Investment Rating - The investment rating for the company is "Buy" [3][10]. Core Views - The company's performance is steadily recovering, with multiple business products and channel expansions continuing to show growth since 2023. Additionally, the company is increasing its R&D efforts based on market demand insights, leading to efficient innovation and agile responses to consumer trends [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 1.65 billion, 1.92 billion, and 2.23 billion RMB respectively, down from previous estimates of 1.94 billion, 2.28 billion, and 2.61 billion RMB. The latest closing price corresponds to P/E ratios of 24, 21, and 18 times for the respective years [2]. - In Q1 2024, the company achieved a pre-tax profit of 399 million RMB, a year-on-year increase of 25.2%, and a net profit of 339 million RMB, up 12.8% year-on-year. Total comprehensive income reached 309 million RMB, reflecting a 5.6% year-on-year growth [2]. Financial Summary - The company reported revenue of 11.177 billion RMB in 2023, with projected revenues of 12.424 billion, 14.286 billion, and 16.427 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 11%, 15%, and 15% [6]. - The gross profit for 2023 was 4.334 billion RMB, with projections of 4.941 billion, 4.941 billion, and 6.534 billion RMB for the following three years [6]. - The net profit for 2023 was 1.645 billion RMB, with forecasts of 1.654 billion, 1.922 billion, and 2.231 billion RMB for 2024, 2025, and 2026 respectively [6]. Market Dynamics - The company is expected to benefit from an improving market landscape, particularly in the domestic market, where a recent announcement from the National Tobacco Monopoly Administration aims to regulate the e-cigarette market, potentially eliminating non-compliant products and concentrating market share among compliant brands [2]. - On the international front, the ongoing crackdown on illegal products by the U.S. FDA and the upcoming ban on disposable e-cigarettes in the UK from April 2025 are likely to favor strong, compliant brands, positioning the company to capitalize on this industry reshuffling [2].

公 司 研 究 思摩尔国际（06969.HK）：海外收入 2024年4月2日 推荐/维持 稳健增长，雾化新业务逐步落地 东 思摩尔国际 公司报告 兴 证 事件：公司发布2023年度业绩，全年实现收入111.68亿元，同比-8.0%；净 公司简介： 券 利润16.45亿元，同比-34.5%；全面综合收益总额15.66亿元，同比-37.2%。 公司是提供雾化科技解决方案的全球领导 股 者，包括基于ODM制造加热不燃烧产品的 份 海外整体增长稳健，中国大陆市场拖累收入。 电子雾化设备及电子雾化组件，拥有先进的 有  企业客户销售方面，23年实现收入93.21亿元，同比-12.7%。（1）美国 研发技术、雄厚的制造实力、广泛的产品组 限 合及多元化的客户群。 市场全年40.84亿元，低基数下（22年产品降价）稳健增长（+8.2%）， 资料来源：公司公告、同花顺 公 23H2同比有所下滑（-6.3%）。公司助力大客户在换弹产品中提升市占率， 未来3-6个月重大事项提示： 司 不过当地市场仍有大量不合规一次性产品，对公司客户的合规产品有所 无 证 不利。（2）欧洲及其他海外地区 50.74 亿元（+8.9%），公司于 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's 2023 performance was generally in line with expectations, with revenue of 11.168 billion RMB, down 8.0% year-on-year, and net profit of 1.645 billion RMB, down 34.5% year-on-year [5] - The U.S. market showed a rebound in TOB revenue, which reached 4.084 billion RMB, an increase of 8% year-on-year, despite challenges in the pod-based segment due to regulatory impacts [5] - The company is expected to benefit from compliance measures that will enhance its market share in the long term [5] - The European market continues to see strong growth in disposable e-cigarettes, with a projected high double-digit growth rate for 2023 [5] - Domestic sales showed a sequential improvement, although revenue was significantly down by 92% year-on-year due to low penetration of new tobacco standards and illegal market impacts [5] Financial Data and Profit Forecast - The company reported a revenue of 11,177 million RMB in 2023, with a forecasted increase to 12,803 million RMB in 2024, representing a year-on-year growth of 14.5% [6] - Net profit for 2023 was 1,645 million RMB, with projections of 1,797 million RMB in 2024, reflecting a growth of 9.2% [6] - The earnings per share (EPS) for 2023 was 0.27 RMB, with an expected increase to 0.29 RMB in 2024 [6] - The price-to-earnings (PE) ratio for 2024 is projected at 20.6 times, indicating a relatively low valuation compared to peers [6] Market Position and Competitive Advantage - The company has established a strong competitive position through years of technological iteration and product development, supported by patent protection and deep ties with global clients [5] - The ongoing investment in R&D, particularly in the medical aerosol field, is expected to yield commercial results, enhancing the company's long-term growth prospects [5]

