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 - The report maintains a "Buy" rating for Smoore International Holdings (6969.HK) with a target price of HKD 10.7, indicating a potential upside of 17% from the current price of HKD 9.12 [3][4]. Core Insights - Smoore's revenue for the first half of 2024 was HKD 50.3 billion, a year-on-year decrease of 1.7%, while net profit was HKD 6.8 billion, down 4.8% year-on-year. The gross margin improved to 38%, up 1.8 percentage points, while the net margin slightly decreased to 13.6%, down 0.4 percentage points [1]. - The company's proprietary brand products saw significant growth, with APV product revenue reaching HKD 11.1 billion, a 72% increase year-on-year. The European market experienced an 88% revenue growth, while the U.S. market grew by 20% [1]. - The report anticipates a recovery in the domestic market, with a 41% year-on-year increase in revenue from 2B products in China, suggesting that the compliant market has likely bottomed out [1]. Financial Performance Summary - Revenue and Profit Forecasts: The expected net profits for 2024, 2025, and 2026 are HKD 16.5 billion, HKD 19.0 billion, and HKD 21.0 billion, respectively, with corresponding EPS of HKD 0.29, HKD 0.34, and HKD 0.38 [1][7]. - Sales and Cost Structure: The sales expenses increased significantly by 70% to HKD 7.6 billion, primarily due to increased marketing investments in proprietary brands and beauty products. Management expenses decreased by 27% to HKD 3.4 billion [1][15]. - R&D Investment: R&D expenses for the first half of 2024 were HKD 7.6 billion, accounting for 15.1% of revenue, reflecting a year-on-year increase of 3.1 percentage points. The company is focusing on medical and beauty product development, with a 63% increase in related R&D spending [1][15]. Market Dynamics - The report highlights a shift in European regulations favoring refillable products, which is expected to boost demand for Smoore's products in the region. The company's 2B business in Europe and other markets saw a revenue decline of 16% due to stricter regulations on disposable products, but the demand for refillable products is anticipated to recover [1]. - In the U.S. market, Smoore has the highest number of PMTA certifications among its clients, which is expected to enhance its market position as regulatory enforcement strengthens [1]. Valuation Analysis - The report employs DCF and PE valuation models, estimating a fair valuation of HKD 66.1 billion, corresponding to a target price of HKD 11.1. The average PE for the electronic cigarette industry is projected at 11.3x for 2025, and considering Smoore's market leadership, a PE of 30x is applied for 2025, leading to a target price of HKD 10.2. The final target price of HKD 10.7 reflects a blend of these valuation methods [7][10].

Investment Rating - The report suggests maintaining attention on the company due to its strategic clarity and solid fundamentals [2]. Core Insights - The company reported a revenue of 5.037 billion RMB for the first half of 2024, a year-on-year decrease of 1.7%. However, gross profit increased by 3.2% to 1.915 billion RMB, while net profit fell by 4.8% to 683 million RMB [1]. - The self-owned brand (APV) business saw significant growth, contributing 1.12 billion RMB in revenue, a year-on-year increase of 71.9%. The European and other markets experienced a rapid rise of 88%, while the US market grew by 20.6% [1]. - The company is focusing on cost management, with distribution and sales, administrative, and R&D expense ratios at 7.4%, 6.7%, and 15.1% respectively, showing changes of +3.3pp, -2.4pp, and +3.1pp year-on-year [1]. - The ODM segment aimed at enterprise clients is in a recovery phase, with reported revenue of 3.92 billion RMB. The European market saw a decline of 16%, while the US market decreased by 9.8%. In contrast, the Chinese market experienced a growth of 41.4% [1]. - The company continues to innovate, launching the MOYAL brand and developing products for asthma and COPD drug delivery systems [2].

