轻工制造行业专题研究：以乐舒适看新兴市场卫品发展机遇

Investment Rating - The report maintains a "Strong Buy" rating for the light industry manufacturing sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The emerging markets, particularly in Africa, Latin America, and Central Asia, present significant growth potential in the disposable hygiene products sector, including baby diapers, training pants, and sanitary napkins. The market is expected to grow rapidly with high certainty [2][15]. - The report highlights the leading position of the company "乐舒适" (Leshu Shi) in the African market, where it holds the highest sales volume and second-highest revenue in the baby diaper segment, demonstrating strong growth compared to competitors [29][39]. Summary by Sections 1. African Personal Care Market - The personal care industry in emerging markets is characterized by substantial growth potential and high certainty of growth. The market sizes for 2024 are projected at $3.8 billion for Africa, $7.7 billion for Latin America, and $0.5 billion for Central Asia, with compound annual growth rates (CAGR) of 6.8%, 2.7%, and 4.5% respectively from 2020 to 2024 [15][18]. - The African baby diaper market is expected to grow from $2.04 billion in 2020 to $2.59 billion in 2024, with a CAGR of approximately 6.2% [18][28]. 2. Core Advantages of Leshu Shi - Leshu Shi has developed a multi-brand matrix, localized production, and deep channel penetration, creating significant competitive barriers. The company has established a comprehensive production and sales system over 15 years, becoming the leading brand in Africa for absorbent hygiene products [47][53]. - The revenue of Leshu Shi is projected to grow from $320 million in 2022 to $450 million in 2024, with a CAGR of 19.2%. The net profit is expected to increase from $18 million in 2022 to $95 million in 2024, with a CAGR of 127.4% [47][53]. 3. Growth Potential - Leshu Shi is expanding its market presence in Africa and replicating its successful strategies in Latin America and Central Asia. The company is leveraging its experience and operational expertise to tap into new markets [7][58]. - The report emphasizes the importance of regional expansion and product category synergy as dual engines driving growth for Leshu Shi [7][21]. 4. Investment Recommendations - The report suggests focusing on companies like 延江股份 (Yanjing Co.) and 豪悦护理 (Haoyue Care), which are positioned to benefit from advancements in non-woven fabric technology and a dual-driven strategy of ODM and proprietary brands [2][4].