Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved impressive performance in 2025 with revenue of $567.39 million, a year-on-year increase of 24.87%, and a net profit of $121.16 million, up 27.39% [7] - The growth in revenue was driven by strong performance across three main product lines, with both volume and price increases contributing to revenue growth [7] - The company has established a strong competitive barrier in the African market, leveraging its extensive industry experience and local market advantages to drive future growth [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2024: $454.39 million - 2025: $567.39 million - 2026E: $667.38 million (17.6% growth) - 2027E: $757.05 million (13.4% growth) - 2028E: $845.34 million (11.7% growth) [6] - Net profit projections are as follows: - 2024: $95.11 million - 2025: $121.16 million - 2026E: $149.40 million (23.3% growth) - 2027E: $171.66 million (14.9% growth) - 2028E: $195.12 million (13.7% growth) [6] - The company’s gross margin is expected to improve from 35.2% in 2024 to 35.9% in 2025, driven by favorable currency exchange rates and product upgrades [7] Product Line Performance - Baby care products contributed $446.1 million in revenue in 2025, a 23.1% increase, accounting for 78.6% of total revenue [7] - Female care products achieved sales of $99.1 million, up 27.9%, representing 17.5% of total revenue [7] - Household care products saw a significant increase in sales to $22.3 million, a 53.8% rise, making up 3.9% of total revenue [7]
乐舒适（02698）：25年业绩表现亮眼产品量价齐升