.7% and 38.8% respectively, with a decrease of 0.1 percentage points year-on-year for 2024 and an increase of 0.5 percentage points for Q1 2025 [2] - The operating expense ratio for 2024 and Q1 2025 decreased by 1.0 and 4.0 percentage points year-on-year to 11.8% and 8.0% respectively, leading to a net profit margin of 18.5% and 26.9%, up 2.6 and 12.8 percentage points year-on-year [2] - Inventory turnover days decreased by 5.9 days to 112 days, while accounts receivable turnover days increased by 5.5 days to 63 days, and accounts payable turnover days decreased by 4.6 days to 72 days as of the end of Q1 2025 [2] Industry Outlook - The outdoor sports industry is experiencing rapid growth, with a long-term trend of TPU replacing PVC products, and new product categories continuously emerging [3] - The company has established a strategic focus on three core business areas: inflatable mattresses, waterproof/thermal bags, and water sports products, with expectations for stable growth in core categories and new market expansions [3] - The overseas production capacity is being progressively established in regions such as Cambodia, Vietnam, and Morocco, with significant improvements in profitability expected as production ramps up and orders continue to flow in [3]