Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Insights - The company is expected to achieve revenue of 14.256 billion HKD and adjusted net profit of 1.530 billion HKD in 2025, representing a year-on-year increase of 21% and 1% respectively [2][7] - The company plans to distribute a dividend of 0.4 HKD per share for the year 2025, resulting in a dividend payout ratio of 234.4% [2][7] - The HNB (Heat-not-Burn) and vaping segments are performing positively, with HNB revenue expected to grow significantly due to new product launches in key markets [11] Revenue Summary - For 2025, the company anticipates a total revenue of 14.256 billion HKD, with a breakdown of 8.243 billion HKD in H2 and 4.046 billion HKD in Q4, showing year-on-year growth rates of 22% and 16% respectively [2][7] - The TOB (Tobacco Operating Business) is projected to contribute 80% of total revenue, with a 22% increase in revenue, while the TOC (Tobacco Operating Company) is expected to grow by 18% [11] Profitability Summary - The gross margin is expected to decline by 3.3 percentage points to 34.1% due to changes in product mix, with increased costs in stock-based compensation and legal services impacting profitability [11] - The company is projected to achieve adjusted net profits of 1.158 billion HKD, 2.020 billion HKD, and 2.770 billion HKD for the years 2026 to 2028, with corresponding PE ratios of 31, 24, and 18 [11] Long-term Outlook - The long-term outlook for HNB and vaping products is positive, with expected compound annual growth rates of 11.5% from 2025 to 2030 [11] - The company is also exploring new business opportunities in medical vaping and other specialized applications, with FDA certification for its manufacturing facility in the U.S. [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 14.26 billion yuan for 2025, representing a year-on-year growth of 20.83%. The net profit was 1.06 billion yuan, down 18.37% year-on-year, but the adjusted net profit was 1.53 billion yuan, up 1.3% year-on-year [7] - The HNB (Heat Not Burn) business is expected to ramp up, with significant growth in the electronic atomization segment. The company is also expanding into new business areas such as medical and beauty atomization, which are anticipated to provide long-term growth opportunities [7] - The company is positioned as a global leader in atomization technology, with a multi-business matrix that is steadily advancing despite tightening regulatory policies [7] Financial Summary - Total revenue projections for the company are as follows: - 2024: 11.80 billion yuan - 2025: 14.26 billion yuan - 2026: 16.62 billion yuan - 2027: 19.77 billion yuan - 2028: 23.34 billion yuan - The projected net profit for the years 2026 to 2028 is as follows: - 2026: 1.26 billion yuan - 2027: 1.88 billion yuan - 2028: 2.79 billion yuan - The earnings per share (EPS) is projected to be: - 2024: 0.21 yuan - 2025: 0.17 yuan - 2026: 0.20 yuan - 2027: 0.30 yuan - 2028: 0.45 yuan [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 14.26 billion yuan for 2025, representing a year-on-year growth of 20.83%. However, the net profit was 1.06 billion yuan, down 18.37% year-on-year. Adjusted net profit was 1.53 billion yuan, showing a slight increase of 1.3% [7] - The HNB (Heat Not Burn) business is expected to ramp up, while the electronic atomization segment is recovering steadily. The company is expanding its product matrix and has launched HNB products in various international markets, aiming for increased market share [7] - The company is positioned as a global leader in atomization technology, with ongoing growth opportunities in electronic atomization and new business ventures in medical and beauty atomization [7] Financial Projections - Total revenue projections for the company are as follows: 2024A: 11.8 billion yuan, 2025A: 14.26 billion yuan, 2026E: 16.62 billion yuan, 2027E: 19.77 billion yuan, and 2028E: 23.34 billion yuan [1] - The projected net profit for 2026 is 1.26 billion yuan, with further increases expected in subsequent years, reaching 2.78 billion yuan by 2028 [1] - The earnings per share (EPS) is forecasted to be 0.21 yuan for 2024, decreasing to 0.17 yuan for 2025, and then gradually increasing to 0.45 yuan by 2028 [1] Business Performance - The company’s self-owned brand and B2B business