Zhejiang Natural Outdoor Goods (SH:605080) HUAXI Securities·2025-04-29 07:10Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2024 are projected to be 1.002 billion, 185 million, and 171 million yuan respectively, showing year-on-year growth of 21.75%, 41.67%, and 25.04% [2] - The significant growth in net profit is attributed to the company's active market expansion, product structure optimization, and accelerated overseas capacity ramp-up [2] - The company plans to distribute a cash dividend of 1.97 yuan per 10 shares, with a dividend payout ratio of 15.06% and a dividend yield of 0.80% [3] Financial Performance Summary - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 357 million, 96 million, and 86 million yuan respectively, representing year-on-year growth of 30.40%, 148.29%, and 53.80% [2] - The gross margin, net profit margin, and net profit margin excluding non-recurring items for 2024 are projected to be 33.72%, 18.47%, and 17.07% respectively, with year-on-year changes of -0.12%, +2.6%, and +0.42 percentage points [6] - The company experienced a 35% increase in inventory year-on-year, with inventory turnover days decreasing by 20 days [8] Investment Recommendations - In the short term, the company's main product, outdoor inflatable mattresses, is expected to maintain a revenue growth rate of over 20% due to new customer orders [9] - In the medium term, the insulated hard box and water sports products are anticipated to become new growth points, with high growth expected this year [9] - Long-term prospects remain strong due to the company's robust R&D capabilities in new materials and ongoing expansion in overseas markets, with revenue forecasts for 2025 and 2026 at 1.394 billion and 2.008 billion yuan respectively [9]