浙江自然（605080）：Q1业绩超预期，关税短期压制

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 results that exceeded expectations, with Q1 2025 revenue of 360 million yuan, a year-on-year increase of 30.4%, and a net profit of 100 million yuan, up 148.3% year-on-year. The strong performance is attributed to robust orders in the mattress, cooler, and water sports product segments [3][7]. - The new business segments are showing steady growth, although short-term pressure on mattress orders due to tariffs is noted. Production and delivery for water sports and cooler products in Southeast Asia remain normal, while domestic mattress shipments to the U.S. are temporarily halted [7]. - Looking ahead, while domestic mattress orders are expected to remain under pressure in the short term, a gradual recovery is anticipated as tariffs are implemented and production capacity shifts to Southeast Asia. The company is projected to achieve net profits of 270 million, 340 million, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13x, 11x, and 9x [7]. Financial Summary - For 2024, the company achieved total revenue of 1.0 billion yuan, a year-on-year increase of 21.7%, and a net profit of 190 million yuan, up 41.7%. The fourth quarter alone saw revenue of 210 million yuan, a 39.4% increase year-on-year, and a net profit turnaround from a loss of 30 million yuan to a profit of 20 million yuan [3][12]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 1.4 billion yuan in 2025 and 2.1 billion yuan by 2027 [12].