segments reported revenues of 29.12 billion yuan and 113.44 billion yuan respectively, with year-on-year growth rates of 17.6% and 21.7% [7] - The HNB revenue reached 12.87 billion yuan, showing a significant year-on-year increase of 475.4%, while European and American atomization revenues grew by 18.5% and 2.1% respectively [7] - The adjusted net profit margin for the second half of 2025 was 9.6%, with a year-on-year decrease of 1.6 percentage points, indicating a narrowing decline compared to the first half [7]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 16.00 [1] Core Insights - The company achieved a revenue of RMB 14.256 billion in 2025, representing a year-on-year increase of 20.8%, with adjusted profit reaching RMB 1.53 billion, up 1.3% year-on-year. The growth was driven by the recovery of the aerosol business in Europe and the U.S., as well as the ramp-up of the HNB (Heated Not Burned) business [1][2] - The report anticipates continued recovery in the aerosol business and further progress in the HNB sector, supported by a multi-client and multi-product strategy [1][3] Summary by Sections Aerosol Business - The ToB (Business to Business) segment generated revenue of RMB 10.058 billion in 2025, a 10.5% increase year-on-year, benefiting from regulatory enforcement in Europe and the U.S. The revenue breakdown includes RMB 5.77 billion from Europe, RMB 4.07 billion from the U.S., and RMB 210 million from mainland China [2] - The ToC (Business to Consumer) segment achieved revenue of RMB 2.911 billion, up 17.6% year-on-year, with significant growth in overseas markets driven by the VAPORESSO brand [2] HNB Business - The HNB segment reported revenue of RMB 1.29 billion, a staggering increase of 475.4% year-on-year, driven by the launch of high-end products in key markets [3] - The company plans to expand the Glo Hilo product line into more markets and accelerate the commercialization of other HNB technology platforms in 2026 [3] Financial Performance - The gross margin for 2025 was 34.1%, down 3.3 percentage points year-on-year, primarily due to changes in business structure and rising raw material costs. The total expense ratio decreased to 23.0% in the second half of 2025 [4] - Adjusted net profit margin for 2025 was 10.7%, reflecting a decline of 2.1 percentage points year-on-year [4] Profit Forecast and Valuation - The adjusted net profit forecasts for 2026, 2027, and 2028 are RMB 1.652 billion, RMB 2.253 billion, and RMB 2.841 billion, respectively. The adjusted EPS for these years is projected to be RMB 0.27, RMB 0.36, and RMB 0.46 [5] - The company is assigned a target PE of 40 times for 2027, leading to a target price of HKD 16.00, based on the expected growth in the HNB and aerosol businesses [5]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has achieved record-high annual revenue, with multiple business segments showing positive progress, including heated non-combustion products, vaporized e-cigarettes, and medical aerosol business [2][9] - The company is expected to maintain a strong growth trajectory, with projected revenues increasing from 11.8 billion RMB in 2024 to 21.3 billion RMB by 2028, reflecting a compound annual growth rate (CAGR) of approximately 14% [3][10] - The net profit forecast for 2026-2028 is adjusted to 1.05 billion RMB, 1.82 billion RMB, and 2.18 billion RMB respectively, indicating a significant recovery in profitability [9] Financial Summary - Total revenue is projected to grow from 11,799 million RMB in 2024 to 21,276 million RMB in 2028, with year-on-year growth rates of 6%, 21%, 15%, 14%, and 14% respectively [3][10] - Gross profit is expected to increase from 4,412 million RMB in 2024 to 7,245 million RMB in 2028, with a gross margin of 34.1% in 2025 [3][10] - The company's net profit is forecasted to decline to 1,052 million RMB in 2026 before rebounding to 1,820 million RMB in 2027 and 2,180 million RMB in 2028, with a notable increase in profit margins in the later years [3][10] Business Performance - In the second half of 2025, revenue from enterprise customers reached 6.605 billion RMB, a year-on-year increase of 22%, while retail customer revenue was 1.637 billion RMB, up 23% year-on-year [9] - The company’s HNB (Heated Non-Combustion) revenue exceeded 1.2 billion RMB in 2025, supported by the successful