[Guotai Haitong Light Industry Liu Jiakun] Personal Care Sector: Fundamentals Solid, Multiple Tracks Have Growth Potential

English summary

#Q2 earnings expectations/performance for personal care companies are positive, with favorable chip structure and increased recent attention! Leshushi: African base is solid, market share gradually increases under localized production and sales barriers, and Latin American market continues to ramp up. 26H1 revenue growth exceeded 28%, profit growth exceeded 40%, with volume and price rising together to drive scale growth. Dengkang Oral: Q2 expected to lead industry growth, online channels recovering, promoting high-efficiency star products; second growth curve in smart oral care, dental medical, Southeast Asia overseas expansion, and upstream M&A, with clear medium-to-long-term growth targets (5-year revenue/profit CAGR 15%). Baiya Co., Ltd.: Operations under temporary pressure, e-commerce business booming, peripheral provinces continue to contribute incremental revenue, focus on recovery of key five provinces. C&S Paper: Pulp costs declining, product premiumization advancing, balanced multi-channel expansion to improve profitability. 26H1 net profit attributable to shareholders +47% to +53% yoy.