Core Viewpoint - Zhejiang Natural reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational performance and effective cost management [1][2]. Financial Performance - In 2024, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 190 million yuan, up 41.7% year-on-year [1]. - For Q4 2024, revenue reached 210 million yuan, reflecting a 39.4% year-on-year growth, with a net profit of 20 million yuan, reversing a loss of 30 million yuan from the previous year [1]. - In Q1 2025, revenue was 360 million yuan, a 30.4% increase year-on-year, with a net profit of 100 million yuan, up 148.3% year-on-year [1][2]. Business Segments - The revenue growth in Q1 2025 was primarily driven by strong orders in the mattress, thermal box, and water sports products segments [2]. - The company is experiencing stable growth in new business areas, although short-term mattress orders are pressured by tariffs [2]. Future Outlook - Short-term domestic mattress orders are expected to remain under pressure, but with the gradual implementation of tariffs and capacity migration to Southeast Asia, the mattress segment is anticipated to recover steadily [2]. - The company forecasts net profits of 270 million yuan, 340 million yuan, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13X, 11X, and 9X [2].