launch of high-end products in key markets [9] - The traditional vaporization business is expected to benefit from global regulatory changes, enhancing brand market share [9] Market Position - The company is positioned as a core supplier in the heated non-combustion industry, benefiting from long-term R&D investments that create a strong technological moat [9] - The company is expected to achieve a target price of 12.00 HKD based on a PE ratio of 65.0X for 2026, reflecting a premium valuation due to its leading market position and growth potential [9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [13]. Core Insights - The company reported a revenue of 14.256 billion yuan for 2025, representing a year-on-year growth of 20.8%, while the net profit was 1.062 billion yuan, down 18.5% year-on-year. Adjusted net profit, excluding share-based payment expenses, was 1.530 billion yuan, reflecting a slight increase of 1.4% [1]. - The growth in revenue is attributed to the contribution from HNB (Heat Not Burn) products, steady growth of proprietary brands, and an increase in market share in Europe. However, profitability faced pressure due to changes in product mix, foreign exchange losses, and additional litigation costs [1][2]. - The company expects to continue supporting strategic clients in promoting high-end HNB products globally, with a projected revenue of over 1.2 billion yuan from HNB products. The medical nebulization segment is anticipated to start contributing to revenue in 2026 [3]. Financial Performance Summary - For the second half of 2025, the company achieved a revenue of 8.243 billion yuan, a year-on-year increase of 21.9%, with a net profit of 569 million yuan, down 8.2% year-on-year. Adjusted net profit for the same period was 795 million yuan, up 5.1% [1]. - The brand business generated 1.637 billion yuan in revenue for the second half of 2025, with significant growth in the U.S. and Europe, while the ODM (Original Design Manufacturer) business saw revenue of 6.605 billion yuan, reflecting a year-on-year increase of 22.3% [2]. - The company’s gross margin for 2025 was 34.1%, down 3.3 percentage points year-on-year, while the adjusted net profit margin was 10.7%, down 2.0 percentage points year-on-year. The sales, management, and financial expense ratios were 6.4%, 9.0%, and 10.7%, respectively [3]. Earnings Forecast - The company forecasts net profits of 1.16 billion yuan, 2.57 billion yuan, and 4.41 billion yuan for 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 45.2X, 20.5X, and 11.9X [4][5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [1]. Core Insights - The company achieved a revenue of 14.256 billion yuan in 2025, representing a year-on-year growth of 20.8%. The net profit for the same period was 1.062 billion yuan, down 18.5% year-on-year, but adjusted net profit increased by 1.4% to 1.530 billion yuan [1][2]. - The growth in revenue is attributed to the contribution from HNB (Heat Not Burn) products, steady growth of proprietary brands, and an increase in market share in Europe. However, profitability was slightly pressured due to changes in product mix and foreign exchange losses [1][3]. Revenue Breakdown - Brand Business: In the second half of 2025, revenue reached 1.637 billion yuan, up 20.5% year-on-year, with significant contributions from the US and Europe [2]. - ODM Business: Revenue for the same period was 6.605 billion yuan, reflecting a 22.3% increase year-on-year, with Europe showing a remarkable growth of 475.4% in HNB contributions [2][3]. HNB and Medical Segment - HNB revenue surpassed 1.2 billion yuan, with expectations for improved profitability as the proportion of HNB cartridges increases. The medical nebulization segment is anticipated to start contributing to revenue in 2026 [3][4]. Cost Management - The company reported a gross margin of 34.1%, down 3.3 percentage points year-on-year, while the adjusted net profit margin was 10.7%, down 2.0 percentage points. Despite foreign exchange losses and litigation costs, the company has optimized its R&D and sales expense ratios [3][4]. Financial Projections - The company forecasts net profits of 1.16 billion yuan in 2026, 2.57 billion yuan in 2027, and 4.41 billion yuan in 2028, with corresponding P/E ratios of 45.2X, 20.5X, and 11.9X respectively [4][5].

