轻工纺服行业周报：浙江自然推出超预期股权激励目标，彰显发展信心

Investment Rating - Industry rating: Increase [1] Core Insights - The outdoor sports market is experiencing stable growth, with the "camping+" market accelerating. From 2018 to 2023, China's outdoor goods market size increased from 140.1 billion to 211.6 billion yuan, with a CAGR of 8.60%. It is expected to reach 240 billion yuan by 2025, with a CAGR of 6.50% from 2023 to 2025 [3][23] - Zhejiang Natural has launched an unexpected stock incentive plan, reflecting confidence in development. The plan involves granting 1,284,560 restricted stocks to 61 key personnel at a price of 10.62 yuan per share, with performance targets set for 2025 and 2026 [3][24] - The demand for inflatable mattresses and other camping equipment is expected to grow as the outdoor sports industry recovers from inventory destocking. The export value of inflatable mattresses in China increased from 12.4 million USD in 2015 to 23.3 million USD in 2023, with a CAGR of 8.19% [3][23] Summary by Sections Weekly Market Review - From January 13 to January 17, 2025, the Shanghai Composite Index rose by 2.31%, while the Shenzhen Component Index increased by 3.73%. The light industry manufacturing index rose by 3.25%, ranking 19th among 31 industry indices [4][32] - The textile and apparel index increased by 3.16%, ranking 20th among the same indices [4][32] Key Data Tracking - The outdoor goods market is projected to grow significantly, with the global camping equipment market expected to reach 15.01425 billion USD in 2023, growing at a CAGR of 6.68% over the next five years [3][23] - The company has established a strategic focus on three core business areas: inflatable mattresses, waterproof/thermal bags, and water sports products, aiming for stable growth in these segments [3][27] Company Performance - In 2023, the revenue from inflatable mattresses, outdoor bags, headrest cushions, and other businesses was 515 million, 156 million, 60 million, and 90 million yuan respectively, showing a decline in inflatable mattress revenue due to global economic downturns [3][27] - The company is expanding its overseas production capacity, having acquired a 60% stake in a Cambodian company and establishing subsidiaries in Singapore and Morocco to enhance production capabilities [3][28]