浙江自然：股权激励目标超预期，新品类新客户成效显现

Investment Rating - The report maintains a "Buy" rating with a target price indicating a potential upside of 10%-20% over the next six months [10][16]. Core Insights - The company has launched a stock incentive plan aimed at enhancing employee motivation, with performance targets set for revenue and net profit for 2025 and 2026 [3][4]. - The company is focusing on the outdoor sports goods sector, leveraging its core technologies to expand into various product categories [1][9]. - The company has established strong partnerships with over 200 global brands, covering a wide range of customer types, including outdoor sports brands and large supermarkets [4][8]. Financial Projections - The adjusted profit forecast for the years 2024 to 2026 indicates expected net profits of 183.5 million, 271.6 million, and 369.4 million respectively, with corresponding EPS of 1.3, 1.92, and 2.61 [9][18]. - Revenue is projected to grow significantly, with a forecast of 1.34 billion in 2025 and 1.87 billion in 2026, reflecting growth rates of 36% and 39% respectively [18][22]. Business Strategy - The company is enhancing its vertical integration in the supply chain, which provides cost advantages and improves quality and delivery times [2][8]. - The company is expanding its customer channels and product lines, particularly in the automotive camping lifestyle market, by collaborating with well-known domestic car manufacturers [9].