Investment Rating - The report suggests maintaining attention on the company due to its solid fundamentals and clear strategic planning [2]. Core Insights - The company's revenue for the first half of 2024 was 5.037 billion RMB, a year-on-year decrease of 1.7%, while gross profit increased by 3.2% to 1.915 billion RMB, and net profit decreased by 4.8% to 683 million RMB [1]. - The self-owned brand (APV) business saw significant growth, contributing 1.12 billion RMB in revenue, a year-on-year increase of 71.9%, with notable growth in Europe and other markets at 88% and the US market at 20.6% [1]. - The company is focusing on cost management, with distribution and sales, administrative, and R&D expense ratios at 7.4%, 6.7%, and 15.1% respectively, showing changes of +3.3pp, -2.4pp, and +3.1pp year-on-year [1]. - The ODM segment aimed at enterprise clients reported revenue of 3.92 billion RMB, with a decline in Europe by 16% and in the US by 9.8%, while China saw an increase of 41.4% [1]. - The company is actively innovating, launching the MOYAL brand in the beauty aerosol field and developing devices for asthma and COPD medication delivery [2]. Summary by Sections Revenue Performance - Total revenue for the first half of 2024 was 5.037 billion RMB, down 1.7% year-on-year [1]. - Gross profit reached 1.915 billion RMB, up 3.2% year-on-year [1]. - Net profit was 683 million RMB, a decrease of 4.8% year-on-year [1]. Self-Owned Brand Growth - Revenue from self-owned brands (APV) was 1.12 billion RMB, increasing by 71.9% year-on-year [1]. - Growth in Europe and other markets was 88%, while the US market grew by 20.6% [1]. Cost Management - Distribution and sales expenses increased, with ratios at 7.4%, while administrative expenses were at 6.7% and R&D expenses at 15.1% [1]. - Year-on-year changes in expense ratios were +3.3pp for distribution and sales, -2.4pp for administrative, and +3.1pp for R&D [1]. ODM Segment Performance - Revenue from the ODM segment was 3.92 billion RMB, with a 16% decline in Europe and a 9.8% decline in the US, while China saw a 41.4% increase [1]. Innovation and Product Development - The company launched the MOYAL brand in the beauty aerosol sector and developed devices for asthma and COPD medication delivery [2].

证券研究报告 | 半年报点评 gszqdatemark 2024 08 21 年 月 日 思摩尔国际（06969.HK） APV 表现靓丽，换弹式恢复稳增，多元结构共驱成长 公司发布 2024H1 财务数据：24H1 实现收入 50.37 亿元（同比-1.7%）， 全面收益总额为 7.25 亿元（同比-1.3%）；单 Q2 我们预计收入约实现 28 亿元（同比约+9%），全面收益总额为 4.15 亿元（同比-3%）。APV 延续 靓丽表现，换弹式稳步复苏，收入逐季改善；盈利略承压主要系研发投入 加大。 自主品牌表现靓丽。2024H1 APV 实现收入 11.16 亿元（同比+71.9%）， 其中欧洲及其他地区/美国分别实现收入 9.29 亿元（同比+88.0%）/1.87 亿元（同比+20.6%），表现靓丽主要系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，目前自有品牌 Vaporesso 已在开放式 产品中成为市场头部品牌。 换弹业务改善，一次性小烟阶段性承压。2024H1 代工业务实现收入 39.22 亿元（同比-12.3%），分地区来看： 美国：H1 代工实现 18.58 亿元 ...

Investment Rating - The report maintains a "Buy" rating for Smoore International (06969) with a target price of 8.54 HKD, indicating a potential upside of over 20% [1]. Core Insights - The company reported a revenue of 5.037 billion HKD for the first half of 2024, a year-on-year decrease of 1.7%, and a net profit of 683 million HKD, down 4.8% year-on-year [1]. - The retail customer sales segment (APV) saw a significant revenue increase of 71.9% year-on-year, driven by strong performance in Europe and other markets, while the enterprise customer sales segment (ODM) experienced a decline of 12.3% [1]. - The company is focusing on expanding its product range and reducing costs, which has positively impacted its gross margin, which increased by 1.8 percentage points to 38.0% [1]. Revenue Breakdown - For 2024H1, the revenue from retail customer sales (APV) was 1.116 billion HKD, accounting for 22.1% of total revenue, while enterprise customer sales (ODM) generated 3.922 billion HKD, making up 77.9% of total revenue [1]. - The sales distribution by region shows that Europe and other markets accounted for 45.4% of total sales, followed by the US at approximately 36.9%, with a year-on-year decline of 3.3 percentage points [1]. Research and Development - The company increased its R&D expenditure to 760 million HKD in 2024H1, representing a year-on-year growth of 23.7%, which constitutes 15.1% of total revenue [1]. - Significant investments were made in the development of new products, including the launch of the MOYAL brand and innovative vaping solutions [1]. Profit Forecast and Investment Advice - The report projects net profits for 2024-2026 to be 1.675 billion HKD, 2.152 billion HKD, and 2.603 billion HKD respectively, reflecting year-on-year growth rates of 1.82%, 28.48%, and 20.94% [1]. - The report emphasizes the company's competitive advantages in the vaping technology sector and suggests that the tightening regulations will benefit leading brands like Smoore [1].

