招商证券发布研报称，首次覆盖给予乐舒适(02698)"强烈推荐"投资评级。公司凭借在非洲等新兴市场 的深度本地化生产和渠道布局，实现了持续的业绩高增长与盈利能力提升，2022-2024年营业收入及经 调净利润CAGR达19%和130%，成长能力凸显。公司在核心品类的竞争优势突出，品牌不断深化，看好 公司在高成长的新兴市场的长期价值空间，预计2025-2027年公司归母净利润分别为1.13/1.34/1.59亿美 元，对应PE估值为23.4/19.7.16.7 x。 招商证券主要观点如下： 3)公司毛利率2022-2024年稳步提升，毛利率表现受原材料及公司自身定价能力影响。2022-2024年公司 综合毛利率从23.0%提升12.2pct至35.2%，核心驱动因素来自原材料价格下行，以及卫生巾、湿巾等更 高毛利率产品占比提升，带动毛利率升至35.2%; 4)公司净利率持续提升，2025M1-M4为20.15%，主要得益于毛利率提升、费用率优化以及外汇亏损收 窄几大综合因素，依托森大集团规模优势，海运费占收入比重相对较小。 公司发展乘新兴市场扩容东风，本土化供、产、销构筑成长护城河 1)公司发展立足于非洲、拉美 ...

智通财经APP获悉，招商证券发布研报称，首次覆盖给予乐舒适(02698)"强烈推荐"投资评级。公司凭借 在非洲等新兴市场的深度本地化生产和渠道布局，实现了持续的业绩高增长与盈利能力提升，2022- 2024年营业收入及经调净利润CAGR达19%和130%，成长能力凸显。公司在核心品类的竞争优势突出， 品牌不断深化，看好公司在高成长的新兴市场的长期价值空间，预计2025-2027年公司归母净利润分别 为1.13/1.34/1.59亿美元，对应PE估值为23.4/19.7.16.7 x。 3)公司毛利率2022-2024年稳步提升，毛利率表现受原材料及公司自身定价能力影响。2022-2024年公司 综合毛利率从23.0%提升12.2pct至35.2%，核心驱动因素来自原材料价格下行，以及卫生巾、湿巾等更 高毛利率产品占比提升，带动毛利率升至35.2%; 4)公司净利率持续提升，2025M1-M4为20.15%，主要得益于毛利率提升、费用率优化以及外汇亏损收 窄几大综合因素，依托森大集团规模优势，海运费占收入比重相对较小。 公司发展乘新兴市场扩容东风，本土化供、产、销构筑成长护城河 1)公司发展立足于非洲、拉美及中 ...

证券研究报告 | 公司深度报告 2026 年 01 月 28 日 乐舒适（02698.HK） 深耕新兴市场卫品蓝海，本土化运营筑就成长护城河 消费品/轻工纺服 公司凭借在非洲等新兴市场的深度本地化生产和渠道布局，实现了持续的业绩 高增长与盈利能力提升，2022-2024 年营业收入及经调净利润 CAGR 达 19%和 130%，成长能力凸显。公司在核心品类的竞争优势突出，品牌不断深化，看好 公司在高成长的新兴市场的长期价值空间。 强烈推荐（首次） 目标估值：NA 当前股价：32.74 港元 基础数据 | 总股本（百万股） | 620 | | --- | --- | | 香港股（百万股） | 620 | | 总市值（十亿港元） | 20.3 | | 香港股市值（十亿港元） | 20.3 | | 每股净资产（港元） | 0.3 | | ROE（TTM） | 55.7 | | 资产负债率 | 46.1% | | 主要股东 | 沈延昌 | | 主要股东持股比例 | 54.753% | 股价表现 % 1m 6m 12m 绝对表现 2 31 31 相对表现 -3 25 -3 资料来源：公司数据、招商证券 -15 -10 ...

机构：东吴证券 研究员：赵艺原/吴劲草/阳靖 乐舒适是非洲纸尿裤和卫生巾销量第一的跨国品牌。乐舒适成立于2009年，2025 年11 月港股上市。公 司主营产品为婴儿纸尿裤、卫生巾、婴儿拉拉裤及湿巾（2024 年前述产品营收占比分别为75%、17%、 5%、3%），主要销售市场为非洲等新兴市场（2024 年非洲、拉美营收占比分别为98%、2%）。2024 年公司在非洲婴儿纸尿裤和卫生巾销量市场份额分别为20.3%和15.6%，均位居市场第一。2024 年营收/ 归母净利润分别为4.54 亿美元/9500 万美元，2022-2024 年营收/归母净利润CAGR 分别为19%/127%。 新兴市场卫生用品行业：增长较快，空间广阔，非洲市场较集中。1）非洲市场：较高出生率+较低渗 透率，卫生用品行业增速较快。2024 年非洲婴儿纸尿裤、拉拉裤及卫生巾市场规模为38 亿美元，2020- 2024 年CAGR6.8%，增速显著高于欧美中日（2020-2024 年CAGR 均在2%以下），我们认为主要源于 非洲出生率较高，同时卫生用品渗透率较低。2）其他新兴市场：2024年拉美卫生用品市场规模77 亿美 元，约为非洲的2 ...

