国海证券发布研报称，首次覆盖，给予乐舒适(02698)"买入"评级，公司以非洲市场为基本盘，受益于 行业渗透率提升与公司份额增长，在婴儿纸尿裤核心品类基础上，卫生巾品类成长迅速，拓展中亚等新 兴市场。公司处于高成长赛道，龙头地位稳固，随着产品结构优化与市场拓展，规模与毛利率同步提 升。 国海证券主要观点如下： 公司深耕非洲市场所构建的竞争壁垒与可持续性 扎根非洲、辐射全球的卫生用头品。乐舒适是一家专注于非洲、拉美、中亚等快速发展新兴市场的跨国 卫生用品公司，成立于2009年。主要从事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾的开发、制造与销 售。经过超15年发展，已成为非洲多国市场的领军企业，并在12个国家设立了18个销售分支机构，拥有 超过2800家渠道合作伙伴的广泛网络。 非洲及新兴市场的卫品市场空间 赛道高成长，新兴市场卫生用品需求蓬勃增长。据弗若斯特沙利文数据，非洲婴儿纸尿裤、婴儿拉拉裤 及卫生巾市场规模预计从2024年的38亿美元增长至2029年的56亿美元，2025-2029年复合年增长率为 7.9%。渗透率提升与人口结构年轻化驱动市场快速扩容。中亚市场婴儿纸尿裤、婴儿拉拉裤及卫生巾 的市场规模由202 ...

公司在非洲及新兴市场卫生用品行业中的竞争地位与成长潜力 销售x品牌x制造，构筑深厚的本土化护城河。公司自2018年起在非洲本地建厂，是非洲工厂布局最多的 卫生用品企业，供应链稳定且响应迅速。公司拥有广泛且稳固的销售网络，覆盖非洲核心国家80%以上 人口，批发商与经销商合作关系稳固，渠道壁垒高。公司已经建立了完善的品牌矩阵，以核心品牌 Softcare为主，延伸出Maya、Cuettie等子品牌，覆盖不同消费群体，品牌认知度高。据弗若斯特沙利文 数据，2024年在非洲婴儿纸尿裤和卫生巾市场按销量计份额分别达20.3%和15.6%，均排名第一。 风险提示 市场竞争加剧风险、国际政治环境波动、业务拓展不及预期、原材料价格波动风险、汇率波动风险、未 来年份各业务毛利率下滑风险、港美股与A股估值体系存在差异。 公司深耕非洲市场所构建的竞争壁垒与可持续性 扎根非洲、辐射全球的卫生用头品。乐舒适是一家专注于非洲、拉美、中亚等快速发展新兴市场的跨国 卫生用品公司，成立于2009年。主要从事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾的开发、制造与销 售。经过超15年发展，已成为非洲多国市场的领军企业，并在12个国家设立了18个销售分 ...

核心竞争力 （1）差异化品牌策略，打造强大的品牌矩阵。公司2009年于加纳推出核心品牌Softcare婴儿纸尿裤后， 逐步拓展至Maya、Veesper、Cuettie及Clincleer品牌，构建覆盖四大核心品类的全面品牌矩阵。截至2025 年4月末，四大核心品类SKU超340个。 （2）本土化产能深耕叠加全链条精细管控，构筑供应链核心竞争壁垒。公司2018年于加纳启动本土化 生产，截至2025年4月末已在非洲8国布局8家工厂、51条生产线，是非洲本地工厂数量最多的卫生用品 企业。"本地产、本地销"模式大幅缩短销售链路、降低成本，同时提升消费者触达效率与情感联结。 （原标题：海通国际：首予乐舒适(02698) "优于大市"评级 目标价40.5港元） 智通财经APP获悉，海通国际发布研报称，预计2025-27年乐舒适(02698)营收各5.5/6.5/7.6亿美元，同比 各增长21%/17%/17%；经调净利各1.1/1.3/1.5亿美元，同比各增长14%/17%/17%。参照可比公司，考虑 到乐舒适在非洲卫品市场的绝对龙头地位，且受益于非洲人口红利与卫品渗透率提升的结构性机遇，给 予2026年25xPE，对 ...

人口红利与低渗透率驱动高增长，双品类领跑非洲市场 非洲人口增长与城市化进程加速叠加非洲婴儿及女性卫生用品低渗透率，构成行业高增长核心驱动，市 场提升空间大。乐舒适凭借覆盖中高档、中端及大众市场的产品矩阵，在非洲婴儿纸尿裤与卫生巾市场 中均展现出领先的增长势头。 核心竞争力 (1)差异化品牌策略，打造强大的品牌矩阵。公司2009年于加纳推出核心品牌Softcare婴儿纸尿裤后，逐 步拓展至Maya、Veesper、Cuettie及Clincleer品牌，构建覆盖四大核心品类的全面品牌矩阵。截至2025年 4月末，四大核心品类SKU超340个。 (2)本土化产能深耕叠加全链条精细管控，构筑供应链核心竞争壁垒。公司2018年于加纳启动本土化生 产，截至2025年4月末已在非洲8国布局8家工厂、51条生产线，是非洲本地工厂数量最多的卫生用品企 业。"本地产、本地销"模式大幅缩短销售链路、降低成本，同时提升消费者触达效率与情感联结。 海通国际发布研报称，预计2025-27年乐舒适(02698)营收各5.5/6.5/7.6亿美元，同比各增长 21%/17%/17%；经调净利各1.1/1.3/1.5亿美元，同比各增长14% ...