Investment Rating - The report maintains an "Accumulate" rating for Smoore International (6969) [2][4]. Core Insights - The company's performance meets expectations, with significant growth in its proprietary brand segment. The report forecasts net profit for 2024-2026 to be 1.65 billion, 1.92 billion, and 2.23 billion RMB respectively, with corresponding PE ratios of 29, 25, and 22 times [4]. - The market trend is shifting, with proprietary brands showing impressive performance. In H1 2024, revenue from proprietary brands increased by 71.9% year-on-year to 1.11 billion RMB, with notable growth in the US (20.6%) and Europe/other regions (88.0%) [4]. - The company is expected to benefit from changes in the regulatory environment, with a focus on compliant products. The report highlights the ongoing crackdown on non-compliant products in the US and the UK, which may favor leading brands with strong compliance capabilities [4]. Financial Summary - Revenue for 2024 is projected at 12.42 billion RMB, with a growth rate of 11%. The net profit for 2024 is estimated at 1.65 billion RMB, reflecting a slight increase of 1% [6]. - The gross profit margin improved due to a higher proportion of high-margin proprietary brands and cost reduction initiatives. R&D expenses increased by 3.1 percentage points to 12.0% of revenue, reflecting investments in new product development [4]. - The company’s management efficiency has significantly improved, with a reduction in management fees by 2.4 percentage points to 6.7% of revenue, attributed to cost control measures and enhanced budget management [4].

各项业务渐进良性通道，费用拖累业绩释放节奏 2024 年 08 月 20 日 ➢ 事件。思摩尔国际发布 24 半年度业绩公告，2024H1 实现收入/税后利润/ 调期内综合收益总额 50.37/6.83/7.25 亿元(同降 1.67%/4.76%/1.3%)，24Q2 实现调期内综合收益总额 4.15 亿元(同降 5.95%)。 ➢ 一次性产品承压&自主品牌产品放量&换弹式环比显著改善。2024H1 收入 同降 2%至 50 亿元：分客户：上半年面向企业客户/面向零售客户收入同比变动 -12.3%/+71.9%至 39.22/11.16 亿元；分产品：1）换弹产品收入同比个位数下 滑，不过伴随全球监管收紧，换弹产品收入呈现逐季改善势头，单 Q2 收入美国 同增 6.5%，欧洲同增 22.5%；2）自主品牌：加强数字化营销+新产品迭代（上 半年推出 XRO 4），自主品牌业务同比增长 72%至 11.16 亿元，占收入比重达 22%；3）一次性产品：同降 19%至 12.17 亿元，主要受制于欧洲一次性电子烟 监管升级；4）特殊雾化产品料仍有压力，主因上半年公司推动业务组织架构调 整，且渠道建设仍处于布局期， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][5]. Core Insights - The company's H1 2024 revenue and net profit decreased by 1.7% and 4.8% year-on-year, reaching 5.04 billion and 680 million RMB, respectively, which is in line with expectations [2]. - The self-owned brand business is experiencing rapid growth, with Q2 2024 sales of pod-based products showing positive signals. ODM revenue decreased by 12.4% to 3.92 billion RMB, while OBM revenue increased by 71.9% to 1.12 billion RMB [2]. - The gross margin for H1 2024 improved by 1.8 percentage points to 38.0%, driven by an increase in OBM revenue proportion and ongoing cost reduction efforts [2]. - The company is increasing R&D investment in medical and heated non-combustible products, with R&D expense ratio rising by 3.1 percentage points to 15.1% [2]. Financial Performance Summary - Revenue for 2024 is projected to be 12.113 billion RMB, with a growth rate of 8.46% [3]. - Net profit for 2024 is expected to be 1.667 billion RMB, reflecting a growth rate of 1.33% [3]. - The diluted EPS for 2024 is estimated at 0.27 RMB, with corresponding P/E ratios of 30, 26, and 23 for 2024, 2025, and 2026, respectively [2][3].