Investment Rating - The report suggests a cautious subscription for the company’s IPO [1][4]. Core Insights - The company focuses on developing, manufacturing, and selling health products, particularly baby diapers, baby pull-ups, sanitary napkins, and wet wipes, in rapidly growing emerging markets such as Africa, Latin America, and Central Asia [2]. - According to Frost & Sullivan, the company 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 volume [2]. - The company has a strong presence in the African market and is a significant player in emerging markets, benefiting from over 15 years of multinational operational strategy [2]. Market Growth Potential - The market for baby diapers, baby pull-ups, and sanitary napkins in emerging markets is steadily growing. In Africa, the market size is projected to increase from USD 2.9 billion in 2020 to USD 3.8 billion in 2024, with a compound annual growth rate (CAGR) of 6.8% [3]. - The Latin American market is expected to grow from USD 6.9 billion in 2020 to USD 7.7 billion in 2024, with a CAGR of 2.7% [3]. - In Central Asia, the market size is anticipated to rise from USD 0.4 billion in 2020 to USD 0.5 billion in 2024, with a CAGR of 4.5% [3]. Financial Performance - The company reported revenues of USD 411.4 million, USD 454.4 million, and USD 161.3 million for the years ending in 2023, 2024, and the four months ending April 30, 2025, respectively, reflecting year-on-year growth rates of 28.6%, 10.5%, and 15.5% [3]. - Net profits for the same periods were USD 64.7 million, USD 95.1 million, and USD 31.1 million, with year-on-year growth rates of 251.7%, 47.0%, and 12.5% [3]. Valuation - The IPO price range corresponds to a 2024 price-to-earnings (PE) ratio of approximately 19.8 to 21.5 times, indicating a potentially high valuation [4].
乐舒适（02698）：IPO申购指南