浙江自然：半年报点评：主品类稳健有增，新品类陆续放量，期待全年业绩健康增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3]. Core Views - The company has shown a robust revenue growth of 13% year-on-year in H1 2024, with total revenue reaching 600 million yuan. However, the net profit attributable to shareholders decreased by 16% to 100 million yuan during the same period [1]. - The company is expected to achieve stable growth in revenue and net profit for the full year 2024, driven by the expansion of new product categories and the recovery of overseas customer orders [2]. - The company has a competitive advantage due to its integrated domestic supply chain and ongoing international capacity expansion, which is anticipated to improve profitability in overseas bases [2]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin increased by 1.5 percentage points to 37.2%, while the net profit margin decreased by 4.8 percentage points to 17.4% [1]. - For Q2 2024, revenue was 330 million yuan, with a year-on-year growth of 13%, and net profit increased by 16% to 60 million yuan [1]. - The company expects to achieve net profits of 162 million yuan, 188 million yuan, and 210 million yuan for the years 2024, 2025, and 2026, respectively [2][3]. Product and Market Development - The company is focusing on expanding its product categories, particularly in outdoor inflatable mattresses and new energy vehicle partnerships, which are expected to drive order demand [1]. - The company has seen better performance in exports compared to domestic sales in H1 2024, indicating a strong international market presence [2]. Capacity and Supply Chain - The company has established an integrated supply chain for inflatable mattresses, maintaining a gross margin above 30%, which is higher than industry peers [2]. - Ongoing capacity expansion in Cambodia and Vietnam is expected to contribute to long-term growth and improved profitability [2]. Cash Flow and Inventory Management - As of H1 2024, inventory increased by 24.8% to 200 million yuan, while inventory turnover days decreased by 11.1 days to 99 days, indicating improved inventory management [2]. - The operating cash flow for H1 2024 was 70 million yuan, approximately 0.7 times the net profit for the same period, reflecting normal cash flow management [2].