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 ...

Investment Rating - The report maintains a rating of "Buy" for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][8]. Core Insights - The company reported a revenue of 11.168 billion yuan in 2023, a year-on-year decrease of 8.0%, and a net profit of 1.566 billion yuan, down 37.2% year-on-year [4]. - The overseas market showed robust growth, particularly in the U.S. and Europe, while the domestic market faced significant challenges due to regulatory changes [4][5]. - The company has maintained high R&D investment, reaching 1.483 billion yuan in 2023, which has helped sustain its technological advantage in the vaping industry [5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023E Revenue: 11,168 million yuan, down 8.0% YoY - 2024E Revenue: 12,378 million yuan, expected growth of 10.8% - 2025E Revenue: 13,597 million yuan, expected growth of 9.8% - 2023E Net Profit: 1,645 million yuan, down 34.5% YoY - 2024E Net Profit: 1,744 million yuan, expected growth of 6.0% - 2025E Net Profit: 1,831 million yuan, expected growth of 5.0% [3][4][5]. - **Earnings Per Share (EPS)**: - 2023E EPS: 0.27 yuan - 2024E EPS: 0.28 yuan - 2025E EPS: 0.30 yuan [3][5]. - **Valuation Ratios**: - 2023E P/E: 23.3 - 2024E P/E: 22.0 - 2025E P/E: 21.0 - 2023E P/B: 1.8 - 2024E P/B: 1.7 - 2025E P/B: 1.5 [3][5]. Market Dynamics - The company has seen a significant increase in its disposable product revenue, which grew by 74.5% year-on-year, indicating a shift in product mix [4][5]. - The U.S. market contributed 4.084 billion yuan in revenue, up 8.2% year-on-year, while the European market generated 5.074 billion yuan, up 8.9% year-on-year [4]. - The domestic market faced a drastic decline, with revenue dropping by 92.7% to 163 million yuan due to new regulations and taxes affecting demand [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 11.168 billion, net profit of 1.645 billion, and total comprehensive income of 1.566 billion for the year 2023, reflecting a year-on-year decline of 8%, 34%, and 37% respectively [6]. - The revenue from ODM business faced pressure, while the revenue from disposable vape products saw significant growth, and the self-owned brand business continued to grow rapidly [6]. - The company is optimistic about its long-term growth as a leading electronic cigarette exporter, with an export total of 11.08 billion USD in 2023, a year-on-year increase of 12.48% [7]. Summary by Sections Revenue Performance - In 2023, the company experienced a 13% decline in TOB business revenue, which accounted for 83% of total revenue. Revenue from the US, mainland China, and Europe showed mixed results, with the US up by 8% and mainland China down by 93% [6]. - The TOC business revenue increased by 26%, with its revenue share rising from 8% in 2021 to 17% in 2023, driven by new product launches in overseas markets [6]. Profitability Analysis - The company's net profit decreased by 34% in 2023 due to a decline in domestic revenue, a drop in overall gross margin, and increased sales and R&D expenses. The gross margin and net margin were 38.8% and 14.7%, down by 4.5 and 5.9 percentage points year-on-year [6]. - The company maintained a strong cash flow, with net cash flow from operating activities exceeding net profit for three consecutive years [6]. Future Outlook - The company expects continued growth in self-owned brands and disposable products, with HNB, aerosol medical, and special-use aerosol categories gradually contributing to revenue and profit increments [7]. - Projected net profits for 2024, 2025, and 2026 are 1.65 billion, 1.90 billion, and 2.13 billion respectively, corresponding to a current PE of 23, 20, and 18 times [7].

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。 ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Views - The company's Q4 performance met expectations, and a recovery is anticipated in 2024 due to market environment changes and product structure adjustments [6]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 1.94 billion, 2.28 billion, and 2.61 billion RMB respectively, with the latest closing price corresponding to PE ratios of 19, 16, and 14 times [6]. - The manufacturing business is steadily recovering, and the proprietary brand APV products continue to show high growth [6]. Summary by Sections Financial Performance - In 2023, the company's revenue was 11.177 billion RMB, down 8% year-on-year, with a projected revenue of 13.2407 billion RMB for 2024, representing an 18% increase [7]. - The net profit for 2023 was 1.645 billion RMB, a decrease of 34% year-on-year, with an expected recovery to 1.942 billion RMB in 2024, an 18% increase [7]. - The gross profit margin and management expense ratio improved, with a net profit margin of 15.3% in H2 2023, up 1.3 percentage points from the previous period [6]. Market Dynamics - The U.S. revenue for H2 2023 was 2.02 billion RMB, down 6.3% year-on-year, while the European revenue was 2.72 billion RMB, also down 6.3% year-on-year but up 15.8% quarter-on-quarter [6]. - Domestic sales revenue in H2 2023 was 0.1 billion RMB, down 81.6% year-on-year but up 62.5% quarter-on-quarter, indicating a recovery as non-compliant products impact diminishes [6]. - The company is expected to benefit from market improvements due to regulatory actions against non-compliant products in both domestic and international markets [6].