香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 思摩爾國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬 公司（ 統稱「本集團」）截至2024年6月30日止6個月（「回顧期」）的未經審核綜合業績。本公司 獨立核數師德勤‧關黃陳方會計師行（ 執業會計師 ）已根據香港會計師公會頒佈的香港審閱 委 聘 準 則 第 2410 號「 由 實 體 之 獨 立 核 數 師 審 閱 中 期 財 務 資 料 」審 閱 本 集 團 截 至 2024 年 6月30日止6個月的未經審核簡明綜合中期財務資料。此外，該等中期業績亦由本公司審核 委員會（「審核委員會」）審閱。 – 1 – 財務摘要 | | 截至6月30日止6個月 | | | | --- | --- | ...

思摩尔国际(06969.HK) ⁄ 轻工制造 ⁄ 公司总评 ⁄ 2024.07.19 Vuse Alto 烟草口味获批, ● 技资评级:买入(维持) | --- | |--------------| | 未未教据 | | 收盘价(港元) | | | 牟殷冷資产(港元)3.42 总股本(亿股)61.38 衰逝 12 月市场表现 岛 明珍 分析师 SAC 证书编号:S0160523030001 lvmz@ctsec.com 何株 联系人 hedong@ctsec.com 相关报告 1. 《FDA 杂准等符辟调味电子烟,减害 性获认可》 2024-06-22 2. 《FDA 撤销 Juul 营销禁令,关注 PMTA 宰杂选展》 2024-06-14 3. 《Q1 利润变回正增长,看好篆化苑 头长期成长》 2024-04-12 多地域, 总 ■ 证券研究报告 ... 事件:近日,FDA 官网宣布批准 7 款电子烟产品在美国市场销售,获杂的 7 款产品均未 BAT 旗下 Vuse Alto 品牌,包括 6 款烟辛口味产品种 1 款电子烟设 名。 Vuse 烟革ロ味产品弄痰栽,寒荷畴此前获行或警墟。FDA 此次授权的产 ...

Investment Rating - The report maintains a "Buy" rating for Smoore International (06969) with a target price of HKD 12.00, indicating a potential upside from the current price of HKD 9.95 [1]. Core Views - The approval of four menthol-flavored e-cigarette products by the FDA marks a significant policy shift, as it is the first time non-tobacco flavored e-cigarettes have received PMTA authorization [1]. - Smoore International is expected to benefit from the compliance market development, as it supplies all NJOY LLC approved products and has been involved in the production of multiple other approved products [1]. - The menthol-flavored e-cigarettes are popular in the U.S. market, accounting for approximately 30% of the total e-cigarette shipment volume and about 50% of the pod-based product shipments, which is expected to drive sales growth for Smoore [1]. Summary by Sections Company Overview - Smoore International is a global leader in providing aerosol technology solutions, with a focus on the e-cigarette market [1]. - The company has a total share capital of 6,137.70 million shares and a market capitalization of 61,070.10 million HKD [1]. Recent Developments - On June 24, Smoore announced that four non-tobacco flavored e-cigarette products from its client NJOY received PMTA authorization from the FDA [1]. - This is the first FDA approval for menthol-flavored e-cigarettes, indicating a recognition of their safety and paving the way for compliant companies to benefit in the future [1]. Financial Projections - The report forecasts Smoore's net profit for 2024-2026 to be 16.64 billion, 20.71 billion, and 24.62 billion HKD, respectively, with year-on-year growth rates of 1.16%, 24.46%, and 18.88% [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.39 HKD per share based on a 30x PE valuation for 2024 [4]. Core Views - The FDA has approved NJOY's menthol-flavored e-cigarettes for sale in the U.S., which includes four products from NJOY, a key customer of the company [3]. - The approval of menthol flavors is expected to alleviate policy concerns for the company, as menthol flavors account for 27.8% of the U.S. e-cigarette market and 61.0% of the pod-based e-cigarette market [3]. - The approval of NJOY's main products is likely to benefit the company, given its deep and stable partnership with NJOY, which is supported by Altria's financial and channel backing [3]. - There is a possibility of the marketing denial order (MDO) for British American Tobacco's menthol products being revoked, based on the recent approval of NJOY's menthol products [3]. - Regulatory enforcement on non-compliant disposable products is expected to tighten, as most disposable e-cigarettes have not passed the PMTA [3]. - The company forecasts a recovery in domestic markets and stable overseas markets, with expected net profits of 1.74 billion, 2.15 billion, and 2.55 billion RMB for 2024-2026 [3]. Financial Summary - The company's revenue for 2022 was 12,145 million RMB, with a projected decline of 11.7% in 2023, followed by a recovery with a growth rate of 15.2% in 2024 [6]. - The net profit for 2022 was 2,510 million RMB, with a significant decline of 52.5% year-on-year, and a projected net profit of 1,645 million RMB for 2023 [6]. - The earnings per share (EPS) for 2022 was 0.41 RMB, expected to decrease to 0.27 RMB in 2023, with a gradual recovery to 0.42 RMB by 2026 [6]. - The company’s EBITDA for 2022 was 2,585 million RMB, with a forecasted decline to 1,731 million RMB in 2023 [6].