2024 年 3 月 21 日 公司动态 思摩尔（6969.HK） 证券研究报告 电子烟 最坏时刻已经过去 投资评级： Xx 买入 xx 思摩尔2023年收入111.7亿，同比下降8%，净利润16.5亿，同比下降34.5%。毛利率38.8%， 同比下降4.5pct，净利率14.7%，同比下降5.9pct。随着中美两国政策落地，形势明朗，欧 目标价格： 8.1 港元 洲业务和APV业务引领增长，我们认为公司最坏的时刻已经过去，未来有望保持平稳增长。 结合公司短期的业绩下滑，我们下调24/25/26年净利润分别至19.6/20.5/21.1亿元，对应 现价(2024-3-20)： 6.87港元 EPS分别为0.35/0.37/0.38港元。维持“买入”评级，下调目标价至8.1港元，较当前股价 有17%上涨空间。 报告摘要 总市值(百万港元) 42,165.99 欧洲及其他市场保持增长，一次性产品是主要增长动力。23年来自欧洲及其他市场的收入达 流通市值(百万港元) 42,165.99 到50.7亿，同比增长8.9%。公司在上半年推出了升级feelm max陶瓷雾化芯平台，并实现 总股本(百万股) 6,137.70 ...

电子/消费电子 公 司 思摩尔国际（06969.HK）海外市场收入稳步增长，加大研发业务外延寻求突破 研 究 2024年03月21日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 日期 2024/3/21 当前股价(港元) 7.070  2023年业绩阶段承压，产品结构调整仍在持续，维持“买入”评级 2023 年公司实现营收 111.68 亿元（同比-8.0%），实现净利润 16.45 亿元（同比 公 一年最高最低(港元) 10.880/4.610 -34.5%）。单季度测算，2023Q4公司收入为31.66亿元（同比-3.5%）。公司2023 司 信 总市值(亿港元) 433.94 年收入业绩下滑，主要是中国大陆市场收入下滑较大所致。考虑到公司产品结构 调整仍在持续，低毛利一次性产品占比或继续提升，我们下调2024/2025盈利预 息 ...

港股公司报告 | 公司点评 思摩尔国际（06969） 证券研究报告 2024年03月20日 投资评级 中国大陆市场收入或筑底，海外市场持续开拓！ 行业 非必需性消费/家庭电 器及用品 6个月评级 买入（维持评级） 事件：公司发布2023 年度业绩，2023 年公司实现营收111.7 亿元，同比 当前价格 6.87港元 降低8.0%；实现净利润16.45亿元，同比减少34.5%。 目标价格 港元 2023年盈利受产品结构及中国大陆市场影响有所下降，海外收入增长较快 基本数据 ➢ 分版块来看，2023年公司面向企业客户销售（ODM）实现收入93.21 港股总股本(百万股) 6,137.70 亿元（占比83.5%），同比减少12.7%，主要因国内《电子烟管理办法》 港股总市值(百万港元) 42,165.99 及电子烟国家标准推行后短期对需求造成一定影响，2023年公司于中 国大陆市场的销售收入约为1.63亿元，同比降低92.7%；面向零售客 每股净资产(港元) 3.85 户销售（APV）实现收入18.47亿元（占比16.5%），同比增长26.0%， 资产负债率(%) 16.07 主要因公司在 2023 年陆续推出众 ...

