Investment Rating - Buy (Maintained Rating) [2] Core Views - The report highlights the positive signals from British American Tobacco's (BAT) capital market communication day, where BAT reiterated its goal to become a smoke-free company by 2035 and shared updates on its new tobacco-related products [2] - The report emphasizes the growth potential in the compliant vaping market, particularly in the US, where regulatory actions against illegal products are expected to drive market expansion [3] - The report also notes the upcoming launch of BAT's new heated tobacco product, Glo Hilo, which is expected to target the high-end market and contribute to the company's growth [3] Market Analysis Vaping Market - The vaping market is expected to see significant growth, with BAT projecting that the number of vaping users will reach 110 million by 2030 [3] - The trend is shifting from disposable vaping products back to rechargeable closed-system products, which are regaining growth momentum [3] - In the US, illegal flavored products account for 70% of the vaping market, but regulatory actions in states like Louisiana have led to a 28% increase in the legal vaping market and a 91% reduction in illegal disposable product channels [3] Heated Tobacco Products (HNB) - BAT sees significant opportunities to improve its market position in the HNB category and plans to launch a breakthrough product, Glo Hilo, by the end of the year [3] - Glo Hilo is positioned as a high-end product and is expected to be further promoted in key markets by 2025 [3] - BAT has submitted a PMTA application for Glo products in the US, aiming to enter the market at an appropriate time [3] Financial Performance and Projections Revenue and Profit - The company's revenue is projected to grow from RMB 11,957 million in 2024E to RMB 16,659 million in 2026E, with a revenue growth rate of 7.06% in 2024E, 14.26% in 2025E, and 21.93% in 2026E [5] - Net profit attributable to the parent company is expected to increase from RMB 1,348 million in 2024E to RMB 2,289 million in 2026E, with a growth rate of 28.60% in 2025E and 32.09% in 2026E [5] Earnings Per Share (EPS) - EPS is projected to be RMB 0.22 in 2024E, RMB 0.28 in 2025E, and RMB 0.37 in 2026E [5] Valuation Metrics - The current stock price corresponds to a P/E ratio of 46x for 2024E, 36x for 2025E, and 27x for 2026E [5] - ROE (Return on Equity) is expected to improve from 5.92% in 2024E to 8.55% in 2026E [5] Industry Trends - The report highlights the tightening regulatory environment in the US, with the FDA and the Department of Justice forming a joint enforcement team to crack down on illegal products [3] - The FDA is also gradually approving more compliant products, such as menthol products, which could further drive market growth [3] - The European market is increasing regulation on disposable vaping products, which is expected to optimize the product structure and improve the company's profit margins [3]

Investment Rating - The report maintains a "Buy" rating for Smoore International (06969) with a target price of 12.54 HKD [1] Core Views - The company reported steady revenue growth in Q3 2024, achieving a revenue of 32.86 billion HKD, a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5% [1] - The company's proprietary brand business is experiencing rapid growth, while the closed-system product business is gradually recovering [1] - The decline in net profit is attributed to increased R&D and management expenses, with net profit for Q3 2024 at 3.79 billion HKD, down 22.5% year-on-year but up 10.2% quarter-on-quarter [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 83.23 billion HKD, a 4.0% increase year-on-year, with a net profit of 10.62 billion HKD, down 11.9% year-on-year [1] - In Q3 2024, the revenue was 32.86 billion HKD, with a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5% [1] Business Segments - The revenue from proprietary brand business reached 11.16 billion HKD, showing a significant year-on-year growth of 71.9% [1] - The company is expected to continue benefiting from the growth of both proprietary open and closed-system products due to increasing regulatory pressures in the European electronic vaporization market [1] R&D and Future Outlook - The company is increasing its R&D investments, focusing on non-combustible products and medical vaporization products, which are anticipated to become new revenue and profit growth points [1] - The company has completed the development and production of several devices for asthma and COPD medications, with research results gaining industry recognition [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1-Q3 revenue reached RMB 8.323 billion, a year-on-year increase of 4.0%, with total comprehensive income of RMB 1.055 billion, a year-on-year decrease of 11.7% [1] - Q3 revenue was RMB 3.286 billion, a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5%, while comprehensive income was RMB 330 million, a year-on-year decrease of 28.3% and a quarter-on-quarter decrease of 20.4% [1] - Revenue growth was driven by strong performance in APV and the recovery of refillable products, while profitability was pressured by increased income tax expenses and rising R&D and management costs [1] - The company's self-owned brand Vaporesso saw a 71.9% year-on-year increase in H1 2024, with expectations of continued improvement in Q3 [1] - The refillable market in the US is recovering due to FDA enforcement actions, with core client VUSE's Alto tobacco flavor and Njoy menthol passing PMTA reviews [1] - The disposable e-cigarette market in Europe faced challenges due to stricter regulations, with H1 2024 revenue down 18.9% year-on-year, but a recovery is expected in Q3 [1] - The company is diversifying its product portfolio with investments in HNB, medical atomization, and beauty products, including the launch of the beauty brand Moyal and the first high-viscosity essence atomization beauty device [1] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be RMB 1.35 billion, RMB 1.79 billion, and RMB 2.28 billion, respectively, with corresponding P/E ratios of 52.4X, 39.3X, and 30.9X [2] Industry and Market Performance - The company operates in the consumer electronics industry [4] - As of October 10, 2024, the stock price was HKD 12.54, with a total market capitalization of HKD 77.452 billion and a free float of 100% [4] - The 30-day average trading volume was 18.24 million shares [4]