思摩尔国际 2026 年 03 月 19 日 （06969.HK ） 买入（维持评级） 港股公司点评 证券研究报告 斜率预期波动不改长期空间，雾化有 望加速修复 事件简评 3 月 17 日，公司发布 2025 年业绩公告。2025 全年，公司实现营 收 143 亿元，同比+21%，归母净利润 10.6 亿元，同比-19%，其中 2025H2 营收+22%至 82 亿元，归母净利润-8%至 5.7 亿元。25 全年 实现调整后（扣除股权激励费用）归母净利润 15.3 亿元，同比 +1.3%。2025 全年公司股息为 0.2 港元/股。 盈利预测、估值与评级 综合来看，公司在雾化成熟业务上保持领先优势持续修复以稳固 业绩基本盘，HNB 成长业务加速放量提供高增长空间，医疗美容雾 化新兴业务远期盈利弹性充足。公司保持高分红彰显对未来发展 信心（25 年股息率 3.36%），看好公司长期增长逻辑逐步兑现。预 计 2026-2028 年公司营业收入 169.14/199.81/236.62 亿元，同比 +18.64%/+18.13%/+18.42%,归母净利润 16.51/25.69/34.85亿元， 同比+55.20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a long-term growth trajectory despite short-term fluctuations, with a focus on the recovery of its vaping business [1] - The company has demonstrated strong performance in its mature vaping business, with a notable recovery in overall performance [2] - The HNB (Heat-not-Burn) segment is experiencing significant growth, with a projected revenue increase of 476% year-on-year [3] - The emerging medical and beauty vaping business is in the exploratory phase, with high R&D investments impacting short-term performance but offering substantial long-term profit potential [3] - The company is expected to maintain a high dividend yield, reflecting confidence in future growth [4] Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 14.3 billion HKD, a year-on-year increase of 21%, while the net profit attributable to shareholders was 1.06 billion HKD, a decrease of 19% [1] - The adjusted net profit for 2025 was 1.53 billion HKD, reflecting a year-on-year increase of 1.3% [1] - The company plans to distribute a dividend of 0.2 HKD per share for 2025 [1] Business Segments - The vaping business in the US and Europe showed revenue growth of 19% and 2% respectively, while the Chinese market saw a decline of 11% [2] - The company's own brand generated revenue of 2.9 billion HKD, with significant growth in the US and European markets [2] - The HNB segment generated 1.3 billion HKD in revenue, with plans for expansion into key markets like Japan and Poland [3] - The medical and beauty vaping segment is preparing for FDA approval and aims to build small-scale production capabilities [3] Future Projections - Revenue projections for 2026-2028 are 16.91 billion HKD, 19.98 billion HKD, and 23.66 billion HKD, with year-on-year growth rates of 18.64%, 18.13%, and 18.42% respectively [4] - Net profit projections for the same period are 1.65 billion HKD, 2.57 billion HKD, and 3.49 billion HKD, with growth rates of 55.20%, 55.58%, and 35.69% respectively [4] - The expected EPS for 2025-2027 is 0.27 HKD, 0.41 HKD, and 0.56 HKD, with corresponding P/E ratios of 42, 27, and 20 times [4]

Summary of Smoore International Conference Call Company Overview - **Company**: Smoore International - **Date**: March 18, 2026 Key Financial Performance - **2025 Performance**: - Revenue increased by 20.8% year-on-year - Net profit was 1.062 billion RMB, a decline of 18.5% - Adjusted net profit (excluding stock incentive expenses) was 1.53 billion RMB, a growth of 1.3% - Mature vaping business contributed nearly 2 billion RMB in profit - Key detractors included emerging businesses (medical and beauty vaping) still in investment phase and approximately 500 million RMB in stock incentive expenses [2][3] - **2026 Expectations**: - Revenue expected to achieve double-digit year-on-year growth - Vaping business revenue projected to grow double digits, driven mainly by the European market - HNB business revenue target set at over 2 billion RMB, representing a growth of over 55% from 1.287 billion RMB in 2025 - Shipment target set at over 7 billion units, with a mid-term goal of 20 billion units - Adjusted net profit forecasted conservatively at 1.5 to 1.6 billion RMB, expected to remain flat compared to 2025 [2][3][4] Business Segment Performance - **ToB Business**: - Revenue increased by 21.7% year-on-year - HNB business revenue was 1.287 billion RMB, slightly above the previous guidance of 1.2 billion RMB - European vaping business revenue reached 5.77 billion RMB, up 18.5% - U.S. vaping business revenue was 4.072 billion RMB, up 2.1%, marking a return to positive year-on-year growth [3][4] - **ToC Business**: - Revenue increased by 20% year-on-year in the second half of 2025 [4][5] Market Expectations and Valuation - **Market Focus**: - Core market expectations are centered on the growth potential of HNB and other new businesses - Current new businesses are still in the investment phase, making performance contributions difficult to assess - Close monitoring of HNB business development speed, growth, and profit realization capability is necessary [2][6] - **Valuation**: - As of March 18, 2026, the company's market capitalization was 55.2 billion RMB - Based on the adjusted net profit of approximately 1.55 billion RMB for 2026, the corresponding price-to-earnings ratio is about 34 times [2][6]