乐舒适(2698.HK)：扎根非洲 扬帆新兴

Core Viewpoint - The company, LeShuShi, is a leading multinational hygiene products company in Africa, focusing on the baby diaper and sanitary napkin markets, with significant growth potential driven by demographic and economic trends in emerging markets [1][4]. Group 1: Market Position and Growth Potential - LeShuShi ranks first in the African baby diaper market and sanitary napkin market, with market shares of 20.3% and 15.6% respectively, based on 2024 sales projections [1]. - The African market is expected to see substantial growth, with a projected compound annual growth rate (CAGR) of approximately 7.0% for the baby diaper market and 13.2% for sanitary napkins from 2025 to 2029 [1][4]. Group 2: Brand and Product Strategy - LeShuShi has established a strong brand presence with a diverse brand matrix, including Softcare, Maya, Veesper, Cuettie, and Clincleer, catering to different consumer segments [2]. - The company has a robust manufacturing capability supported by local factories and a global supply chain, enabling the production of high-quality, cost-effective products [2]. Group 3: Distribution and Sales Network - The company has developed an extensive sales network across emerging markets, with 18 sales branches in 12 countries and over 2,800 wholesalers, distributors, supermarkets, and other retailers [2]. - As of April 30, 2025, revenue distribution shows West Africa contributing 39.5%, East Africa 46.5%, Central Africa 10.6%, Latin America 3.3%, and Central Asia 0.1% [3]. Group 4: Product Line Expansion - LeShuShi is expanding its product lines both vertically and horizontally, introducing products at various price points and expanding into new hygiene categories [3]. - The company has launched several brands over the years, including mid-range and high-end options, and plans to introduce more products to meet consumer demand [3]. Group 5: Financial Projections - Revenue projections for LeShuShi indicate a growth trajectory with expected revenues of $530 million, $620 million, and $720 million for the years 2025, 2026, and 2027, representing year-on-year growth rates of 17%, 16%, and 16% respectively [4]. - The company's estimated valuation for 2026 is 20.7 times earnings, compared to a sector average of 23 times [4].