近日，沉寂已久的电子烟板块受到市场的关注。 智通财经APP注意到，自今年四月中旬以来电子烟板块反复上行。以行业龙头思摩尔国际(06969)为例， 今年五月以来短短十余个交易日，公司股价已累涨超30%。5月23日，公司股价再度上行，一度突破 18.82港元，创下近年以来的新高水平。不过需要注意的是，尽管股价较年初近乎翻倍，但仍不及公司 市值历史高点的四分之一，当前估值仍处于历史低位。 股价新高的背后，思摩尔国际的"春天"来临了？ 其中，电子烟与HNB是新型烟草的两大核心品类，全球市场规模占比分别达到28%及45%。 细分来看，雾化电子烟(E-Vapour)的全球规模212亿美元，2018-2023年期间的年复合增长率为6.6%。其 中，电子烟技术创新频繁，种类与口味较为丰富，2023年换弹式、 一次性与开放式占比分别为38%、 25%及36%，市场主要集中在欧美地区。雾化电子烟市场竞争激烈且集中度分散，尤其是一次性产品由 于技术门槛低、制作成本低与迭代较快而涌入大量玩家。 加热不燃烧(Heat-Not-Burn)的全球规模为345亿美元，2018-2023年的年复合增长率达到23.3%。虽然相 较之下HNB起步 ...

Group 1 - SMOORE International (06969.HK) closed at HKD 18.120 on May 23, marking a 2.49% increase from the previous trading day, with an intraday high of HKD 18.820, the highest in nearly a year [1] - The net capital inflow for the day was HKD 87.0088 million, with a total of HKD 39,232.538 million flowing in and HKD 30,531.660 million flowing out [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," and "ISO9001 Quality System Certification" [2]

投资建议：此次新品释放证明公司进入新品产能释放周期。日本市场计划6月上市，预计形成积极反 馈，若欧美市场拓展顺利将进一步打开全球空间和公司长期发展的新曲线。长期看Glo 系列相较IQOS 仍有较大市占提升空间。我们预计，公司2025-2027 年收入增速分别为10.9%/19.08%/16.63%，归母净利 润达13.32/18.66/23.81 亿元，对应PE 为74.15/52.9/41.47 倍，维持"买入"评级。 机构：财通证券 研究员：邢瀚文 风险提示：新品产能协同风险、市场验证不确定性风险、未成年人保护监管风险 事件：日本版本Glo Hilo 系列将于北京时间2025 年6 月9 日上午10 点在宫城县率先上市， 开展"仙台试 点→全国推广"策略；5 月，思摩尔旗下FEELM品牌与AVOMI、MEVOL 和FUMOT 合作，推出六款电 子烟解决方案。 创新性减压电子烟解决方案：STAR RING（全球首款指尖陀螺电子烟）与SQUEEZY POD（全球首款触 感换弹式电子烟）均采用2ml 烟弹+500mAh 电池的换弹式设计。STAR RING 通过中心星球浮雕旋转触 点实现陀螺空转交互，SQUEE ...

| 思摩尔国际 HK 06969 ■ BMP基础行情 ■ 香港交易所 ■ 沪深港通标的股票 | | | 所属行业 ▼ 家庭电器及用品 | | | --- | --- | --- | --- | --- | | 17.320 港元 +1.600 +10.18% 已收盘 05-14 16:00:00 北京时间 | | | 概览 | 资: | | 今开 15.900 最高 | 17.320 | 成交量 | 8623万股 | 总市值 ▼ | | 15.720 昨夜 最低 | 15.700 | 成交额 | 14.49亿 | 总股本 | | 换手率 1.39% 振幅 | 10.31% | 量比 | 3.19 | 市盈(TTM) | | 分时 五日 目K 周K 月K | | 41 年K | | | | 均线 MA5 15.012 MA10 14.294 MA20 13.279 | | | | | | 17.320- | | | | | | 13.085 | | | | | | 8.850 | | | 8.850. | | 5月14日，港股的思摩尔国际（06969.HK）大涨10.18%，收报17.32港元/股，市值1071 ...

思摩尔国际(06969.HK)午后冲高，现涨9.7%。 ...

智通财经5月13日电，思摩尔国际午后短线冲高，现涨近12%，报15.9港元。 ...

