Core Viewpoint - Smoore International (06969.HK) experienced a significant stock price increase of 10.18%, closing at HKD 17.32 per share, marking a new high since September 2022 and breaking a two-year stagnation period [2]. Company Performance - For 2024, Smoore International is projected to achieve total revenue of approximately RMB 11.799 billion, reflecting a year-on-year growth of about 5.3%. The group's gross profit is expected to be around RMB 4.412 billion, with a gross margin of 37.4%, and a net profit of approximately RMB 1.303 billion. The board has also proposed a final dividend of HKD 0.05 per share [5]. Market Dynamics - The tightening regulations on illegal vaping products in the U.S. are seen as beneficial for compliant brands, with Smoore International positioned to gain from this trend as a leading electronic cigarette manufacturer [3][4]. - Other Hong Kong stocks in the electronic cigarette sector, such as Huabao International (00336.HK) and China Tobacco Hong Kong (06055.HK), also showed positive movements, indicating a broader market interest [3]. Analyst Ratings - First Shanghai Securities has issued a "Buy" rating for Smoore International with a target price of HKD 19, suggesting potential upside from the current stock price. The company is expected to benefit from its exclusive supply of heated not-burn (HNB) products to British American Tobacco, with significant profit growth anticipated starting in the second half of the year [6]. - Guojin Securities also highlighted the positive outlook for the HNB industry, indicating that Smoore International is well-positioned for growth due to its strategic partnerships and market expansion plans [6].
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