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 ...

Investment Rating - Buy rating maintained for Smoore International (6969 HK) [4] Core Views - Closed-end products expected to show positive trends, with APV continuing strong growth [1][4] - Q3 2024 revenue reached RMB 3 286 million, up 14 1% YoY and 16 5% QoQ [5] - Q3 2024 pre-tax profit was RMB 513 million, down 2 6% YoY but up 24 4% QoQ [5] - Q3 2024 comprehensive income was RMB 330 million, down 28 3% YoY and 20 4% QoQ [5] Financial Performance - Revenue growth driven by strong performance in proprietary brand (APV) and closed-end products [6] - US pod system product revenue grew 6 1% QoQ and 6 5% YoY in Q2 2024 [6] - Europe and other regions pod system product revenue surged 93 2% QoQ and 22 5% YoY in Q2 2024 [6] - APV revenue increased 72% YoY in H1 2024, expected to maintain strong growth in Q3 [6] Profit Analysis - Pre-tax profit growth attributed to revenue and gross profit increase [6] - Net profit declined 22 5% YoY due to higher tax expenses [6] - R&D expenses increased, focusing on HNB and medical vaporization products [6] Market Position and Strategy - Major client VUSE held 51 2% market share in US closed-end and disposable products as of H1 2024 [6] - Company continues to optimize R&D structure, focusing on medical vaporization, HNB, and proprietary brands [6] - Launched MOYAL skincare brand and first-generation vaporization beauty product solution in Q1 2024 [6] - Completed development and production layout for several drug delivery devices for asthma and COPD in H1 2024 [6] Future Outlook - Expected net profit for 2024-2026: RMB 1 34 billion, RMB 1 67 billion, and RMB 1 92 billion respectively [6] - Corresponding PE ratios: 52X, 42X, and 36X [6]

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Insights - The company's performance is under pressure year-on-year due to cost input strategies, but there is a positive trend on a quarter-on-quarter basis. Future revenue growth from new business segments and an improved market landscape is anticipated [4]. - The company has slightly underperformed expectations, leading to a downward revision of profit forecasts. The projected net profits for 2024-2026 are 1.35 billion, 1.89 billion, and 2.48 billion RMB, respectively, with corresponding PE ratios of 51, 37, and 28 times [4]. - Revenue growth is driven by proprietary brands and closed products, with a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5% in Q3 2024. The decline in net profit year-on-year is attributed to tax expenses and increased operational costs [4]. - The market for nebulization products is expected to improve, with recent policy signals indicating a more favorable regulatory environment for flavored electronic cigarettes [4]. - The HNB (Heated Not Burned) business is projected to contribute to revenue growth, supported by increased R&D investment and collaboration with BAT to provide comprehensive product and technology solutions [4]. Financial Summary - The company's revenue for 2024 is estimated at 12.42 billion RMB, with a year-on-year growth of 11%. The projected revenues for 2025 and 2026 are 14.29 billion and 16.43 billion RMB, respectively, both reflecting a 15% growth rate [7]. - The net profit for 2024 is forecasted to be 1.35 billion RMB, with a year-on-year decline of 18%. The net profits for 2025 and 2026 are expected to recover to 1.89 billion and 2.48 billion RMB, showing growth rates of 40% and 31% respectively [7]. - The PE ratio for 2024 is projected at 51.4, decreasing to 36.7 in 2025 and 28.0 in 2026, indicating an improving valuation over time [7].