该行认为，国际烟草巨头贯彻无烟化战略，菲莫Q1取得强劲开局，HNB增长符合预期、美国市场有序 推进，看好新型烟草供应链核心标的思摩尔国际。其中HNB 市场潜力仍然较大，且HNB较雾化烟在监 管上更占优(对青少年低吸引力、减害性更易论证)，竞争格局更好(参与厂商少)，同时英美烟草的新一 代Glo Hilo产品无论横向对比市面上的领军产品IQOS iluma i或是纵向对比上一代老产品均有显著的性能 和使用体验提升，看好其在25-26年逐渐拓展至更多市场、迎来放量，思摩尔做为GLO HILO核心供应 商，有望受益。 智通财经APP获悉，思摩尔国际(06969)涨超3%，截至发稿，涨2.36%，报13港元，成交额7316.81万港 元。 浙商证券发布研报称，4月23日，菲莫国际发布2025Q1业绩，IQOS作为HNB市场份额70%+的领军产 品，从其经营表现感知行业成长，对思摩尔的HNB业务潜力具备指导意义。25Q1菲莫国际SFP(Smoke- Free Products)收入同比+20.4%，毛利同比+33.1%，毛利率超过70%、同比提高6.7pct，且比传统烟高出 5pct；出货量同比+14.4%，其中HNB ...

证券研究报告 | 公司点评 | 家居用品 思摩尔国际(06969) 报告日期：2025 年 04 月 24 日 菲莫一季报再次印证新型烟草大势，持续布局 ——思摩尔国际点评报告 投资要点 ❑ 事件：4.23 菲莫国际发布 2025Q1 业绩，IQOS 作为 HNB 市场份额 70%+的领军 产品，从其经营表现感知行业成长，对思摩尔的 HNB 业务潜力具备指导意义。 3）美国 HNB 市场即将打开：美国市场 3 月底在德州试销收到了强烈的市场反 馈，未来几个月进行更多的试点。 4）对 25 年 IQOS 的指引：维持此前 25 全年烟支销量同比增长 10-12%（24 年达 到 1400 亿支、同比+11.6%）的指引，管理层预计今年剩余时间 IQOS 将保持双 位数增长。 5）菲莫 HNB 烟弹 25Q1 在全球市场的份额为 5.7%（同比+0.6pct），在日本市 场达到 32.2%（24Q4 为 30.6%） ❑ 新型口含烟 ZYN 表现亮眼，雾化电子烟开始起量，稳步迈向"无烟气未来" 1）新型口含烟：尼古丁袋 ZYN 在美国 25Q1 出货量 2.02 亿罐（同比+53%）， 在美国以外的国际市场同样取 ...

