乐舒适-IPO点评

Company Overview - Leshu Shi operates in emerging markets such as Africa, Latin America, and Central Asia, focusing on hygiene products like diapers and sanitary pads[1] - The company has established a sales network across over 30 countries, with 18 branches and more than 2,800 wholesalers and retailers as of April 30, 2025[1] Financial Performance - Revenue for 2022, 2023, and 2024 was $320 million, $411 million, and $454 million, reflecting year-on-year growth of 28.6% and 10.5% respectively; revenue for the first four months of 2025 was $161 million, up 15.5%[2] - Net profit for the same years was $18 million, $65 million, and $95 million, with growth rates of 251.7% and 47.0%; net profit for the first four months of 2025 was $31 million, a 12.5% increase[2] - Gross margin improved from 23.0% in 2022 to 35.2% in 2024, with a gross margin of 33.6% in the first four months of 2025[2] Market Trends - The African market for baby diapers is projected to grow from $2.9 billion in 2020 to $3.8 billion in 2024, with a CAGR of 6.8%[3] - Latin America's market is expected to increase from $6.9 billion in 2020 to $7.7 billion in 2024, with a CAGR of 2.7%[3] - Central Asia's market is forecasted to grow from $0.4 billion in 2020 to $0.5 billion in 2024, with a CAGR of 4.5%[3] Competitive Position - Leshu Shi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary pad market at 15.6%[3] - The top five players in the African baby diaper market account for 61.2% of the market share, indicating high brand concentration[3] Opportunities and Risks - The company benefits from a strong position in emerging markets and a well-established sales network[4] - Risks include intense competition from global players and potential shifts in consumer preferences[5] IPO Details - The IPO is scheduled from October 31 to November 5, 2025, with trading starting on November 10, 2025[6] - The expected price range for shares is HKD 24.2 to 26.2, with total fundraising estimated at HKD 2.199 to 2.381 billion before greenshoe options[9] Investment Recommendation - The IPO rating is 5.3 out of 10, based on operational performance, industry outlook, valuation, and market sentiment[8] - Despite a higher valuation compared to peers, the growth potential in emerging markets makes the stock attractive for investment[13]