浙江自然：第三季度收入同比增长35%，盈利同比改善

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a 34.9% year-on-year increase in revenue for Q3 2024, reaching 190 million yuan, driven by overseas expansion and a low base effect from last year's inventory destocking by major brand clients [1]. - Gross margin remained stable, with a slight decline of 0.9 percentage points to 29.3%. The net profit attributable to the parent company surged by 372.4% year-on-year to 62 million yuan, benefiting from increased non-operating income [1]. - The company is focusing on its core business while expanding into new product categories and channels, particularly in the automotive camping market through partnerships with well-known domestic car manufacturers [1][7]. Financial Performance Summary - Revenue (in million yuan) is projected to increase from 823 in 2023 to 971 in 2024, representing a growth of 17.9% [8]. - Net profit (in million yuan) is expected to rise from 131 in 2023 to 181 in 2024, reflecting a growth of 38.5% [8]. - Earnings per share (EPS) is forecasted to increase from 0.92 in 2023 to 1.28 in 2024 [8]. - The company’s EBIT margin is projected to improve from 18.9% in 2023 to 20.9% in 2024 [8]. - Return on equity (ROE) is expected to rise from 7.0% in 2023 to 9.0% in 2024 [8]. Valuation and Price Target - The target price for the company is maintained at 21.8 to 24.2 yuan, corresponding to a price-to-earnings (PE) ratio of 17 to 19 times for 2024 [1][7].