国证国际港股晨报-20251105

Group 1: Market Overview - The Hong Kong stock market showed weakness, with the Hang Seng Index down 0.79% to 25,952.4, and the Hang Seng Tech Index down 1.76% [2] - Northbound capital saw a net inflow of 9.832 billion HKD, with the most bought stocks being CNOOC, Xiaomi, and China Mobile, while Alibaba, SMIC, and Tencent were the most sold [2][3] - Global market sentiment remains low, with the S&P 500 and Nasdaq down 1.2% and 2% respectively, amid expectations of a 10% to 15% market correction due to high valuations and cooling interest rate cut expectations [4] Group 2: Company Overview - The specific company, 乐舒适 (Leshushi), focuses on emerging markets in Africa, Latin America, and Central Asia, producing hygiene products such as baby diapers and sanitary napkins [7] - Leshushi has established a wide sales network across over 30 countries, with 18 sales branches and more than 2,800 wholesalers and retailers [7] - The company ranks first in the African baby diaper and sanitary napkin markets, with a total production capacity of 6.3 billion baby diapers and 2.85 billion sanitary napkins annually [7][8] Group 3: Financial Performance - Revenue for Leshushi is projected to grow from 320 million USD in 2022 to 454 million USD in 2024, with a year-on-year growth of 28.6% and 10.5% respectively [8] - Net profit is expected to increase significantly from 18 million USD in 2022 to 95 million USD in 2024, reflecting a growth of 251.7% and 47.0% [8] - The gross margin is forecasted to improve from 23.0% in 2022 to 35.2% in 2024, driven by market penetration and population growth [8] Group 4: Industry Outlook - The market for baby diapers and sanitary napkins in emerging markets is steadily growing, with Africa's market expected to reach 3.8 billion USD by 2024, growing at a CAGR of 6.8% [9] - The brand concentration in the African baby diaper market is high, with the top five players holding 61.2% of the market share, and Leshushi's core brand Softcare leading with a 20.3% share [9] - The Latin American market is projected to grow from 6.9 billion USD in 2020 to 7.7 billion USD by 2024, with a CAGR of 2.7% [9] Group 5: Competitive Advantages - Leshushi benefits from a strong position in emerging markets with significant growth potential and a well-established sales network [10] - The company has local factories and a global supply chain that supports its sustainable operations [10] - The ability to replicate successful strategies in other markets presents further opportunities for growth [10] Group 6: IPO Information - The IPO subscription period is from October 31 to November 5, 2025, with trading expected to commence on November 10 [12] - The cornerstone investors have subscribed for 47.14% of the offering, indicating strong interest [13] - The net proceeds from the IPO are estimated to be approximately 2.141 billion HKD, with 71.4% allocated for capacity expansion and production upgrades [14]