Financial Performance - Total revenue for 2024 was RMB 11,798.662 million, representing a 5.3% increase from RMB 11,203.250 million in 2023[10] - Gross profit for 2024 was RMB 4,411.969 million, with a gross margin of 37.4%, down from 38.7% in 2023[10] - Net profit for 2024 decreased to RMB 1,303.255 million, reflecting a net profit margin of 11.0%, compared to 14.7% in 2023[10] - The company achieved revenue of approximately RMB 11,798.66 million in the review period, representing a year-on-year growth of about 5.3%[27] - The group's total revenue for the year ended December 31, 2024, was approximately RMB 11,798,662 thousand, representing a 5.3% increase from RMB 11,203,250 thousand in 2023[72] - The gross profit for the review period was approximately RMB 4,411,969 thousand, a 1.6% increase from RMB 4,340,911 thousand in 2023, with a gross margin decrease from 38.7% to 37.4%[73] Asset Management - The company reported a significant increase in non-current assets, reaching RMB 10,807.950 million in 2024, up from RMB 5,937.532 million in 2023[10] - Current assets decreased to RMB 16,846.428 million in 2024 from RMB 19,570.752 million in 2023, while current liabilities increased to RMB 5,259.365 million[10] - The asset-liability ratio increased to 20.8% in 2024 from 16.1% in 2023, indicating a higher proportion of liabilities relative to total assets[12] - As of December 31, 2024, the group's current assets net value was approximately RMB 11,587,063 thousand, down from RMB 16,004,419 thousand in 2023[86] - The group's current ratio as of December 31, 2024, was approximately 320.3%, a decrease from 548.8% in 2023[87] - The asset-liability ratio as of December 31, 2024, was approximately 26.2%, compared to 19.1% in 2023[90] Dividend and Shareholder Information - The company plans to declare a final dividend of HKD 0.05 per ordinary share for the year ended December 31, 2024[11] - The board has proposed a final dividend of HKD 0.05 per ordinary share for the year ending December 31, 2024, subject to approval at the upcoming annual general meeting[166] - The company's distributable reserves as of December 31, 2024, amount to RMB 7,047.7 million[161] Business Segments and Growth - The electronic vaporization segment showed positive growth due to increased regulatory enforcement against non-compliant products, leading to a shift in consumer demand towards compliant products[14] - The company successfully launched new business lines in heated non-combustible products and aerosol medical and beauty products, contributing to overall business diversification[14] - In the heating non-combustion product sector, the company plans to support strategic clients in launching products in more markets, focusing on user feedback for continuous product iteration[20] - The company successfully launched the "Lan Zhi" brand in the aerosol beauty business, which has gained recognition through online promotions and offline channels, achieving impressive sales during major marketing events[16] - The company anticipates that 2025 will be a critical year for the second growth curve, with plans to expand into harm reduction products and strengthen its competitive edge in core businesses[21] - The group launched multiple new product series in overseas markets across various segments, including electronic vaporization and medical vaporization, enhancing R&D efficiency through scientific classification management[29] Research and Development - The company is committed to increasing R&D investment, particularly in aerosol medical and heating non-combustible products, which have shown satisfactory breakthroughs during the review period[16] - Research and development expenditure for the period was approximately RMB 1,572,313 thousand, an increase of 6.0% year-on-year, accounting for about 13.3% of total revenue[48] - R&D expenditure for electronic nicotine delivery systems was RMB 1,034,668 thousand, accounting for 65.8% of total R&D spending, with a slight increase of 0.1% year-on-year[52] - R&D expenditure for medical and beauty aerosol products increased by 41.3% year-on-year to RMB 392,180 thousand, accounting for 24.9% of total R&D spending[52] - The company filed a total of 1,558 new patent applications globally during the period, including 893 invention patents, bringing the cumulative total to 9,253 patents[51] Market and Regulatory Environment - The group achieved a revenue contribution of approximately 37.4% from the U.S. market during the review period, with significant legal and regulatory developments impacting the electronic nicotine delivery systems (ENDS) products[33] - The FDA has taken action on over 99% of PMTA submissions, with ongoing legal challenges affecting several ENDS products[33] - The UK has not introduced any significant laws or regulations related to electronic cigarettes and vaping devices as of December 31, 2024, contributing 25.5% to revenue[34] - In the EU, countries with flavor restrictions include Finland, Estonia, Hungary, and others, with a revenue contribution of 7.9%[34] - Hong Kong has proposed a complete ban on alternative smoking products, which is expected to impact 32.8% of revenue by December 31, 2024[36] - The mainland China market's revenue contribution is approximately 2.2%, with new regulations being implemented in July-August 2024[36] Corporate Governance - The board consists of eight directors, including three independent non-executive directors, ensuring sufficient checks and balances within the board[109] - The company has adopted the corporate governance code and complied with all provisions except for the separation of the roles of chairman and CEO, which are held by the same individual[108] - The independent non-executive directors reviewed and confirmed that the related party transactions were conducted on fair and reasonable terms[105] - The company has established a clear process for the appointment and re-election of directors, with terms set at three years[115] - The company has implemented an anti-corruption policy to prevent bribery and corruption within its operations[130] Employee and Gender Diversity - Overall employee gender ratio is 48.14% female (8,939) and 51.86% male (9,631) across the company[124] - The company has appointed one female executive director and one female non-executive director as of December 31, 2024[122] - The board consists of 25% female members (2 out of 8) and 75% male members (6 out of 8) as of December 31, 2024[124] - The company emphasizes gender diversity in recruitment and selection processes at all levels[122] Risk Management - The company’s risk management and internal control systems aim to manage operational efficiency and ensure compliance with relevant laws and regulations[142] - The Board has confirmed the effectiveness of the risk management and internal control systems as of December 31, 2024[144] - The company's overall risk management process is integrated into daily operations, with management responsible for identifying and responding to risks[144] Stock Options and Incentives - The company has granted a total of 129,524,700 stock options, with 98,158,700 options currently exercisable[193] - The share incentive plan aims to recognize and reward contributions from eligible participants to the group's growth and development, while also attracting suitable personnel[195] - The maximum number of shares that can be held under the plan at any time is capped at 2% of the total issued shares (excluding treasury shares)[198] - The total number of shares issued to each eligible participant under the plan within any 12-month period cannot exceed 1% of the total issued shares (excluding treasury shares)[200]

证券研究报告 思摩尔国际 (6969 HK) 港股通 看好雾化主业修复，HNB 成长可期 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 08 日│中国香港 | 消费轻工 | 风险提示：行业政策收紧，需求不及预期，新业务不及预期，关税加征风险。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 11,203 | 11,799 | 12,958 | 14,939 | 17,124 | | +/-% | (7.75) | 5.31 | 9.82 | 15.29 | 14.63 | | 归属母公司净利润 (人民币百万) | 1,645 | 1,303 | 1,323 | 2,140 | 2,762 | | +/-% | (34.47) | (20.78) | 1.54 | 61.71 | 29.08 | | EPS (人民币，最新摊薄) | 0.27 | 0.21 | ...