证券研究报告 | 公司深度报告 2026 年 01 月 28 日 乐舒适（02698.HK） 深耕新兴市场卫品蓝海，本土化运营筑就成长护城河 消费品/轻工纺服 公司凭借在非洲等新兴市场的深度本地化生产和渠道布局，实现了持续的业绩 高增长与盈利能力提升，2022-2024 年营业收入及经调净利润 CAGR 达 19%和 130%，成长能力凸显。公司在核心品类的竞争优势突出，品牌不断深化，看好 公司在高成长的新兴市场的长期价值空间。 强烈推荐（首次） 目标估值：NA 当前股价：32.74 港元 基础数据 | 总股本（百万股） | 620 | | --- | --- | | 香港股（百万股） | 620 | | 总市值（十亿港元） | 20.3 | | 香港股市值（十亿港元） | 20.3 | | 每股净资产（港元） | 0.3 | | ROE（TTM） | 55.7 | | 资产负债率 | 46.1% | | 主要股东 | 沈延昌 | | 主要股东持股比例 | 54.753% | 股价表现 % 1m 6m 12m 绝对表现 2 31 31 相对表现 -3 25 -3 资料来源：公司数据、招商证券 -15 -10 ...

机构：东吴证券 研究员：赵艺原/吴劲草/阳靖 乐舒适是非洲纸尿裤和卫生巾销量第一的跨国品牌。乐舒适成立于2009年，2025 年11 月港股上市。公 司主营产品为婴儿纸尿裤、卫生巾、婴儿拉拉裤及湿巾（2024 年前述产品营收占比分别为75%、17%、 5%、3%），主要销售市场为非洲等新兴市场（2024 年非洲、拉美营收占比分别为98%、2%）。2024 年公司在非洲婴儿纸尿裤和卫生巾销量市场份额分别为20.3%和15.6%，均位居市场第一。2024 年营收/ 归母净利润分别为4.54 亿美元/9500 万美元，2022-2024 年营收/归母净利润CAGR 分别为19%/127%。 新兴市场卫生用品行业：增长较快，空间广阔，非洲市场较集中。1）非洲市场：较高出生率+较低渗 透率，卫生用品行业增速较快。2024 年非洲婴儿纸尿裤、拉拉裤及卫生巾市场规模为38 亿美元，2020- 2024 年CAGR6.8%，增速显著高于欧美中日（2020-2024 年CAGR 均在2%以下），我们认为主要源于 非洲出生率较高，同时卫生用品渗透率较低。2）其他新兴市场：2024年拉美卫生用品市场规模77 亿美 元，约为非洲的2 ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

Investment Rating - The report maintains a "Strong Buy" rating for the light industry manufacturing sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The emerging markets, particularly in Africa, Latin America, and Central Asia, present significant growth potential in the disposable hygiene products sector, including baby diapers, training pants, and sanitary napkins. The market is expected to grow rapidly with high certainty [2][15]. - The report highlights the leading position of the company "乐舒适" (Leshu Shi) in the African market, where it holds the highest sales volume and second-highest revenue in the baby diaper segment, demonstrating strong growth compared to competitors [29][39]. Summary by Sections 1. African Personal Care Market - The personal care industry in emerging markets is characterized by substantial growth potential and high certainty of growth. The market sizes for 2024 are projected at $3.8 billion for Africa, $7.7 billion for Latin America, and $0.5 billion for Central Asia, with compound annual growth rates (CAGR) of 6.8%, 2.7%, and 4.5% respectively from 2020 to 2024 [15][18]. - The African baby diaper market is expected to grow from $2.04 billion in 2020 to $2.59 billion in 2024, with a CAGR of approximately 6.2% [18][28]. 2. Core Advantages of Leshu Shi - Leshu Shi has developed a multi-brand matrix, localized production, and deep channel penetration, creating significant competitive barriers. The company has established a comprehensive production and sales system over 15 years, becoming the leading brand in Africa for absorbent hygiene products [47][53]. - The revenue of Leshu Shi is projected to grow from $320 million in 2022 to $450 million in 2024, with a CAGR of 19.2%. The net profit is expected to increase from $18 million in 2022 to $95 million in 2024, with a CAGR of 127.4% [47][53]. 3. Growth Potential - Leshu Shi is expanding its market presence in Africa and replicating its successful strategies in Latin America and Central Asia. The company is leveraging its experience and operational expertise to tap into new markets [7][58]. - The report emphasizes the importance of regional expansion and product category synergy as dual engines driving growth for Leshu Shi [7][21]. 4. Investment Recommendations - The report suggests focusing on companies like 延江股份 (Yanjing Co.) and 豪悦护理 (Haoyue Care), which are positioned to benefit from advancements in non-woven fabric technology and a dual-driven strategy of ODM and proprietary brands [2][4].

Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins, while expanding into emerging markets like Central Asia [1] - The company has established a competitive barrier and sustainability by deeply engaging in the African market, becoming a leading multinational hygiene products company since its establishment in 2009, with a wide network of over 2,800 channel partners across 12 countries [1][2] Group 2 - The hygiene products market in Africa and emerging markets is experiencing robust growth, with the market size for baby diapers and sanitary napkins in Africa expected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, representing a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029 [2] - The Central Asian market for baby diapers and sanitary napkins is projected to grow from $0.4 billion in 2020 to $0.5 billion by 2024, with a CAGR of 4.5%, driven by population growth, urbanization, and increased consumer awareness [2] Group 3 - The company has a strong competitive position in the African and emerging markets for hygiene products, having established the most local factories in Africa since 2018, ensuring a stable supply chain and rapid response [3] - The company covers over 80% of the population in key African countries through a solid sales network, with high channel barriers and strong relationships with wholesalers and distributors [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving the highest market shares in Africa for baby diapers and sanitary napkins at 20.3% and 15.6% respectively in 2024 [3]

Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as a "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins [1] - The company has established a competitive barrier and sustainability by focusing on the African market and expanding into emerging markets like Central Asia and Latin America, having developed a strong network of over 2,800 channel partners across 12 countries [1][2] - The African market for baby diapers, pull-ups, and sanitary napkins is projected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, with a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029, driven by increased penetration and a young population structure [2] Group 2 - The company has built a strong local manufacturing presence in Africa since 2018, making it the enterprise with the most factories in the region, ensuring a stable and responsive supply chain [3] - The company has a solid sales network covering over 80% of the population in key African countries, with strong relationships with wholesalers and distributors, creating high channel barriers [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving a market share of 20.3% in baby diapers and 15.6% in sanitary napkins in Africa by volume in 2024, ranking first in both categories [3]

Core Viewpoint - Haitong International initiates coverage on Leshushi (02698) with an "Outperform" rating and a target price of HKD 40.5, reflecting a strong growth outlook driven by its leading position in the African hygiene products market [2] Group 1: Company Overview - Leshushi is a multinational hygiene products company focused on emerging markets such as Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [3] - According to Frost & Sullivan data, Leshushi ranks first in Africa's baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6% respectively, and ranks second by revenue with market shares of 17.2% and 11.9% [3] Group 2: Growth Drivers - The combination of population growth and urbanization in Africa, along with low penetration rates of baby and female hygiene products, drives significant industry growth potential, with Leshushi showing strong growth momentum in both baby diapers and sanitary napkins [4] Group 3: Competitive Advantages - Leshushi employs a differentiated brand strategy, having developed a strong brand matrix since launching its core brand Softcare in Ghana in 2009, now encompassing over 340 SKUs across four core categories [5] - The company has established local production capabilities in eight African countries, with eight factories and 51 production lines, making it the largest local manufacturer of hygiene products in Africa, which enhances cost efficiency and consumer engagement [5] - Leshushi has a deep multi-channel sales network that reaches over 80% of the local population in key operating countries, with a presence in over 30 countries and 18 sales branches serving more than 2,800 customers [5] Group 4: Future Growth Strategy - Leshushi plans to replicate its successful "African model" in Latin America and other emerging markets to create a sustainable second growth curve [6] - The company aims to expand its product categories through channel reuse and acquisitions, transitioning from a leading hygiene products company to a leading fast-moving consumer goods group [6]