乐舒适 20260126 摘要 乐舒适主要产品包括婴儿纸尿裤（占比约 75%）、卫生巾（17- 18%）、拉拉裤（约 5%）和湿巾（约 3%）。非洲市场因人口结构年 轻、出生率高，对卫生用品需求持续增长，过去五年东中西非地区相关 行业年均增长约 8%，预计未来五年保持该增速。 在纸尿裤领域，乐舒适与龙头企业宝洁差距很小，但在卫生巾领域，乐 舒适排名第二，与宝洁仍有差距，但销量已略高于宝洁。乐舒适在纸尿 布产品方面更具优势，且产品质量优于竞品，长期有望威胁宝洁市场地 位。 乐舒适计划在深耕东中西非地区的同时，跟随森大集团业务拓展至拉美 市场，已在秘鲁建设产线，预计 2026 年投产，并逐步进军周边国家， 未来可能通过贸易手段进入中亚等新兴市场。 预计未来几年乐舒适收入和利润增速将维持在 15%-20%之间。2026 年利润大约为 1.1 亿美元，2027 年将增长至约 1.3 亿美元，到 2027 年底达到 1.5 亿美元。对应明后年的市盈率分别为 19 倍和 17 倍。 乐舒适的经营壁垒主要体现在海外经营管理方面，包括产线布局、招工 管理及供应链管理。公司能够有效管理当地员工，并确保原材料供应通 畅，同时规避 ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

Group 1 - The core focus of Binzhou's development strategy is to strengthen the real economy by enhancing the "6638N" modern industrial cluster and building a more recognizable modern industrial system by 2026 [1] Group 2 - Traditional industries will be upgraded through high-quality development actions in key manufacturing sectors, with a focus on 45 major projects to establish a world-leading aluminum lightweight materials manufacturing base [3] - The chemical industry will be supported by 48 key projects to create a fine chemical industry base in the Bohai Rim, leveraging companies like Jingbo and Binhua [3] - The textile industry aims to enhance international influence through 30 key projects, supporting companies such as Weiqiao Textile and Yuyue [3] - The food processing and aquaculture sectors will target high-end value chains, with 16 key projects aimed at establishing a national food industry base and high-quality livestock and aquatic product bases [3] Group 3 - Emerging industries will be promoted, with a focus on the Bohai Bay Future Technology Power Industry City and 29 projects in the new energy and new materials sector, targeting over 10% revenue growth [3] - A low-altitude intelligent network platform will be developed, with 20 key projects including a drone processing center to create a low-altitude economic cluster in the Bohai Rim [3] - The scale of emerging industries such as equipment manufacturing, health care, and digital economy will be expanded, with a focus on future industries like advanced materials and hydrogen energy [3] Group 4 - The industrial ecosystem will be optimized through the implementation of over 400 key technological transformation projects, promoting "smart transformation" with 20 intelligent factories [4] - The service industry will be enhanced, with 15 new projects in smart logistics and over 60 large-scale exhibitions planned [4] - The financial sector will see an 8% increase in credit investment, supporting the transformation of financial pilot cities [4] - The technology service industry will be accelerated, with the establishment of 10 service innovation centers to provide full lifecycle services for manufacturing [4]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshushi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in Africa's sanitary products to an international fast-moving consumer goods group rooted in emerging markets, benefiting from the emerging market dividend [1] Group 1: Company Growth Potential - The company is expected to grow into an international fast-moving consumer goods group in emerging markets, leveraging high competitive barriers established in Africa, including supply chain and cost advantages, deep localization, and a cross-regional operational system [1] - The company is projected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Net profit attributable to the parent company is expected to reach $114 million, $134 million, and $155 million during the same period, with growth rates of 20%, 17%, and 16% respectively [1] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million in 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary product market globally [2] Group 3: Competitive Positioning - The company is the leading sanitary product player in Africa, with projected revenues of $450 million in 2024, reflecting a 10.5% increase, and a net profit of $95 million, representing a 47% increase [3] - The company maintains high gross and net profit margins of 35.2% and 20.9%, respectively, while achieving high return on assets (ROA) that significantly outperforms global and domestic industry leaders [3] - The company's competitive edge stems from its deep localization and cross-regional channel management developed over more than a decade [3] Group 4: Strategic Advantages - The company has established a strong brand presence through over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been developed through a wholesale model, reaching over 80% of the local population in key operational countries, creating a cross-regional operational moat in the grid-like market [4] - The company plans to expand its production capacity, with an estimated total output value of $890 million, including $510 million in Central Asia and Latin America markets [4]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshu Shi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in the African sanitary products market to an international fast-moving consumer goods group rooted in emerging markets, benefiting from ongoing market growth [1] Group 1: Company Growth Potential - The company is expected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Projected net profit attributable to shareholders is $114 million, $134 million, and $155 million for the same period, with growth rates of 20%, 17%, and 16% [1] - The company has established high competitive barriers in Africa through supply chain and cost advantages, deep localization, and a cross-regional operational system, allowing it to continue benefiting from emerging market dividends [1][2] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million respectively by 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary products market globally [2] Group 3: Financial Performance - The company is projected to generate $450 million in revenue in 2024, reflecting a 10.5% increase, with profits expected to reach $95 million, a 47% increase [3] - The gross margin and net margin are forecasted at 35.2% and 20.9% respectively, positioning the company as the leading sanitary products player in Africa [3] - The company maintains high profitability and return on assets (ROA), significantly outperforming global and domestic industry leaders [3] Group 4: Competitive Advantages - The company has a first-mover advantage with over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been established through a wholesale model, reaching over 80% of the local population in key operational countries [4] - The company is expanding its market presence from West Africa to East Africa and is set to replicate its success in the South American market, with plans for new production capacity valued at $890 million [4]