年入30亿的非洲纸尿裤生意，托举起乐舒适的IPO

Core Insights - The African market presents significant growth opportunities for baby diapers and sanitary products, with low penetration rates compared to developed markets [2][3] - LeShuShi Ltd, a Chinese company, is rapidly expanding its presence in Africa, achieving substantial sales and market share [3][4] Industry Overview - Africa has the youngest population globally, with a median age of 20 years and the highest birth rate [1] - The penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, significantly lower than in developed markets [2] - The market for baby diapers, pull-ups, and sanitary pads in Africa is projected to reach $5.6 billion by 2029, a 47% increase from five years ago [2] Company Profile - LeShuShi Ltd, spun off from SenDa Group, is one of the earliest Chinese companies to enter the African market [5] - The company generated approximately $450 million in revenue in 2024, with over 40 billion diapers contributing to three-quarters of its revenue [3][4] - LeShuShi holds a 20.3% market share in the African baby diaper market, surpassing Procter & Gamble [3][15] Competitive Advantages - LeShuShi has established a strong distribution network across over 30 countries, with 18 sales branches and more than 2,800 customers [10] - The company has localized manufacturing capabilities, operating production facilities in eight African countries, which helps reduce supply chain costs [11] - The company’s pricing strategy, offering products at 40%-75% lower prices than international brands, has contributed to its market share growth [15] Growth Strategy - LeShuShi plans to invest over $1.8 billion in expanding production capacity across 12 countries, including new factory construction and equipment upgrades [12] - The company aims to penetrate underrepresented markets in Central Africa and rural areas, leveraging its existing strengths in East and West Africa [17] Financial Performance - In 2024, LeShuShi's revenue and net profit growth rates are expected to slow to 10.5% and 46.2%, respectively, compared to much higher rates in 2023 [14] - The company has seen a significant increase in gross margin, rising from 22.2% to 35.2% over two years, driven by declining raw material costs [15] Market Challenges - The company faces potential cost pressures as raw material prices are projected to rise by 5%-7% over the next five years [16] - Currency exchange risks are a concern, as the company’s procurement is primarily in USD and RMB, while sales are in local currencies [17]