乐舒适（02698）：非洲卫品龙头，出海逐浪全球新兴市场

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Insights - The company, Leshu Shi, is a leading player in the African hygiene products market, with plans to expand into emerging markets globally. It is part of the Guangzhou Senda Group and has established a strong presence in Africa, with its core brand "Softcare" leading in sales of baby diapers and sanitary napkins [7][19]. - The African hygiene products market is expected to grow significantly, with a projected market size of USD 3.8 billion in 2024 and a CAGR of 7.9% from 2025 to 2029. Leshu Shi holds the top market share in both baby diapers (20.3%) and sanitary napkins (15.6%) [8][33]. - The company has a robust sales network and local production capabilities, which create significant barriers to entry for competitors. It has established production facilities in Africa and is expanding into Latin America and Central Asia [7][19]. - Financial projections indicate steady revenue growth, with expected revenues of USD 674 million in 2026, representing an 18.82% year-on-year increase. The net profit attributable to shareholders is projected to reach USD 143 million in the same year, with a PE ratio of 18 [6][8]. Company Overview - Leshu Shi is focused on the African market and is gradually expanding into Latin America and Central Asia. The company has been operational since 2009 and has established a strong brand presence with its "Softcare" line [19]. - The management team has extensive experience in emerging markets, with significant ownership stakes held by executives and employees, fostering a motivated organizational culture [23][25]. Industry Analysis - The African hygiene products market is characterized by high growth potential and significant barriers to entry. The population growth and increasing penetration rates in the market are expected to drive expansion [33][37]. - The competitive landscape in Africa is fragmented, with high entry barriers due to the diverse and dispersed population across the continent. This presents challenges for new entrants, particularly large international companies [52].