乐舒适年报略超预期，软体龙头新品智能进阶：轻工制造

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [4]. Core Insights - Leshu Comfort's 2025 annual report slightly exceeded market expectations, with revenue of $567 million, a year-on-year increase of 24.9%, and a profit of $121 million, up 27.4% [3][10]. - Recent product launches from leading companies in the soft furniture sector, including Kuka Home and Minsun Holdings, indicate a trend towards smart product upgrades, suggesting a potential concentration of market share among top players [3]. - The light industry sector has recently experienced a pullback, with many companies' valuations returning to attractive levels, prompting recommendations to focus on stocks like Zhongxin Co., Jiu Long Paper, and Leshu Comfort [3]. Summary by Sections Home Furnishing - Kuka Home launched four smart flagship products, including the Hertz S9 smart sofa and the Moon Shadow M8 smart mattress, enhancing their AI capabilities [8]. - Kuka Home is also investing $160 million in a new production base in Indonesia, expected to generate an annual output value of approximately $220 million upon completion [8]. - The home furnishing sector's valuations and institutional holdings are at historical lows, with expectations for gradual improvement in fundamentals post-Q2 [8]. Paper Industry - As of March 20, 2026, prices for various paper types showed mixed trends, with double glue paper at 4,737.5 CNY/ton (+12.5 CNY), while white card paper decreased to 4,218 CNY/ton (-26 CNY) [8][52]. - Jiu Long Paper announced a price increase for April, maintaining a bullish outlook on paper prices supported by strong pulp prices [8]. - The paper industry is expected to see a recovery in prices due to strong support from wood pulp prices and a favorable exchange rate for imported pulp [8]. Packaging - Dazhengda announced an investment of 550 million CNY to acquire a stake in Chipton Semiconductor, enhancing its capabilities in high-performance graphics processing [10]. - The packaging sector is advised to focus on companies with stable operations and attractive dividend yields, such as Yutong Technology and Meiyingsen [10]. Export Chain - In the first two months of 2026, China's exports increased by 21.8% year-on-year, with trade with ASEAN and EU growing significantly [12]. - Recommendations for export chain companies include Zhongxin Co., Zhiou Technology, and others with strong production capabilities in the U.S. market [12]. Light Industry Consumption - Leshu Comfort's strategic expansion into Africa and Latin America, along with a 4%-7% increase in average selling prices, positions it well for future growth [12]. - The company reported a gross margin of 35.9%, benefiting from favorable currency exchange rates and product optimization [12].