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of HKD 12.12, while the current stock price is HKD 9.37 [1]. Core Insights - The report highlights that the company's performance is expected to improve in the medium to long term, driven by the growth of new products and a recovery in the market [6]. - The FDA's recent approval of menthol-flavored e-cigarettes marks a significant shift in regulatory stance, which is anticipated to benefit the company as it is a key supplier to NJOY, a major client [3][4]. - The company has demonstrated confidence in its growth prospects through active share buybacks, having repurchased 78.66 million shares, representing 1.28% of total shares, for a total expenditure of HKD 665 million [6]. Financial Summary - The company is projected to achieve revenues of CNY 123.57 billion, CNY 140.24 billion, and CNY 157.02 billion for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 10.65%, 13.49%, and 11.96% [6][8]. - Adjusted net profits are expected to be CNY 16.94 billion, CNY 18.91 billion, and CNY 21.64 billion for the same years, with corresponding growth rates of 0.95%, 11.64%, and 14.43% [6][8]. - The report indicates a projected PE ratio of 36.6x for 2024, decreasing to 30.0x by 2026, suggesting a favorable valuation trend [6][8]. Market Dynamics - The report notes that the demand for disposable products remains strong in overseas markets, and the company is actively launching innovative products to enhance its market share [4]. - Regulatory changes in the UK, which plan to ban disposable e-cigarettes by April 2025, are expected to favor the company's pod-based products, potentially leading to a market shift [4]. - The FDA's increased enforcement against illegal e-cigarette sales is seen as a positive for established players like the company, which have products already approved [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA has recently approved four menthol-flavored e-cigarettes from NJOY, marking the first approval of flavored e-cigarettes beyond tobacco in the U.S. This indicates a clearer regulatory direction and potential benefits for compliant products [2] - The approval of menthol-flavored e-cigarettes is expected to create new opportunities for other brands to gain approval, particularly in the disposable and pod-based product segments [2] - The company, Smoore International, is positioned well in the e-vapor market, having achieved a net profit of 310 million yuan in Q1 2024, a year-on-year increase of 5.6%, indicating a return to positive growth [2] - The company is expected to see a net profit of 1.8 billion, 2.08 billion, and 2.47 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 29, 25, and 21 [3] Financial Summary - The company's revenue for 2024 is projected to be 12.19 billion yuan, with a growth rate of 9.17% [6] - The net profit for 2024 is estimated at 1.8 billion yuan, reflecting a growth rate of 9.17% [6] - The company's total assets are expected to grow from 25.51 billion yuan in 2023 to 32.17 billion yuan by 2026 [5] - The company's earnings per share (EPS) is projected to increase from 0.27 yuan in 2023 to 0.40 yuan in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA has revoked the marketing ban on Juul, shifting its status to pending review, which allows Juul products to continue selling in the U.S. until the PMTA approval process is completed. This is expected to benefit the market share of pod-based products as the FDA increases regulation on disposable products [5] - The company is positioned as a leading global manufacturer in the vaping industry, with diversified operations in electronic vaporization, heated non-combustion products, special-purpose vaporization, and medical vaporization. The company has seen steady growth in disposable products and improved profitability [5] - The company achieved a net profit of 310 million yuan in Q1 2024, marking a year-on-year increase of 5.6%, indicating a return to positive growth [5] - The company is expected to maintain a strong growth trajectory in the long term, driven by its innovative product offerings and market insights [5] Financial Data Summary - Closing price (HKD): 8.87 [2] - Circulating shares (billion): 6.138 [2] - Net asset per share (HKD): 3.42 [2] - Projected net profit for 2024-2026: 1.8 billion, 2.09 billion, and 2.47 billion yuan respectively, with corresponding PE ratios of 22, 19, and 16 [5] - Revenue growth rates for 2024-2026 are projected at 9.17%, 13.03%, and 11.27% respectively [6][8] - The company’s ROE is expected to improve from 7.68% in 2023 to 8.99% in 2026 [8]

