证券研究报告 | 季报点评 gszqdatemark 2024 10 11 年 月 日 思摩尔国际（06969.HK） 自主品牌表现靓丽，海外换弹恢复增长 公司公布前三季度业绩：Q1-Q3 收入实现 83.23 亿元（同比+4.0%），期 内全面收益总额 10.55 亿元（同比-11.7%）；单 Q3 实现收入 32.86 亿元 （同比+14.1%，环比+16.5%），期内全面收益总额 3.30 亿元（同比28.3%、环比-20.4%）。收入稳健增长主要系 APV 表现靓丽&换弹式边际 延续复苏，欧洲市场一次性小烟舆论发酵、政策趋严、预计经营表现平淡； 盈利能力承压主要系所得税费用增加（Q3 税前利润同比/环比分别2.6%/+24.4%），此外公司持续加大 HNB&雾化医疗投入，研发&管理等费 用持续增长。 自主品牌表现靓丽，海外换弹恢复增长。1）自主品牌 Vaporesso：全新数 字化运营赋能、高速洞察终端需求，H1 成功推出爆款 XRO 4，目前已在 开放式产品中成为市场头部品牌，24H1 同比增幅高达 71.9%，预计 Q3 环 比延续改善趋势、同比稳健增长；2）封闭式换弹：美国 FDA 持续加强执 ...

证券研究报告 思摩尔国际 (6969 HK) 港股通 Q3 收入表现亮眼，新业务持续推进 华泰研究 公告点评 2024 年 10 月 09 日│中国香港 消费轻工 Q3 收入同比+14.1%至 32.86 亿元，维持"买入"评级 公司发布前三季度业绩预告，24Q1-3 公司实现营收 83.23 亿元（+4.0%）， 税前利润 13.24 亿元（+0.1%），净利润 10.06 亿元（-11.9%）。分季度看， Q3 单季收入同比+14.1%至 32.86 亿元，税前利润同比-2.6%至 5.13 亿元， 净利润同比-22.5%至 3.79 亿元。我们维持盈利预测，预计公司 24-26 年归 母净利分别为 16.98/20.10/23.93 亿元，对应 EPS 分别为 0.28/0.33/0.39 元， 参考可比公司 24 年 Wind 一致预期 PE 均值 25 倍，考虑到：1）公司持续 加强产品创新与品类扩张，研发及管理优势持续夯实；2）各国监管政策落 地后合规市场价值突出，长期价值属性凸显；3）新业务进展顺利有望打开 新成长曲线，给予公司 24 年 50 倍 PE，目标价 15.42 港币（前值 12.3 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨思摩尔国际（6969.HK） [Table_Title] 思摩尔国际 2024Q3 点评： 预计封闭式产品趋势向好，APV 延续较优增长 | --- | --- | |---------------------------------------------|-------| | | | | | | | 2024Q3 实现收入 / 税前利润 / 期内全面收益 | | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 思摩尔国际（6969.HK） cjzqdt11111 2024-10-09 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_BaseData] 当前股价（HKD） 12.36 注：股价为 2024 年 10 月 9 日收盘价 [Table_Title 思摩尔国际2]2024Q3 点评： 预计封闭式产品趋势向好，APV 延续较优增长 [Table_Summary2] 事件描述 公司 ...

股 票 研 究 证 券 研 究 报 告 经营&政策拐点明确，新业务增量可期 思摩尔国际(6969) [Table_Industry] 耐用消费品 [Table_Invest] 评级： 增持 —思摩尔国际 2024Q3 业绩点评 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 毛宇翔 ( 分析师 ) | | | 021-38038184 | 021-38038672 | | | liujiakun029641@gtjas.com | maoyuxiang029547@gtjas.com | | 登记编号 | S0880524040004 | S0880524080013 | 本报告导读： 受费用投入策略影响，公司盈利同比仍承压，环比已呈改善向好趋势。未来新业务 新增量及市场格局优化下的业绩弹性值得期待。 投资要点： [Table_Summary] 投资建议：公司业绩略低于预期，我 ...

思摩尔国际(06969) / 轻工制造 / 公司点评 / 2024.10.09 Q3 营收稳健增长，蓄力 HNB 业务增长 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-08 | | 收盘价 ( 港元 ) | 12.92 | | 流通股本 ( 亿股 ) | 61.76 | | 每股净资产 ( 港元 ) | 3.47 | | 总股本 ( 亿股 ) | 61.76 | | 最近 12 月市场表现 | | -32% -1% 30% 60% 91% 122% 思摩尔国际 恒生指数 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com | --- | |----------------------------------| | | | 相关报告 | | 《自有品牌高速增长，毛利率改善明 | | 2024-08-20 | 证券研究报告 事件：公司发布 2024 年三季度业绩快报，2024 年前三季度实现营收 ...

思摩尔国际（ [Table_StockNameRptType] 6969.HK） 公司点评 24H1 自有品牌高增长，盈利能力稳步提升 | --- | --- | --- | |-------------------------------------|--------------|------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（港元） | | 9.14 | | 近 12 个月最高 / | 最低（港元） | 10.12/4.73 | | 总股本（百万股） | | 6160 | | 流通股本（百万股） | | 6160 | | 流通股比例（ % | ） | 100 | | 总市值（亿港元） | | 563 | | 流通市值（亿港元） | | 563 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号： ...