研究报告 Research Report 31 Dec 2025 乐舒适 Softcare (2698 HK) 首次覆盖：聚焦新兴市场卫生用品赛道，本土化布局构筑竞争护城河 Focusing on the Hygiene Products Sector in Emerging Markets, Localized Deployment Builds Competitive Moat: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$31.76 目标价 HK$40.50 HTI ESG 4.6-4.5-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$19.68bn / US$2.53bn 日交易额 (3 个月均值) US$9.76mn 发行股票数目 619.52mn 自由流通股 (%) 31% 1 年股价最高最低值 HK$33.54 ...

Group 1 - Nobon Co., Ltd. experienced a stock price increase of 1.05%, reaching 17.34 CNY per share, with a trading volume of 9.2078 million CNY and a turnover rate of 0.30%, resulting in a total market capitalization of 3.078 billion CNY [1] - The company, established on November 27, 2002, and listed on February 22, 2017, specializes in the research, production, and sales of differentiated and personalized spunlace non-woven materials and disposable hygiene products, with spunlace non-woven materials accounting for 69.51% of its main business revenue [1] - The revenue composition of Nobon Co., Ltd. includes spunlace non-woven materials at 69.51%, other spunlace non-woven materials at 29.11%, and other products at 1.38% [1] Group 2 - Dongzheng Asset Management has a fund that heavily invests in Nobon Co., Ltd., with the "Oriental Red CSI Advantage Growth Index Fund A" (018920) increasing its holdings by 38,200 shares to a total of 282,500 shares, representing 2.24% of the fund's net value, making it the ninth-largest holding [2] - The fund, established on September 19, 2023, has a current size of 136 million CNY and has achieved a year-to-date return of 30.73%, ranking 1722 out of 4189 in its category [2] - The fund has also recorded a one-year return of 28.14%, maintaining the same category ranking, and a cumulative return of 52.33% since its inception [2] Group 3 - The fund manager of the "Oriental Red CSI Advantage Growth Index Fund A" is Xu Xijia, who has been in the position for 6 years and 156 days, overseeing a total fund size of 7.023 billion CNY, with the best return during his tenure being 57.27% [3] - Co-manager Rong Yizhou has been in the role for 6 years and 35 days, managing a fund size of 780 million CNY, with a best return of 54.78% during his tenure [3]

本报告导读： ODM 和自有品牌发展良好，公司业绩明显改善。 调整盈利预期 ，维持"增持"评级。考虑公司经营近况，我们调整公司盈利预期，预计2025-2027 年公司 EPS 0.90/1.32/1.73 元（2025-2026 年原值为1.42/1.77 元）。参考行业可比公司，考虑公司ODM业务稳定 增长、自有品牌线下业务实现扭亏为盈，叠加研发与技术突破带来的估值溢价，给予公司2025 年40X PE，给予目标价36.00元，维持"增持"评级。 毛利率稳中有升。2025 年前三季度公司归母净利率6.9%，同比+2.5pct；毛利率26.3%，同比+1.5ct。销 售费用率8.7%，同比+1.5pct；财务费用率1.1%，同比+0.1pct；管理费用率7.1%，同比-0.9pct；研发费 用率3.5%，同比-0.1pct。 收入和利润端显著改善。2025 年前三季度公司实现营业收入11.19亿元，同比+18.8%，主要系口腔护理 产品销售增长影响；归母净利润0.77 亿元，同比+84.6%；扣非净利润0.72 亿元，同比+86.4%。。 风险提示：国际贸易关系变化，原材料价格波动。 公司形成以ODM 为主兼 ...

2025年的港股IPO市场热闹非凡。Wind数据显示，截至12月14日年内港股IPO数量已经超过100家，首发募资额也超过了2700亿港元，同比分别增长58%、 223%以上。 市场快速扩容的背后，也带来了一个值得思考的问题：在如此多的新股中，哪些标的真正具备长期价值，更值得关注？ 近日，格隆汇"金格奖"年度卓越公司评选结果的出炉，恰为投资者们提供了一些参考和方向。 乐舒适的本土化布局，本质是一场业务全链条的扎根，这也让其构建起多重竞争壁垒。 比如，从品牌端来看，乐舒适覆盖全面、层次鲜明，而且品牌力非常强劲。 今年"金格奖·年度卓越投资价值IPO"由乐舒适等10家企业斩获。该奖项聚焦主营业务、业绩增长及股东价值创造等维度，结果综合定量数据分析与专家评 审，筛选出具有显著增长潜力和竞争优势的新上市企业。 and and ckey provide ICAN and 2 11:52 STITUTE Children in s we a press 29 IS TEXT EH 2 a 1998 121 最新版 the for REAL SEP NITES STA a Tite 70 - 12 STER NEW STA ...

