浙江自然2023年年报点评：短期盈利承压，2024年业绩有望改善

Investment Rating - The report assigns a rating of "Buy" for Zhejiang Nature (605080) with a target price of 23.58 CNY, down from the previous target of 37.91 CNY [19][29]. Core Views - The company's short-term profitability is under pressure due to weak order demand and low capacity utilization in 2023, but an improvement in performance is expected in 2024 as downstream brands begin to replenish inventory [19][29]. - The report highlights that the company's revenue for 2023 was 823 million CNY, a decrease of 13% year-on-year, with a net profit of 131 million CNY, down 38.6% year-on-year [19][29]. - The forecast for EPS (Earnings Per Share) has been adjusted to 1.31 CNY for 2024 and 1.52 CNY for 2025, with a projected EPS of 1.74 CNY for 2026 [19][29]. Financial Summary - The total revenue for 2023 was 823 million CNY, with a projected revenue of 947 million CNY for 2024 and 1.060 billion CNY for 2025, indicating a recovery trend [19][29]. - The net profit for 2023 was 131 million CNY, with expectations of 185 million CNY in 2024 and 215 million CNY in 2025 [19][29]. - The report notes a decrease in gross margin to 36.6% in 2023, down from 39.4% in 2022, primarily due to increased sales and management expenses [19][29]. Market Performance - The stock price has fluctuated between 15.37 CNY and 47.90 CNY over the past 52 weeks, with a current price of 18.07 CNY [19][20]. - The average PE (Price to Earnings) ratio for comparable companies in 2024 is projected to be 18 times, with Zhejiang Nature's PE ratio at 14.44 for 2024 [19][29].