开源证券：首次覆盖乐舒适(02698)给予“买入”评级 本土化能力优异

Core Viewpoint - The report from Open Source Securities indicates that Leshush (02698) is expected to achieve long-term stable growth, with projected net profits for 2025-2027 at $112 million, $132 million, and $154 million, respectively, corresponding to EPS of $0.18, $0.21, and $0.25, and a current PE ratio of 22.3, 18.8, and 16.1 times [1] Group 1: Market Position and Growth Potential - Leshush is a leading player in the African hygiene products industry, specializing in the production and sales of baby diapers and sanitary pads, holding the top market share in both categories [1] - The African market benefits from a demographic dividend and low penetration rates for diapers and sanitary pads, indicating significant growth potential for the industry [1] - The company's strong localization capabilities are underestimated by the market, and it is expected to continue expanding its channels and product categories in the African market while replicating its operational capabilities in other emerging regions [1] Group 2: Product Strategy - In the baby care sector, Leshush has established a multi-brand strategy with four major brands and differentiated product lines, aiming for 263 SKUs by April 2025 [2] - In the female care segment, the company has developed three major brands with 44 SKUs to meet diverse local needs, maintaining the leading market share in Africa for both baby diapers and sanitary pads with a growth rate surpassing competitors [2] Group 3: Production and Distribution Capabilities - The company has established local production capacity across eight African countries with eight factories and 51 production lines, making it the most widely distributed hygiene products manufacturer in Africa [3] - The production capacity for baby diapers and sanitary pads is expected to be the highest in Africa by 2024, with plans for expansion to solidify supply capabilities [3] - Leshush has built a comprehensive sales network covering over 30 countries, with 18 branches and more than 2,800 wholesalers and distributors, reaching over 80% of the local population, demonstrating a strong understanding of the African market and distribution channels [3]