Core Viewpoint - The company, Leshu Comfort, is set to list on the Hong Kong Stock Exchange and is a leading player in the African hygiene products market, ranking first in both the baby diaper and sanitary napkin markets by production volume in 2024 [1][2]. Market Position and Growth Potential - Leshu Comfort focuses on emerging markets in Africa, Latin America, and Central Asia, with a strong emphasis on baby and female hygiene products [2][3]. - The company benefits from a young population and high birth rates in these regions, providing a growing customer base for baby hygiene products [2]. - The sanitary napkin market is experiencing significant growth due to rising female hygiene awareness and urbanization, indicating a substantial unmet demand [2]. Sales and Distribution Network - The company has established a broad sales network across over 30 countries, with 18 sales branches in 12 countries and a network of more than 2,800 wholesalers, distributors, and retailers [3]. - This extensive network is a core competitive advantage, reflected in the sales data showing rapid growth in product volumes [3]. Financial Performance - Leshu Comfort has shown stable revenue growth, with an increase from $320 million in 2022 to $454 million in 2024, representing a compound annual growth rate (CAGR) of 19.2% [4]. - The company's net profit surged from $18.39 million in 2022 to $95.11 million in 2024, indicating a growth rate of 4.2 times, significantly outpacing revenue growth [4]. - For the first four months of 2025, revenue increased by 15.5% year-on-year, from $140 million to $161 million [4]. Product Analysis - Baby diapers remain the core business, accounting for approximately 75% of revenue, with sales volume growing from 2.995 billion units in 2022 to 4.123 billion units in 2024, a 37.7% increase [6]. - The average selling price of baby diapers has decreased slightly, indicating potential pricing pressure due to increased competition [6]. - Sanitary napkins are emerging as a growth engine, with sales volume increasing from 958 million units in 2022 to 1.634 billion units in 2024, a 70.6% increase, and the average selling price rising from $4.50 to $4.74 [7]. Challenges and Risks - The company faces significant foreign exchange risks, having recorded a $13.75 million loss in 2023 due to currency fluctuations, which could impact future profitability [9]. - The declining average selling price of baby diapers suggests increased competition, which may pressure profit margins [9][10]. - Rising operational costs and increased spending on sales, administration, and research may erode net profit margins if revenue growth does not keep pace [10].
乐舒适：非洲卫生用品双料冠军如何拆解货币地雷？
Zhi Tong Cai Jing·2025-10-31 10:37