浙江自然：海外基地增长可观

Investment Rating - The report maintains an "Overweight" rating for the company [4][6] Core Views - The company achieved revenue of 1.9 billion yuan in Q3 2024, a YoY increase of 35%, and net profit attributable to the parent company of 0.6 billion yuan, a YoY increase of 372% [1] - For Q1-Q3 2024, the company achieved revenue of 7.9 billion yuan, a YoY increase of 18%, and net profit attributable to the parent company of 1.6 billion yuan, a YoY increase of 22% [1] - The company's gross margin increased by 0.8 percentage points YoY to 35.3% in Q1-Q3 2024 [1] - Profit growth was driven by overseas development strategy and gains from fair value changes of forward foreign exchange contracts and financial products [1] - The global outdoor sports market is expected to grow steadily despite economic pressures, with domestic demand for outdoor products rebounding [2] - The company has deepened its cooperation with the new energy vehicle market and expanded its product lines, with strong R&D capabilities [3] Financial Performance - The company's net profit margin attributable to the parent company was 20.8% in Q1-Q3 2024, a YoY increase of 1.4 percentage points [1] - The company's EPS is expected to be 1.28 yuan in 2024, 1.60 yuan in 2025, and 1.79 yuan in 2026 [4] - The company's PE ratio is expected to be 15X in 2024, 12X in 2025, and 11X in 2026 [4] - Revenue is forecasted to grow by 18.25% in 2024, 14.85% in 2025, and 13.65% in 2026 [5] - Net profit attributable to the parent company is expected to grow by 38.34% in 2024, 25.41% in 2025, and 11.49% in 2026 [5] Industry and Market Trends - The global outdoor sports market is slowing but still growing, with order demand gradually recovering [2] - The domestic outdoor market is diversifying, with "camping+" driving product innovation and material breakthroughs [2] - The company is leveraging its R&D capabilities to develop new materials and automated production lines, focusing on TPU composite fabrics and low-density high-resilience foam [3] Strategic Developments - The company has expanded its product lines and market development efforts, providing high-quality products to global customers [3] - R&D departments in Tiantai and Shanghai are focusing on new materials, automation, and key projects like inflatable water products and home air mattresses [3]