%% %% 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 2023A 点评：自主品牌延续亮眼增 长，多元发展和降本增效并进 | --- | --- | |------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2023 年度业绩报告， 2023 年实现收入 / 净利润 / 全面收益总额 111.68/16.45/15.66 亿 | | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 赵智勇 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SAC：S0490517110001 SFC：BRP550 请阅读最后评级说明和重要声明 思摩尔国际（6969.HK） cjzqdt11111 2024-03-20 港股研究丨公司点评 ...

海外一次性增长靓丽，高研发投入保持技术优势 思摩尔国际(6969.HK)/轻工 证券研究报告/公司点评 2024年03月20日 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：6.91港元 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 13,755 12,145 11,168 12,378 13,597 分析师：张潇 增长率yoy% 37.4% -11.7% -8.0% 10.8% 9.8% 执业证书编号：S0740523030001 净利润（百万元） 5,287 2,510 1,645 1,744 1,831 Email：zhangxiao06@zts.com.cn 增长率yoy% 120.3% -52.5% -34.5% 6.0% 5.0% 每股收益（元） 0.86 0.41 0.27 0.28 0.30 分析师：邹文婕 每股现金流量 0.59 0.08 0.52 0.28 0.27 执业证书编号：S0740523070001 净资产收益率 33.4% 12.7% 7.9 ...

Investment Rating - The investment rating for Smoore International (6969) is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The report highlights that Smoore International's revenue for 2023 was 11.168 billion, a decrease of 8.0% year-on-year, with a net profit of 1.645 billion, down 34.5% year-on-year. The company plans to distribute a dividend of 0.05 HKD per share [1]. - The domestic market share has dropped to 1.5%, while overseas markets are steadily growing, particularly in the disposable and APV segments [1]. - The company has increased its efforts in overseas market expansion, launching innovative products like the VAPORESSO COSS and ARMOUR series, which feature automatic liquid filling and charging capabilities [1]. Financial Performance Summary - Revenue Breakdown: - Sales to enterprise customers generated 9.321 billion, down 12.7% year-on-year, with sales to the US and Europe increasing by 8.2% and 8.9% respectively, while sales in China plummeted by 92.7% [1]. - Sales to retail customers, specifically APV products, reached 1.847 billion, a growth of 26% year-on-year, with significant increases in Europe and the US [1]. - Gross Margin: The gross margin for 2023 was 38.8%, a decrease of 4.5 percentage points, attributed to changes in product mix [1]. - Expense Ratios: The sales, management, and R&D expense ratios were 4.7%, 7.8%, and 13.3% respectively, with notable changes in each category [1]. Future Outlook - The report anticipates that Smoore International will continue to strengthen its leading position in the global aerosol technology sector, with expectations for revenue growth in the coming years [1][2]. - Profit forecasts for 2024-2026 indicate a gradual recovery, with net profits projected to reach 1.647 billion in 2024, reflecting a slight increase from 2023 [2][3].

智通财经APP获悉，大和发布研究报告称，重申思摩尔国际(06969)“跑赢大市”评级，认为最坏情况已过去。将今明两年盈利预测上调1%至2%，以反映较高的收入增长预测，目标价由6港元上调至8港元。 管理层表示，经过两年收入倒退后，预期今年收入有双位数增长，至于盈利增幅则较慢，主要因为新产品的研发投资持续，并估计产品及收入组合将更多元化。此外还指出，美国及中国市场的收入增长前景，仍然很大程度取决于监管规则，该行估计两个市场在去年的低基数下，今年将一步复苏。 ...