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company reported a revenue of 11.168 billion yuan in 2023, a year-on-year decrease of 8.0%, and a comprehensive income of 1.566 billion yuan, down 37.2% year-on-year. In Q1 2024, the comprehensive income was 310 million yuan, reflecting a year-on-year increase of 5.6% [1] - The company has launched upgraded ceramic atomization core technology, FEELM Max, which has led to a 74.5% increase in revenue from disposable electronic atomization products to 3.37 billion yuan [3] - The self-owned brand business saw a revenue increase of 26.0% to 1.847 billion yuan, with the XROS series contributing significantly to sales [3] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 11.177 billion yuan, with a net profit of 1.645 billion yuan, reflecting a year-on-year decrease of 34.5% [4] - The projected net profits for 2024 and 2025 are 1.698 billion yuan and 1.975 billion yuan, respectively, indicating growth rates of 3.2% and 16.3% [5] Market Analysis - The sales revenue from enterprise customers decreased by 12.7% to 9.321 billion yuan, primarily due to a 92.7% drop in revenue from the mainland China market [6] - Conversely, sales to the U.S. market increased by 8.2% to 4.084 billion yuan, while revenue from Europe and other markets grew by 8.9% to 5.074 billion yuan [6] Profitability Forecast - The report forecasts that the company's overall revenue will grow by 11.1%, 9.9%, and 8.0% from 2024 to 2026, with retail customer sales expected to maintain a higher growth rate of 25.7%, 23.8%, and 20.8% during the same period [6][7] - The gross margin is expected to improve slightly, reaching 39.1% by 2026 [6] Valuation - The report suggests a price-to-earnings (PE) ratio of 28 to 30 for 2024, leading to a reasonable value range of 7.84 to 8.40 yuan per share [1][4]

Financial Data and Key Metrics - The company expects a double-digit growth in overseas markets, potentially between 10% to 20% [2] - Domestic market revenue is expected to remain flat [2] - Free brand business is projected to grow by 10% to 20% [2] - Medical sector is expected to see a high single-digit to low double-digit growth, excluding additional R&D investments [2] - Capital expenditure for 2024 is estimated to be around 1 billion, similar to 2023 [2] - The company aims to maintain a dividend payout ratio of around 35% [2] Business Line Data and Key Metrics - Growth in 2024 is expected to be driven mainly by disposable products, while refillable products may see a slight decline [1][2] - Cannabis vaporizers are expected to maintain a growth rate of over 20% [2] - The company is investing in new product lines, particularly in medical and beauty sectors, with expected returns in 2025 and 2026 [2][3] Market Data and Key Metrics - The US market saw a decline in the second half of 2023 due to the impact of non-compliant disposable products [6] - The company is preparing for potential bans on disposable products in Europe and the US by developing new product lines [4][5] - The company's free brand, VAPORESSO, is expanding in Europe with new product offerings [5] Company Strategy and Industry Competition - The company is focusing on differentiated products and new technological routes to stay competitive [1] - It is preparing for potential regulatory changes in Europe and the US by diversifying its product portfolio [4][5] - The company is investing in R&D to develop new solutions and technologies, particularly in the medical and beauty sectors [2][3] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about future growth, particularly in 2025 and 2026, as new product lines mature [2][3] - Management is cautious about the regulatory environment in the US and Europe, particularly regarding disposable products [1][4] - The