浙江自然（605080）：点评报告：短期盈利承压，新品类、全球布局增量明确

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 685 million yuan for H1 2025, a year-on-year increase of 14.22%, and a net profit attributable to shareholders of 146 million yuan, up 44.53% year-on-year. However, Q2 showed revenue of 329 million yuan, a slight increase of 0.67%, with net profit down 20.12% year-on-year [1] - The company is effectively diversifying its product categories, with significant contributions from new business lines such as water sports products and insulated bags, which are becoming strong growth drivers [2] - The global production capacity is being enhanced through bases in Vietnam, Cambodia, and Morocco, significantly improving supply chain resilience [3] - Despite short-term profit pressures, the overall expense ratio remains stable, with a gross margin of 35.12% for H1 2025, down 2.1 percentage points year-on-year [4] - Revenue projections for 2025-2027 are 1.27 billion, 1.87 billion, and 2.40 billion yuan, respectively, with corresponding net profits of 250 million, 380 million, and 490 million yuan, indicating strong growth potential [5] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 685 million yuan, a 14.22% increase year-on-year, and a net profit of 146 million yuan, up 44.53% year-on-year. Q2 revenue was 329 million yuan, with a net profit of 50 million yuan, reflecting a decline of 20.12% year-on-year [1] - The gross margin for H1 2025 was 35.12%, down 2.1 percentage points year-on-year, while the expense ratio was 10.02%, a slight increase of 0.11 percentage points [4] Business Development - The company is expanding its product lines, particularly in water sports and insulated bags, which are becoming significant contributors to growth. The water sports segment benefits from production in Vietnam, avoiding trade barriers and enjoying tariff advantages [2] - The insulated bag segment targets the outdoor camping and fishing markets, leveraging partnerships with leading industry clients to rapidly capture market share [2] Global Expansion - The company has established a robust supply chain network through its production bases in Vietnam, Cambodia, and Morocco, enhancing its global capacity and resilience [3] - The Vietnam base primarily produces water sports products and is expected to show strong profitability as global demand for outdoor sports increases [3] Future Outlook - Revenue forecasts for 2025-2027 are 1.27 billion, 1.87 billion, and 2.40 billion yuan, with net profits projected at 250 million, 380 million, and 490 million yuan, respectively, indicating a strong growth trajectory [5]