Core Viewpoint - UBS has downgraded the target price for Smoore International (06969) to HKD 13.11 and maintained a "Sell" rating due to a decline in mid-term net profit primarily driven by increased equity compensation, rising sales and development expenses, and a higher tax rate [1] Financial Performance - Smoore International's mid-term net profit has decreased, largely attributed to increased equity compensation and higher sales and development expenditures [1] - The company's management remains optimistic about revenue growth in the second half of the year, citing favorable policies for e-cigarettes in the US and Europe [1] Future Outlook - Short-term profitability is expected to be impacted by increased R&D spending as the company prepares to launch its own products in the US [1] - More specific financial results from new business segments such as heated tobacco, inhalation therapy, and beauty aerosol products are anticipated to be reflected by 2027 [1] Earnings Forecast - UBS has revised its earnings forecast for Smoore International for the years 2023 to 2027 down by 10% to 33%, reflecting higher sales, marketing, and R&D expenses [1]
瑞银：降思摩尔国际(06969)目标价至13.11港元 评级“沽售”