SMOORE INTERN ATIONAL HOLDINGS LIMITED 思 摩 爾 國 際 控 股 有 限 公 司 SMOORE INTERNATIONAL HOLDINGS LIMITED 思摩爾國際控股有限公 司 SMOORE INTERNATIONAL HOLDINGS LIMITED 思摩爾國際控股有限公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 6969) (Incorporated in the Cayman Islands with limited liability) (Stock code: 6969) 2024 2024 Interim Report Interim Report INTERIM REPO RT 中 期 報 告 2024 SMOORE INTERNATIONAL HOLDINGS LIMITED 思摩爾國際控股有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：6969） 2024 中期報告 | --- | --- | |-------|--------- ...

上 市 公 司 电子 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 8.94 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 10.52/4.61 | | H 股市值（亿港币） | 548.76 | | 流通 H 股（百万股） | 6,138.24 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -34% 16% 66% HSCEI 思摩尔国际 资料来源：Bloomberg 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 研究支持 张文静 A0230122100001 zhangwj@swsresearch.com 联系人 张文静 (8621)23297818× zhangwj@swsresearch.com 2024 年 08 月 26 日 思摩尔国际 (06969) ...

Investment Rating - The report maintains a Buy-A rating for Smoore International (06969 HK) with a 6-month target price of HKD 12 12 [4] Core Views - Smoore International's self-owned brand business showed strong growth in H1 2024 with revenue increasing by 71 94% YoY to RMB 1 116 billion while ODM revenue declined by 12 35% YoY to RMB 3 922 billion [2] - The company's gross margin improved to 38 0% in H1 2024 up 1 8 percentage points YoY driven by the higher proportion of high-margin self-owned brand business and cost reduction efforts [3] - Smoore International is expected to achieve revenue of RMB 12 357 billion in 2024 representing a YoY growth of 10 65% with adjusted net profit of RMB 1 694 billion a YoY increase of 0 95% [3] Business Performance - In H1 2024 Smoore's self-owned brand VAPORESSO continued to gain market share in the open-system product category with revenue from Europe and other markets surging 88 0% YoY to RMB 929 million and US revenue growing 20 6% YoY to RMB 187 million [2] - The company's enterprise-facing sales showed signs of recovery with US revenue declining 9 8% YoY to RMB 1 858 billion and European revenue down 16 0% YoY to RMB 1 976 billion However Q2 2024 saw a sequential recovery with US revenue up 6 1% QoQ and European closed-system pod revenue surging 93 2% QoQ [2] Financial Performance - Smoore's H1 2024 revenue decreased by 1 67% YoY to RMB 5 037 billion while net profit attributable to shareholders declined by 4 76% YoY to RMB 683 million [1] - The company's adjusted net profit margin in H1 2024 was 13 6% down 0 4 percentage points YoY due to increased sales and R&D expenses [3] Valuation and Forecast - The report forecasts Smoore's revenue to grow to RMB 14 024 billion in 2025 and RMB 15 702 billion in 2026 with adjusted net profit expected to reach RMB 1 891 billion and RMB 2 164 billion respectively [3] - Smoore's PE ratio is projected to be 31 6x 30 8x and 27 6x for 2024 2025 and 2026 respectively [3]

Investment Rating - Buy rating maintained for Smoore International (6969 HK) [4] Core Views - Smoore International reported H1 2024 revenue/net profit/total comprehensive income of RMB 5 037/683/725 million down 2%/5%/1% YoY [2][5] - Self-branded business grew strongly with Q2 pod product sales recovering and showing growth momentum [6] - R&D investments in HNB and atomization products driving long-term growth [7] Revenue Analysis - TOB business revenue declined 12% YoY in H1 2024 accounting for 78% of total revenue [6] - US/China/Europe & other regions revenue changed -10%/+41%/-16% YoY respectively [6] - Disposable/pod & HNB/APV product revenue was RMB 1 217/2 704/1 116 million changing -19%/-9%/+72% YoY [6] - US pod product revenue grew 6 1% QoQ and 6 5% YoY in Q2 [6] - Europe & other regions pod product revenue surged 93 2% QoQ and 22 5% YoY in Q2 [6] - TOC business revenue jumped 72% YoY in H1 2024 with share rising 9pcts to 22% [6] - US/Europe & other regions revenue increased 20 6%/88 0% YoY [6] - New XROS 4 product became a market hit [6] - VAPORESSO brand strengthened its leading position in open system products [6] Profitability Analysis - Gross margin improved 1 8pcts to 38 0% in H1 2024 driven by [6] - Higher-margin self-branded products gaining share [6] - Lower-margin disposable products declining [6] - Net profit declined 5% YoY in H1 2024 due to [6] - Sales expense ratio up 3 3pcts to 7 4% from international market expansion and new product launches [6] - R&D expense ratio up 3 1pcts to 15 1% from increased investments in medical atomization and HNB [6] - Management expense ratio down 2 4pcts to 6 7% from cost control and efficiency improvements [6] R&D and Growth Prospects - HNB R&D spending increased 15% YoY in H1 2024 with differentiated product solutions developed [7] - Atomization product R&D spending accounted for 24 4% of total in H1 2024 up from 18 5% in H1 2023 [7] - Launched MOYAL skincare brand and first-generation atomization beauty product solution in Q1 2024 [7] - Completed development of several drug delivery devices for asthma and COPD and 10+ drug formulations in H1 2024 [7] - Leading compliant brands expected to gain market share amid tightening regulations [7] - Key client VUSE held 51 2% US market share (closed system and disposable products) as of H1 2024 [7] - Forecast 2024-2026 net profit of RMB 1 660/1 910/2 160 million with PE of 29/25/22X [7]