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 revenue showed steady growth, driven by its own-brand business and closed-system product revenue from enterprise clients [3] - The company continues to invest heavily in R&D, particularly in heated tobacco (HNB) and medical vaporization products, positioning itself for future growth [4] - The global HNB market is expected to grow at a CAGR of 15.5% from 2023 to 2028, reaching USD 75.51 billion by 2028 [4] - The company is expected to benefit from increasing overseas demand for new tobacco products and potential market share gains from major clients [4] Financial Performance - Q3 2024 revenue reached RMB 3.286 billion, up 14.1% YoY, while net profit declined by 22.5% YoY to RMB 379 million [3] - For the first three quarters of 2024, the company achieved revenue of RMB 8.323 billion, up 4.0% YoY, and net profit of RMB 1.062 billion, down 11.9% YoY [3] - The company's own-brand revenue grew by 71.9% YoY in the first half of 2024, reaching RMB 1.116 billion, with continued strong growth expected in Q3 [3] - R&D expenses increased by 23.7% YoY in the first half of 2024, reaching RMB 760 million [4] Future Projections - The company is expected to achieve net profits of RMB 1.7 billion, RMB 2.05 billion, and RMB 2.48 billion for 2024, 2025, and 2026, respectively [4] - Revenue is projected to grow at a CAGR of 19.87% and 16.65% in 2025 and 2026, respectively [5] - Net profit growth is expected to accelerate to 20.45% and 20.98% in 2025 and 2026, respectively [5] - The company's PE ratio is forecasted to be 43x, 35x, and 29x for 2024, 2025, and 2026, respectively [4] Business Strategy - The company is focusing on digital marketing and rapid response to consumer demand for its own-brand products [3] - It is expanding its international market presence and localizing operations to enhance its competitive edge [3] - The company's HNB product portfolio is gaining recognition, and potential orders from major clients like British American Tobacco could drive future growth [4] Financial Ratios - The company's gross margin is expected to improve from 38.81% in 2023 to 40.88% by 2026 [7] - ROE is projected to increase from 7.68% in 2023 to 9.05% by 2026 [7] - The company's net debt ratio is expected to remain negative, indicating a strong financial position [7]

Investment Rating - Buy rating maintained for Smoore International (6969 HK) [1] Core Views - Smoore International's 2024H1 results were largely in line with expectations, with revenue of RMB 5 037 million (-1 7% YoY) and net profit of RMB 683 million (-4 8% YoY) [1] - The company's self-branded business showed strong growth, with revenue increasing by 71 9% YoY to RMB 1 116 million, driven by new product launches and market share gains [1] - Smoore's gross margin improved by 1 8 percentage points to 38 0% in 2024H1, mainly due to the expansion of higher-margin self-branded business and cost optimization efforts [1] - The company is expected to benefit from industry consolidation amid tightening global regulations, leveraging its compliance capabilities, technological advantages, and flexible business model [1] Business Performance - Self-branded business revenue grew significantly in Europe (88% YoY) and the US (20 6% YoY) in 2024H1 [1] - Enterprise client business revenue declined by 12 3% YoY, with mixed performance across regions: US (-9 8%), Mainland China (+41 4%), Europe (-16 0%) [1] - Smoore increased its R&D investment, particularly in medical vaporization and heat-not-burn products, with R&D expense ratio rising by 3 08 percentage points to 15 09% [1] Financial Projections - Revenue is forecasted to grow 6% in 2024, 15% in 2025, and 11% in 2026, reaching RMB 11 811 million, RMB 13 583 million, and RMB 15 033 million respectively [1][2] - Net profit is expected to be RMB 1 632 million (-1% YoY) in 2024, RMB 1 915 million (+17% YoY) in 2025, and RMB 2 134 million (+11% YoY) in 2026 [1][2] - EPS projections are RMB 0 27 (2024), RMB 0 31 (2025), and RMB 0 35 (2026), with corresponding P/E ratios of 31 38x, 26 75x, and 23 99x [1][2] Financial Ratios - ROE is expected to remain stable at around 7 08%-7 88% from 2024 to 2026 [2] - Gross margin is projected to maintain at approximately 38 0%-38 4% over the next three years [5] - The company's net debt ratio is expected to stay negative, indicating a strong financial position [5]

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） 中期報告 (Incorporated in the Cayman Islands with limited liability) (Stock code: 6969) Interim Report 2024 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) Interim Report 2024 SMOORE INTERNATIONAL HOLDINGS LIMITED 思摩爾國際控股有限公 司 SMOORE INTERN ATIONAL HOLDINGS LIMITED 思 摩 爾 國 際 控 股 有 限 公 司 INTERIM REPO RT 中 期 報 告 2024 目 錄 1 思摩爾國際控股有限公司 二零二四年中期報告 2 公司 ...

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) ...