商贸零售行业周报：乐舒适招股书拆解：非洲卫生用品龙头，受益新兴市场高增长机遇-20251130

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report analyzes the company LeShuShi, a leading player in the African hygiene products sector, benefiting from high growth opportunities in emerging markets [1] - The company has shown significant revenue growth, with projected revenue increasing from 320 million to 454 million in 2024, representing a CAGR of 19% from 2022 to 2024 [1] - The adjusted net profit is expected to rise from 18 million to 98 million, with an impressive CAGR of 130% during the same period [1] - The report highlights the company's strategic fundraising plan, aiming to raise 2.141 billion HKD for capacity expansion, marketing, strategic acquisitions, and CRM system upgrades [1] Revenue and Profit Structure - In 2024, the revenue breakdown includes baby diapers (340 million), sanitary napkins (80 million), baby pants (20 million), and wet wipes (10 million), with respective market shares of 75%, 17%, 5%, and 3% [2] - The gross profit for these products is projected at 117 million for diapers, 30 million for napkins, 6 million for pants, and 8 million for wipes, with gross margins of 34%, 38%, 28%, and 52% respectively [2] Market Potential and Competitive Landscape - The report indicates a robust growth trajectory for the hygiene products market in emerging regions, with the African market expected to grow from 4.1 billion to 5.6 billion by 2029, reflecting a CAGR of 7.9% [3] - The company holds a leading market share in Africa, with a 20.3% share in baby diapers and a 15.6% share in sanitary napkins, ranking first in both categories [3] Competitive Advantages - The company has a well-established brand matrix and a diverse product SKU range, enhancing its market appeal [4] - It operates eight production facilities across Africa, with a total designed annual capacity of 63 billion diapers, 35 billion pants, 29 billion sanitary napkins, and 90 billion wet wipes [4] - The management team possesses extensive experience in emerging markets, with a strong local talent pool contributing to operational success [7]