Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a revenue of $567 million for 2025, representing a year-on-year increase of 24.9%, and a net profit of $121 million, up 27.4% year-on-year [1]. - All product categories experienced both volume and price growth, with notable performance in the Latin American market, where sales growth exceeded 100% [1]. - The gross margin improved by 0.7 percentage points to 35.9%, driven by favorable currency exchange rates and enhanced market penetration in emerging markets [2]. - The company is expected to continue its growth trajectory, particularly in Africa and Latin America, with projected net profits of $144 million, $172 million, and $202 million for 2026, 2027, and 2028, respectively [3]. Financial Performance - Revenue by product for 2025: Diapers at $450 million (+23.1% YoY), Sanitary Napkins at $100 million (+27.9% YoY), and Wet Wipes at $20 million (+53.8% YoY) [1]. - Revenue by region for 2025: East Africa (+23.9%), West Africa (+18.4%), Central Africa (+34.5%), and Latin America (+134.3%) [1]. - The company’s sales expense ratio, administrative expense ratio, and R&D expense ratio remained stable, contributing to a net profit margin increase to 21.4% [2]. Future Outlook - The company is well-positioned to enhance its market share in Africa and is actively expanding into high-growth regions such as Latin America and Central Asia [2]. - The forecasted earnings per share (EPS) for 2026, 2027, and 2028 are $0.23, $0.28, and $0.32, respectively, with corresponding price-to-earnings (P/E) ratios of 16.5, 13.8, and 11.8 [3].
乐舒适（02698）：产品量价同增，拉美增势强劲，公司长期增长动能充沛