乐舒适（02698）：非洲卫生用品龙头，本土化护城河较深

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][8]. Core Insights - The company is positioned as a leading player in the African hygiene products market, with a strong local competitive advantage [5][10]. - The company focuses on developing, manufacturing, and selling baby diapers, baby pull-ups, sanitary napkins, and wet wipes, catering to diverse market needs [7][14]. - The report highlights the company's robust growth trajectory, with projected revenue and net profit increases over the next few years [8][47]. Financial Performance - As of February 12, 2026, the closing price is HKD 31.26, with a market capitalization of HKD 19,366.09 million [3]. - Revenue projections for 2025-2027 are USD 540.43 million, USD 635.51 million, and USD 738.25 million, respectively, with year-on-year growth rates of 19%, 18%, and 16% [8][47]. - The net profit estimates for the same period are USD 109.83 million, USD 139.94 million, and USD 165.50 million, with growth rates of 15%, 27%, and 18% [8][47]. Market Position - The company holds the top market share in the African baby diaper and sanitary napkin markets, with respective shares of 20.3% and 15.6% based on 2024 sales volume [7][14]. - The company has established a comprehensive distribution network across 12 countries, reaching over 80% of the local population in key markets [42]. Product Strategy - The company employs a multi-brand strategy to cater to various consumer segments, with five major brands targeting different market tiers [26][32]. - The product lines include a total of 341 SKUs, with a focus on continuous product iteration to meet diverse consumer needs [26][32]. Supply Chain and Production - The company has built a robust global supply chain with localized production facilities in eight African countries, enhancing cost efficiency [36][42]. - As of April 30, 2025, the company operates 51 production lines across its facilities, with a total designed capacity for various hygiene products [36][42]. Growth Potential - The report anticipates significant growth in the baby diaper and sanitary napkin segments, driven by increasing birth rates and rising market penetration in Africa [9][47]. - The company is expected to maintain a competitive edge due to its established market presence and strong distribution capabilities [10][50].