浙江自然：新品类放量带动Q3收入提速，期待后续业绩逐步释放

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [6]. Core Views - The company has experienced a revenue increase of 18% year-on-year for the first three quarters of 2024, with a notable acceleration in Q3, where revenue grew by 35% compared to the previous year. This growth is primarily driven by the rapid expansion of new product categories [1][2]. - The company is expected to achieve steady growth in revenue and net profit in 2024, supported by the ongoing recovery of overseas clients' inventory levels and collaborations with automotive companies [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 790 million yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 160 million yuan, up 22% year-on-year. The net profit excluding non-recurring items was 150 million yuan, reflecting a 13% increase [1]. - In Q3 2024 alone, the company achieved a revenue of 190 million yuan, marking a 35% year-on-year increase, while the net profit attributable to shareholders surged by 372% to 60 million yuan [2]. - The gross profit margin for the first three quarters of 2024 was 35.3%, an increase of 0.8 percentage points year-on-year, while the net profit margin attributable to shareholders rose by 1.4 percentage points to 20.8% [1]. Order and Product Demand Summary - The company is focusing on expanding its product categories, particularly in outdoor inflatable mattresses, and is actively seeking to develop new customer channels in the electric vehicle sector. This strategy is expected to drive sustained growth in order demand [3]. - The company anticipates that the orders for its main product category, inflatable mattresses, will continue to grow steadily in the first half of 2024, with new product categories such as insulated bags and water sports equipment also expected to contribute to revenue growth [3]. Capacity and Operational Efficiency Summary - The company has established a vertically integrated supply chain for inflatable mattresses, which provides competitive advantages in cost, quality, and delivery time. The gross profit margin for this segment has consistently remained above 30% [4]. - The company is also enhancing its production capabilities in Cambodia and Vietnam, with expectations of improved profitability from these overseas bases as production ramps up [5]. - Inventory turnover days for the first three quarters of 2024 increased by 19.3 days to 111.6 days, while the net operating cash flow was 180 million yuan, approximately 1.1 times the net profit for the same period [4].