Core Viewpoint - Haitong International forecasts that Leshushi (02698) will achieve revenues of $5.5 billion, $6.5 billion, and $7.6 billion for the years 2025-2027, representing year-on-year growth of 21%, 17%, and 17% respectively. Adjusted net profits are expected to be $1.1 billion, $1.3 billion, and $1.5 billion for the same years, with year-on-year growth of 14%, 17%, and 17% respectively. Given Leshushi's leading position in the African hygiene products market and the structural opportunities from Africa's demographic dividend and increasing penetration rates, a 25x PE ratio for 2026 is suggested, corresponding to a reasonable market value of HKD 25.1 billion and a target price of HKD 40.5 [1][2]. Company Overview - Leshushi is a multinational hygiene products company focused on emerging markets such as Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes. According to Frost & Sullivan data, the company ranks first in Africa's baby diaper and sanitary napkin markets by sales volume for 2024, with market shares of 20.3% and 15.6% respectively. By revenue, it ranks second in both markets, with shares of 17.2% and 11.9% respectively [2]. Growth Drivers - The combination of Africa's population growth and accelerated urbanization, along with the low penetration rates of baby and female hygiene products, drives significant industry growth potential. Leshushi demonstrates leading growth momentum in both the baby diaper and sanitary napkin markets, supported by a product matrix that covers premium, mid-range, and mass-market segments [3]. Core Competencies - Differentiated brand strategy with a strong brand matrix: Since launching its core brand Softcare in Ghana in 2009, the company has expanded to include brands such as Maya, Veesper, Cuettie, and Clincleer, creating a comprehensive brand matrix covering four core categories. As of April 2025, the company has over 340 SKUs across these categories [4]. - Localized production and supply chain management: The company initiated local production in Ghana in 2018 and has established eight factories and 51 production lines across eight African countries by April 2025, making it the hygiene products company with the most local factories in Africa. The "locally produced, locally sold" model significantly shortens the sales chain, reduces costs, and enhances consumer engagement [4]. - Extensive multi-channel sales network: As of April 2025, the sales network has expanded to over 30 countries in Africa, Latin America, and Central Asia, with 18 sales branches in 12 countries serving over 2,800 customers. The network covers all administrative regions in key operating countries, reaching over 80% of the local population [4]. Future Growth Strategy - Regional expansion: Leshushi aims to replicate its successful "African model" in Latin America and other emerging markets with similar demographics and consumption patterns, creating a sustainable second growth curve [5]. - Category expansion: The company plans to leverage existing channel networks and consumer insights to expand into health care and hygiene-related products, while also considering strategic acquisitions to rapidly gain brand assets and market entry [5].

Investment Rating - The report initiates coverage with an OUTPERFORM rating for Softcare, indicating a positive outlook compared to the market [1][2]. Core Insights - Softcare is positioned as a leading player in the hygiene products sector within emerging markets, focusing on localized deployment to build a competitive moat [1][4]. - The company has a strong market presence in Africa, with leading market shares in baby diapers (20.3%) and sanitary napkins (15.6%) based on 2024 sales volume [4][9]. - The growth drivers include demographic advantages and low penetration rates in the hygiene products market, which present significant growth potential [4][29]. Financial Performance - Revenue projections for Softcare show a steady increase, with expected revenues of $551 million in 2025, representing a 21% year-over-year growth [7]. - Net profit is projected to reach $112 million in 2025, reflecting a 14% increase from the previous year [7]. - The company maintains a gross profit margin (GPM) of approximately 34.2% for 2025, indicating stable profitability [7][24]. Market Dynamics - The African market for baby and female hygiene products is characterized by a young population and increasing urbanization, which are expected to drive demand [28][29]. - The penetration rates for baby diapers and sanitary napkins in Africa are significantly lower than in developed markets, suggesting ample room for growth [29][31]. - The report highlights that the African hygiene products market is projected to grow at a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029, outpacing other regions [33]. Competitive Advantages - Softcare has developed a diversified brand strategy with over 340 SKUs across four core categories, enhancing its market reach [5]. - The company has established a localized production model with eight factories across eight African countries, which reduces costs and improves supply chain efficiency [5][6]. - A multi-channel sales network has been developed, reaching over 80% of the local population in key markets [5]. Future Growth Strategy - Softcare plans to replicate its successful African model in Latin America and other emerging markets, aiming to create a sustainable second growth curve [6]. - The company is focused on expanding its product categories through both organic growth and strategic acquisitions [6]. Valuation - The report assigns a target price of HK$40.50, based on a price-to-earnings (P/E) ratio of 25x for 2026, reflecting the company's strong market position and growth potential [7].