Core Insights - Smoore International reported its Q1-3 2025 financial data, with revenue of 10.21 billion yuan, a year-on-year increase of 21.8%, and a net profit of 1.131 billion yuan, a year-on-year decrease of 14.6% [1] - Q3 revenue showed rapid growth at 4.197 billion yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 27.5%, while net profit was 317 million yuan, a year-on-year decrease of 16.4% [1][2] - The adjusted net profit for Q3 was 444 million yuan, a year-on-year increase of 4.0%, with an adjusted net profit margin of 10.6%, down 2.4 percentage points year-on-year due to a decline in gross margin from product mix changes [1] Business Performance - The vaping electronic business is recovering, with self-owned brands achieving steady growth due to successful product iterations and localized marketing [1] - The OEM business is experiencing rapid growth, aided by increased enforcement against illegal products in the U.S. and the introduction of new products in Europe following a temporary ban [1] HNB Product Development - The company launched the HNB product glo Hilo in Japan in September, receiving positive feedback, and plans to enter Poland and Italy soon [2] - The company is developing an HNB technology platform to promote multi-technology research and development, actively expanding new products and customers [2] Profit Forecast and Investment Rating - Smoore International is positioned as a global leader in vaping technology, benefiting from stricter regulations in Europe and the U.S. and the exclusive partnership with British American Tobacco for HNB products [2] - The company maintains its profit forecast, expecting net profits of 1.33 billion, 2.22 billion, and 2.89 billion yuan for 2025-2027, corresponding to PE ratios of 67, 40, and 31 times, respectively, and maintains a "Buy" rating [2]
思摩尔国际(06969.HK)：收入增速较快 HNB稳步推广