个护行业研究深度：从乐舒适招股书看非洲个护市场星辰大海

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company. Core Insights - The African personal care market, particularly in hygiene products, is experiencing significant growth driven by population and penetration rate increases, with a projected market size of $5.2 billion by 2028, growing at a CAGR of 8.0% from 2023 to 2028 [3][8] - The company, Leshu Shi, has established itself as a leader in the African hygiene products market, holding a 20.0% market share in baby diapers and a 14.0% share in sanitary napkins [3][22] - The company has a diversified product matrix covering baby diapers, pull-ups, sanitary napkins, and wet wipes, with a strong brand recognition and repurchase rate in the African market [3][46] Industry Overview - The African hygiene products market is projected to grow from $3.6 billion in 2023 to $5.2 billion in 2028, with a CAGR of 8.0% [3][8] - The penetration rates for baby diapers and sanitary napkins in Africa are currently at 22.7% and 30.8%, respectively, indicating substantial room for growth compared to more developed markets [3][12] - The competitive landscape shows that the top five companies in the African baby diaper market hold a combined market share of 62.7% [15] Company Overview - Leshu Shi was founded in 2009 and has focused on the African market, gradually expanding into Latin America and Central Asia [26][29] - The company reported a revenue of $4.11 billion in 2023, with a year-on-year growth of 28.6%, and an adjusted net profit of $0.65 billion, reflecting a significant increase of 251.7% [36] - The company has localized its production in Africa, with eight factories and 44 production lines, enhancing its supply chain efficiency [33][34] Financial Performance - The company's revenue for the first three quarters of 2024 was $3.34 billion, a 7.2% increase year-on-year, with an adjusted net profit of $0.75 billion, up 59.1% [36] - The gross margin improved to 35.4% in 2024 Q1-Q3, driven by a decrease in raw material costs [40][42] - The company’s product categories show that baby diapers accounted for 78.8% of total revenue in 2023, followed by sanitary napkins at 15.0% [37] Product Strategy - Leshu Shi has developed a rich brand matrix, including Softcare, Veesper, Maya, and Cuettie, targeting various consumer segments [46] - The company’s baby diaper brand Softcare has a recognition rate of 89.0% and a repurchase rate of 95.7% in the African market [46] - The sanitary napkin segment is also growing, with a projected CAGR of 10.7% from 2023 to 2028, indicating strong demand [19][56]