Core Viewpoint - The company LeShuShi is set to launch its IPO on November 10, 2023, with a pricing range of HKD 24.2-26.2 per share, aiming to raise between HKD 22.0-23.8 billion, and potentially up to HKD 27.4 billion with the green shoe option. Despite institutional interest, the company faces multiple operational risks including slow market expansion and declining performance growth [1][2][3]. Group 1: IPO Details - The IPO will consist of 90.88 million shares, with a total fundraising target of HKD 22.0-23.8 billion, and a potential green shoe option raising it to HKD 25.3-27.4 billion [1]. - The cornerstone investors include 15 institutions investing a total of USD 139 million, representing 49.1% of the base offering size, marking the highest cornerstone ratio for projects in the HKD 20-30 billion range in 2024 [3][4]. - Notably, there are no industry participants among the cornerstone investors, which may limit the company's support in supply chain integration and market channel expansion [3][4]. Group 2: Financial Performance - Revenue growth has slowed, with projections showing a drop from 28.6% in 2023 to 10.5% in 2024, and a slight recovery to 15.5% in early 2025, raising concerns about sustainability [5][6]. - The gross margin has fluctuated, dropping from 34.9%-35.3% in 2023-2024 to 33.6% in early 2025, primarily due to declining prices of baby hygiene products [6][7]. - Net profit increased significantly from USD 18.39 million in 2022 to USD 64.68 million in 2023, but growth slowed to USD 33.1 million in early 2025, with a net profit margin decrease from 20.9% in 2024 to 19.3% [8][9]. Group 3: Operational Risks - The company faces significant inventory management issues, with inventory turnover days averaging 140-152 days, compared to industry leaders like Procter & Gamble and Kimberly-Clark at around 60 days [9]. - Customer concentration is low, with the top five customers accounting for only 5.2%-6.3% of revenue, indicating weak customer loyalty and potential sales instability [9]. - The company has not rectified outstanding social security and provident fund payments totaling USD 200,000, raising compliance concerns and potential regulatory risks [11]. Group 4: Valuation Concerns - The IPO valuation corresponds to a price-to-earnings ratio of 19.6, which is slightly lower than Procter & Gamble's 23.2 but significantly higher than Kimberly-Clark's 13.2, raising questions about growth sustainability [12][13]. - Given the company's reliance on a single market and slow expansion in emerging markets, the current valuation may lack sufficient growth support, leading to potential valuation adjustments if performance does not meet expectations [12][13].
非洲卫生用品龙头乐舒适启动全球发售：基石阵容豪华 IFC曾参投 2025前四月增速下滑 估值比肩全球龙头
Xin Lang Zheng Quan·2025-11-05 03:53