Investment Rating - The report rates the investment in Leshu Comfort (乐舒适) as "Buy" with projected EPS of 0.16 in 2024, increasing to 0.25 by 2027, and a PE ratio decreasing from 24.20 in 2024 to 133.60 in 2027 [6]. Core Insights - The report highlights that SenDa Group is a leading Chinese enterprise in Africa, leveraging its capabilities to empower Leshu Comfort through its channel, product, and market structure [1]. - SenDa Group has established a comprehensive industrial group that integrates overseas manufacturing, international trade, and industrial investment, with a strong presence in various sectors including home decoration materials, fast-moving consumer goods, and hardware [1][12]. - The report draws parallels between SenDa Group's expansion in Africa and Charoen Pokphand Group's (正大集团) historical success in China, suggesting that SenDa Group is poised to replicate this success in emerging markets [5][4]. Summary by Sections SenDa Group: Deepening Localization in Africa - SenDa Group has been operating in Africa for over 20 years, transitioning from traditional trade to localized manufacturing, creating jobs, and driving industry development [12][29]. - The company has established 32 manufacturing operations globally, with sales covering over 60 countries, showcasing its strong global operational capabilities [12][14]. - Key factors for SenDa's success include early identification of the integrated trade and manufacturing model, local production, and strong government-business relationships [32][33]. Empowering Leshu Comfort - SenDa Group provides financial support to Leshu Comfort through loans and advances, enhancing its capital turnover efficiency [3]. - The group offers supply chain and management support, including raw materials, technical assistance, and administrative services [3]. - Leshu Comfort has established a wide sales network across 12 countries with 18 branches and over 2800 wholesalers and retailers [3][39]. Learning from Charoen Pokphand Group's Journey - The report identifies several successful strategies from Charoen Pokphand Group's history, such as seizing market opportunities, extending the industrial chain, and diversifying financing channels [4]. - SenDa Group's current trajectory mirrors that of Charoen Pokphand Group, indicating potential for significant growth in Africa [5]. Market Position and Competitive Advantage - Leshu Comfort's products are competitively priced, with a gross margin of around 30%, making them attractive compared to international brands [38][39]. - The company's localized production strategy allows for rapid response to market demands, reducing shipping times and costs [38][41]. - SenDa Group's investments in local manufacturing not only enhance brand acceptance but also contribute to local economic development [41][42].
非洲出海系列一：森大集团赋能乐舒适的思考