company is prepared to adapt to market changes and regulatory shifts by leveraging its R&D capabilities [4][5] Other Important Information - The company has a strong cash position, with cash and deposits totaling approximately 16 billion [5] - It is open to increasing share buybacks if necessary [5] - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6] Q&A Session Summary Question: Trends for refillable and disposable products in 2024 - Disposable products are expected to drive market growth, while refillable products may see a decline due to regulatory pressures [1] Question: CBD growth trends in 2024 - CBD growth is expected to recover in the second half of 2024, driven by new product launches and market recovery [2] Question: Cash flow, capital expenditure, and dividend guidance for 2024 - The company expects strong cash flow, with capital expenditure similar to 2023 and a dividend payout ratio of around 35% [2] Question: Revenue and profit guidance for 2024 - Revenue is expected to grow in overseas markets, while domestic revenue remains flat. Profit growth is expected to be in the high single-digit to low double-digit range, excluding medical R&D investments [2] Question: Impact of US flavor ban and FDA enforcement - The company is cautious about FDA enforcement and the potential impact of flavor bans, but remains optimistic about its product portfolio [4] Question: New product launches in Europe - The company is preparing to launch new products in Europe, including larger-capacity refillable products, to adapt to potential bans on disposable products [4] Question: Pricing pressure from large clients - Pricing pressure from large clients is decreasing as the focus shifts to differentiated products and innovation [5] Question: R&D investment in HMB market - The company is investing in R&D to develop new solutions and technologies, particularly in the HMB market, with expected returns in the future [5] Question: Free brand strategy in Europe - The company is expanding its free brand, VAPORESSO, in Europe with new product offerings, including bottled e-liquids [5] Question: Share buyback plans - The company is open to increasing share buybacks if necessary, given its strong cash position [5] Question: US market decline in H2 2023 - The decline in the US market in H2 2023 was due to the impact of non-compliant disposable products and changes in customer stocking patterns [6] Question: Currency settlement arrangements - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6]

Investment Rating - The investment rating for Smoore International is "Buy" (maintained) [1]. Core Views - The report highlights steady growth in performance and anticipates an increase in market share due to stricter regulations in the electronic cigarette industry [1]. - The company reported a pre-tax profit of 400 million HKD for Q1 2024, representing a year-on-year growth of 25.2%, and a net profit of 340 million HKD, up 12.8% year-on-year [1]. - The total comprehensive income reached 310 million HKD, reflecting a year-on-year increase of 5.6% [1]. - Global regulatory policies for electronic cigarettes are continuously evolving, providing opportunities for leading companies to develop in compliance with regulations [1]. - The company emphasizes product research and development, with an investment of approximately 1.48 billion HKD in 2023, marking a year-on-year increase [1]. - The report projects revenue growth of 12% in 2024, 13% in 2025, and 13% in 2026, with net profit growth of 2%, 15%, and 13% respectively [2][3]. Financial Summary - For the fiscal year 2023, the company reported revenue of 11.168 billion HKD, with a year-on-year decline of 8%. Projections for 2024 estimate revenue of 12.546 billion HKD, reflecting a growth of 12% [2][3]. - The net profit attributable to the parent company for 2023 was 1.645 billion HKD, down 34% year-on-year, with a projected increase to 1.677 billion HKD in 2024 [2][3]. - The report indicates a return on equity (ROE) of 7.68% for 2023, with projections of 7.26% for 2024 and 8.04% for 2026 [2][3]. - Earnings per share (EPS) for 2023 was 0.27 HKD, with expectations of maintaining this level in 2024 and increasing to 0.32 HKD and 0.36 HKD in 2025 and 2026 respectively [2][3].