公 司 报 告 轻工制造 2026 年 2 月 3 日 乐舒适(2698.HK) 扎根非洲，扬帆新兴 推荐（首次） 股价：33.60 港币 主要数据 | 行业 | | | --- | --- | | 公司网址 | www.sof tcarehome.com | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 619.52 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 182.74 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 1.99 | | 资产负债率(%) | 44.94 | 行情走势图 证券分析师 | 王星云 | 投资咨询资格编号 | | --- | --- | | | S1060523100001 | | | BVG933 | | | wangxingy un937@pingan.com.cn | | 张晋溢 | 投资咨询资格编号 | | | S1060521030001 | | | ZHANGJINYI112@pingan.com.cn | 平安观点： | | 2023A | 2024A | ...

Core Insights - LeShuShi Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1][3] - The company is the largest manufacturer of hygiene products in Africa, leading in both the baby diaper and sanitary napkin markets by production volume in 2024 [1][3] Company Overview - LeShuShi focuses on emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3] - The company holds the largest market share in Africa for baby diapers at 20.3% and sanitary napkins at 15.6% based on 2024 sales volume [3] - LeShuShi has established a broad sales network across over 30 countries, which is considered a competitive advantage [3] Financial Performance - The company's revenue grew from $320 million in 2022 to $454 million in 2024, reflecting a compound annual growth rate (CAGR) of 19.2% [6] - For the four months ending April 30, 2025, revenue increased by 15.5% to $161.31 million compared to the same period in the previous year [6] - The sales volume for baby diapers and sanitary napkins reached 4.122 billion and 1.634 billion units respectively in 2024, with respective CAGR of 17.3% and 30.6% since 2022 [3] Brand Strategy - LeShuShi offers various brands, including its core brand Softcare, which targets mid-to-high-end consumers seeking quality products [4] - Softcare has become a well-known brand in many African countries, establishing a leading market position [4] Sales and Distribution - As of April 30, 2025, LeShuShi has set up 18 sales branches in 12 countries, supported by over 2,800 wholesalers, distributors, supermarkets, and other retailers [3]

Core Viewpoint - Leshushit Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company is the largest local manufacturer of sanitary products in Africa, ranking first in both the baby diaper and sanitary napkin markets in Africa based on 2024 production volume [1][3]. Company Overview - Leshushit is a multinational sanitary products company focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3]. - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage [3]. Market Position - According to Frost & Sullivan, Leshushit ranks first in the African baby diaper and sanitary napkin markets with market shares of 20.3% and 15.6%, respectively, based on 2024 sales volume. In terms of revenue, the company ranks second in both markets with shares of 17.2% and 11.9% [3]. - The company has achieved rapid growth, with baby diaper and sanitary napkin sales reaching 4.122 billion and 1.634 billion units in 2024, respectively, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [3]. Brand Strategy - Leshushit offers various baby and women's hygiene products under different brands, including its core brand Softcare, which targets mid-to-high-end consumers seeking quality products. Softcare has become a well-known brand in many African countries [4]. Financial Performance - The company has demonstrated stable growth and improving profitability, with revenue increasing from $320 million in 2022 to $454 million in 2024, representing a compound annual growth rate of 19.2%. For the four months ending April 30, 2025, revenue rose by 15.5% to $161.31 million compared to the same period in the previous year [6][7]. - The financial data shows a consistent increase in gross profit, with gross profit rising from $73.53 million in 2022 to $160.15 million in 2024 [7].