智通财经APP获悉，瑞银发布研报称，首予乐舒适(02698)“买入”评级，目标价41港元。公司为独特定位捕捉非洲卫生用品消费长期结构性增长的公司，受惠于有利人口结构、低品类渗透率及数十年经济与消费增长跑道。作为区域龙头，凭借规模、本地化制造、分销及执行力的持久护城河。
该行相信，乐舒适可维持2026-2028年销售额15%复合年增长率，同时保持韧性利润率架构。随着外汇动态可能转为顺风及拉美扩张的额外选择性，该行视18倍市盈率对应2026-2028年每股盈利复合年增长率15%，为吸引的风险回报配置，具长期盈利复合增长潜力。
该行同时预测乐舒适2026-2028年利润率架构维持稳定，受惠于其本地化制造足迹及规模优势驱动成本效率。潜在外汇顺风亦支撑平均售价。此外，原材料价格展望稳定，降低输入成本波动。展望未来，该行看好渗透拉美带来利润率上行潜力，拉美零售ASP高于非洲，随着业务地理多元化，有望实现结构性更高盈利能力。
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