证券研究报告 | 公司点评 gszqdatemark 2025 12 22 年 月 日 青松股份（300132.SZ） 公司业绩回暖，盈利能力提升 公司营收、利润同步好转，盈利能力有所提升。公司在经历 2021-2024 年 四年的业绩调整后，业绩有所回暖，2025 年 Q1-3 实现营收 15.53 亿元 （yoy+12.0%），归母、扣非净利润分别为 1.11、0.75 亿元，分别同比 +247.0%、+146.5%。2025 年 Q1-3 毛利率为 19.2%，同比+2.6pcts， 扣非归母净利率回升至 4.9%。营运状况方面，公司 2025 年 Q1-3 经营性 现金流为 1.39 亿元，同比+50.1%，营运状况良好。单季度来看，2025 单 Q3 实现营业收入 6.16 亿元（yoy+16.6%），归母净利润、扣非归母净利 润分别为 0.83、0.49 亿元，分别同比+232.5%、+106.0%，非经常性损 益共 0.34 亿元，其中非流动资产处置损益为 0.38 亿元。2025 单 Q3 毛利 率为 21.8%，同比+2.8pcts，主要因收入增长及产能利用率提升带来经营 效率提升。费用端管 ...

Summary of Leshu Group's Conference Call Company Overview - Leshu Group holds a leading position in the diaper and sanitary napkin market in Africa, with significant market shares in countries like Ghana, Cameroon, and Kenya. The company has established 18 sales branches in 12 countries, covering over 30 countries and serving more than 25 million customers, showcasing a strong first-mover advantage [2][3][4]. Core Business Insights - The group has built an efficient and robust global supply chain with 44 production lines across eight African countries. The design capacity for diapers exceeds 5.5 billion yuan, while sanitary napkins exceed 2.5 billion yuan. Local manufacturing shortens sales cycles, and global centralized procurement ensures stable raw material supply [2][3][4]. - Leshu Group collaborates with international consulting firms to establish a digital management system, enhancing decision-making efficiency [2][3]. - The company's ESG strategy drives four strategic directions, with a localization employee training strategy resulting in 90.5% of employees being locally hired, promoting win-win cooperation [2][5]. Market Dynamics - Emerging markets like Africa exhibit strong economic vitality and growth potential, with a youthful population and rising consumer power. Africa accounts for approximately 37% to 38% of the world's annual newborns, creating a substantial market opportunity [6]. - High import tariffs (around 25%) in Africa encourage local production, while supportive government policies in countries like Ghana boost demand for sanitary products [6][10]. Competitive Advantages - Leshu Group's core advantages include: 1. First-mover advantage in the sanitary products market in Africa, establishing strong manufacturing barriers [7]. 2. An efficient global supply chain centered on international manufacturing [7]. 3. A localization strategy that emphasizes local employee training [7]. - These advantages enable the company to effectively respond to challenges in emerging markets and maintain a competitive edge [8]. Financial Performance - The company experienced rapid business growth in 2023, with a revenue increase of 19% year-on-year for the first half of 2025, driven by core regional focus, cost control, tariff advantages, and new factory openings. The gross profit margin remains stable between 33% and 35.5% [4][19][20]. Future Growth Potential - The sanitary napkin market in Africa is projected to grow significantly, with the female population expected to reach 1.2 to 1.3 billion by 2050. The usage rate of sanitary napkins among African women is anticipated to rise to two-thirds, compared to current usage rates in China [9]. - Leshu Group plans to expand its product categories beyond diapers and sanitary napkins, exploring related food sectors and considering greenfield investments or acquisitions [29]. Challenges and Strategies - Entering the African market presents challenges such as time barriers and insufficient market knowledge. The company emphasizes the importance of local experience for effective decision-making [10][11]. - Leshu Group's digital operations enhance competitiveness through partnerships with leading firms like IBM and Deloitte, achieving comprehensive digital management across various functions [13]. Regional Focus: Ghana - Ghana is a strategic market for Leshu Group, characterized by a stable political environment and significant economic growth. The government has implemented policies that support economic development, making it an attractive investment destination [45][46]. - The company has established a strong presence in Ghana, with a diversified product strategy catering to different consumer needs and leveraging local market dynamics [55][56]. Conclusion - Leshu Group is well-positioned for continued growth in emerging markets, particularly in Africa, through its robust supply chain, localized strategies, and commitment to digital transformation. The company aims to maintain its leadership in the sanitary products sector while exploring new growth opportunities in related markets.