Zhejiang Natural Outdoor Goods (605080) Tai Ping Yang·2024-12-09 04:10Investment Rating - The report maintains a "Buy" rating for the company Zhejiang Natural (605080) with a target price based on the last closing price of 20.37 [1]. Core Insights - The company reported a revenue of 190 million yuan for Q3 2024, representing a year-on-year increase of 34.9%. The net profit attributable to shareholders was 62 million yuan, with a significant increase in non-recurring gains contributing to the overall performance [1]. - The core business is recovering steadily, with overseas subsidiaries contributing to growth. The company is expanding into new product categories such as insulation boxes and water sports products, which are showing strong growth [1]. - The report highlights the company's strategic partnerships in the new energy vehicle market, aiming to create popular products for the "car camping" lifestyle [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 29.3%, with a notable increase in net profit margin to 32.6% due to improved investment income and fair value changes [1]. - The company expects continued revenue growth in Q4 2023, driven by the end of inventory destocking by brand clients and a recovery in orders [1]. - The financial projections for the upcoming years indicate a revenue growth rate of 16.3% in 2024, 22.9% in 2025, and 17.4% in 2026, with net profit expected to reach 181 million yuan in 2024 and 276 million yuan in 2026 [4].