开源证券：首次覆盖乐舒适(02698)给予“买入”评级本土化能力优异

智通财经02-05

智通财经APP获悉，开源证券发布研报称，全球市场高天花板长坡厚雪，乐舒适(02698)有望实现长期稳定增长，预计公司2025-2027年归母净利润为1.12/1.32/1.54亿美元，对应EPS为0.18/0.21/0.25美元，当前股价对应PE为22.3/18.8/16.1倍。首次覆盖，给予“买入”评级。开源证券主要观点如下：非洲卫生用品龙头，深耕新兴市场本土化经验丰富，有望驱动长期稳定增长...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2609023324?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-05 16:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2609023324","market":"hk","top_or_hot":-1,"title":"开源证券：首次覆盖乐舒适(02698)给予“买入”评级 本土化能力优异","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，开源证券发布研报称，全球市场高天花板长坡厚雪，乐舒适(02698)有望实现长期稳定增长，预计公司2025-2027年归母净利润为1.12/1.32/1.54亿美元，对应EPS为0.18/0.21/0.25美元，当前股价对应PE为22.3/18.8/16.1倍。首次覆盖，给予“买入”评级。开源证券主要观点如下：非洲卫生用品龙头，深耕新兴市场本土化经验丰富，有望驱动长期稳定增长...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1402032.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>开源证券：首次覆盖乐舒适(02698)给予“买入”评级 本土化能力优异</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n开源证券：首次覆盖乐舒适(02698)给予“买入”评级 本土化能力优异\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-05 16:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1402032.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，开源证券发布研报称，全球市场高天花板长坡厚雪，乐舒适(02698)有望实现长期稳定增长，预计公司2025-2027年归母净利润为1.12/1.32/1.54亿美元，对应EPS为0.18/0.21/0.25美元，当前股价对应PE为22.3/18.8/16.1倍。首次覆盖，给予“买入”评级。开源证券主要观点如下：非洲卫生用品龙头，深耕新兴市场本土化经验丰富，有望驱动长期稳定增长乐...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1402032.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02698","symbol_name":"乐舒适","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1402032.html","article_id":"2609023324","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2609023324","pubTimestamp":1770279118,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"首次覆盖，给予“买入”评级。公司产品端丰富品牌矩阵，渠道端依托非洲8国本土化产能构筑成本壁垒，搭配深度下沉的分销网络触达广泛消费群。2024年婴儿纸尿裤、卫生巾产量居非洲第一，核心品类产能利用率回升，同时拟扩产夯实供应能力。相对国际品牌渠道难以下沉，乐舒适对非洲线下渠道理解领先行业，渠道粘性强且有先发优势，形成竞争壁垒。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"161027":"证券","02698":"乐舒适"},"translate_title":"Kaiyuan Securities: Covering Le Comfort (02698) for the first time gives a \"buy\" rating and excellent localization capabilities","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1.5,"02698":1.5},"content_text":"智通财经APP获悉，开源证券发布研报称，全球市场高天花板长坡厚雪，乐舒适(02698)有望实现长期稳定增长，预计公司2025-2027年归母净利润为1.12/1.32/1.54亿美元，对应EPS为0.18/0.21/0.25美元，当前股价对应PE为22.3/18.8/16.1倍。首次覆盖，给予“买入”评级。开源证券主要观点如下：非洲卫生用品龙头，深耕新兴市场本土化经验丰富，有望驱动长期稳定增长乐舒适是非洲卫生用品行业领军企业，主营婴儿纸尿裤、卫生巾等卫生用品的研产销，两品类非洲销量市占率均居首位。非洲市场受益于人口红利，叠加纸尿裤、卫生巾品类低渗透率，行业增长空间广阔。公司产品端丰富品牌矩阵，渠道端依托非洲8国本土化产能构筑成本壁垒，搭配深度下沉的分销网络触达广泛消费群。该行认为公司强大的本土化能力被市场低估，看好公司在人口红利充分的非洲市场继续实现渠道及品类扩张，并将本土化运营能力复制到全球其他新兴潜力区域。产品：多品牌分层矩阵精准卡位，多SKU全场景覆盖+本土化产品筑壁垒婴儿护理领域，乐舒适纸尿裤布局Softcare、Maya等四大品牌及多条差异化子产品线，2025年4月，SKU达263个；女性护理赛道，乐舒适卫生巾打造Softcare、Veesper、Clincleer三大品牌矩阵，SKU为44个，适配多元经期需求。针对非洲本地需求开发差异化产品，满足非洲本土消费者实际需求，公司稳居非洲婴儿纸尿裤、卫生巾市场销量市占率第一，且增速领先竞争对手。生产与渠道能力：本土化产能降成本+提效率，深耕深度分销网络行业领先生产端：本土化产能带来成本效率优势。公司在非洲8国布局8家工厂、51条生产线，加纳、肯尼亚为核心基地，系非洲本土工厂布局最广的卫生用品企业。2024年婴儿纸尿裤、卫生巾产量居非洲第一，核心品类产能利用率回升，同时拟扩产夯实供应能力。渠道端：广布局深触达，真正了解非洲市场和渠道。深耕新兴市场超15年，构建覆盖30 +国家的销售网络，设18个分支机构，依托2800余家批发商、经销商触达超80%本地人口。相对国际品牌渠道难以下沉，乐舒适对非洲线下渠道理解领先行业，渠道粘性强且有先发优势，形成竞争壁垒。风险提示：市场竞争加剧、外汇波动、产能拓展不及预期等风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2609023324","isCrawlerRequest":true}

开源证券：首次覆盖乐舒适(02698)给予“买入”评级 本土化能力优异

精彩评论

开源证券：首次覆盖乐舒适(02698)给予“买入”评级本土化能力优异