GLONGHUI July 24丨Tianfeng Securities Research Report on the 23rd pointed out that after 2022H2 and 23H1 continuous inventory removal from overseas, Zhejiang Zhengte (001238.SZ) is currently doing well in inventory removal for multiple products. Sales of the company's leading customers are relatively stable. Leading customers such as Walmart reduce product costs through centralized procurement, creating a price advantage, and both supply and demand benefit. In recent years, there has been a marked increase in the company's high-quality customers with annual sales of more than one million US dollars, and the company's production capacity will prioritize satisfying leading customers. Starry Sky Peng is a best-selling product developed by the company based on market demand and deeply recognized by consumers, contributing 400 million in revenue in 2022. The best-selling product trend is gradually taking shape, in line with overseas consumption trends, gradually replacing wooden awnings, simple and beautiful fashion trends; sales channel potential can be expected, benefiting from increased demand for Starry Sky Ponds, the scale of cross-border e-commerce is growing rapidly. Driven by good online sales conditions in some regions, it will gradually expand to offline sales, thus getting closer to mass consumers and increasing sales volume. In the future, while continuing to consolidate its operating foundation, the company will continue to focus on its main business, focus on new product development, create popular products, implement digital workshops, achieve large-scale production, and invest heavily in business model innovation and brand marketing construction. It is estimated that the company's revenue for 23-25 years is 1.4, 1.8 billion yuan, and 2.2 billion yuan, respectively, and net profit from the mother's mother is 1.0, 120, and 150 million yuan, respectively. The corresponding PE is 25, 20, and 17x respectively. Maintain a “buy” rating.