Zhejiang Natural Outdoor Goods (605080) 太平洋·2025-01-02 06:11Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][10]. Core Insights - The company has announced a stock incentive plan aimed at middle management and key personnel, reflecting confidence in its growth prospects for the next two years. The plan includes granting 1.2846 million restricted shares at a price of 10.62 CNY per share, which is about 0.91% of the total share capital [10]. - The company is expected to achieve significant revenue and net profit growth, with targets set for 2025 and 2026. The revenue targets are set at no less than 1.389 billion CNY and 2 billion CNY, respectively, with corresponding growth rates of at least 40% and 44% [10]. - The outdoor sports supply chain industry is experiencing rapid growth, with the company positioned to benefit from the increasing penetration of TPU products over PVC. The company has a leading advantage in manufacturing outdoor products using TPU materials [10]. Financial Summary - The company's projected revenue for 2025 is 1.391 billion CNY, with a growth rate of 40%. By 2026, revenue is expected to reach 1.967 billion CNY, with a growth rate of 41% [7]. - The net profit for 2025 is forecasted to be 275 million CNY, with a growth rate of 46%, and for 2026, it is expected to be 378 million CNY, with a growth rate of 37% [7]. - The diluted earnings per share are projected to be 1.95 CNY for 2025 and 2.67 CNY for 2026, with corresponding price-to-earnings ratios of 12.08 and 8.80 [7].