Zhejiang Natural Outdoor Goods (SH:605080) Shanxi Securities·2024-09-02 12:11Investment Rating - The report maintains a "Buy-B" rating for Zhejiang Natural (605080.SH) [1][4] Core Views - The company achieved a revenue of 600 million yuan in H1 2024, representing a year-on-year growth of 13.18%. However, the net profit attributable to shareholders decreased by 16.42% to 101 million yuan [1][2] - The company’s core product, inflatable mattresses, is expected to see a recovery in orders as customer inventory depletion concludes, alongside new products like hard insulation boxes and water sports goods contributing to incremental revenue [4][2] - The gross profit margin improved by 1.5 percentage points to 37.2% in H1 2024, with a notable increase in the profitability of hard insulation box products [3][4] Financial Performance Summary - In H1 2024, the company reported a net profit of 101 million yuan, with a decrease in net profit margin to 16.78%, down 5.95 percentage points year-on-year [3] - The company’s operating cash flow net amount was 66 million yuan, reflecting an 11.84% increase year-on-year [3] - The company’s inventory at the end of H1 2024 was 199 million yuan, a year-on-year increase of 24.83%, with inventory turnover days reduced by 11 days to 99 days [3] Market Performance - As of August 30, 2024, the closing price was 15.06 yuan, with a market capitalization of 2.132 billion yuan [2][4] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.22, 1.44, and 1.64 yuan respectively, with corresponding P/E ratios of 12.4, 10.5, and 9.2 times [4][5]