新股前瞻|非洲细分市场市占率第一，乐舒适IPO故事有何看点？

Core Viewpoint - Leshu Comfort Limited is seeking to go public on the Hong Kong Stock Exchange, focusing on emerging markets in Africa, Latin America, and Central Asia, with a strong market presence in Africa's hygiene products sector [1][4]. Financial Performance - The company has shown robust growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million during the same periods [1][2]. - In the first four months of 2025, the company achieved revenues of $161 million, a year-on-year increase of 15%, and net profits of $31.10 million, up 12.45% year-on-year [2]. Product Portfolio - Leshu Comfort's main products include baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [2][3]. - The company operates multiple sub-brands, with Softcare being the core brand, which has maintained a significant market presence in Kenya [2][3]. Market Position and Strategy - Leshu Comfort holds the leading market share in Africa for baby diapers and sanitary napkins, with respective market shares of 20.3% and 15.6% as of 2024 [6]. - The company has established a comprehensive sales network across 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [3][6]. Market Potential - The African hygiene products market is expected to experience significant growth, driven by a demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [4][5]. - The market penetration rates for baby diapers and sanitary napkins in Africa are currently low, at around 20% and 30%, respectively, indicating substantial growth potential [5][6]. Future Outlook - Leshu Comfort plans to use IPO proceeds to expand production capacity in several African and Latin American countries, aiming to enhance its manufacturing capabilities for ultra-thin baby diapers and sanitary napkins [6][7]. - The company is positioned to capitalize on the growing demand in emerging markets, with expectations of continued revenue growth as urbanization and consumer purchasing power increase [7].