Group 1 - The core viewpoint of the report is that Smoore International (06969) maintains a "Buy" investment rating due to its leadership in the global electronic vaporization market, ongoing R&D efforts, and strong management confidence reflected in recent share buybacks [1] - The company has conducted significant share repurchases, spending nearly HKD 200 million over two days, which indicates long-term confidence from management regarding the company's value and future business growth [1] - The projected revenue for Smoore International from 2025 to 2027 is estimated to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, representing year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [1] Group 2 - In Q3 2025, the company achieved record revenue of approximately RMB 4.197 billion, a year-on-year increase of 27.2%, primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets [2] - The tightening of global regulations has accelerated the exit of non-compliant products, allowing the company, as a compliant leader, to fully benefit from policy advantages, resulting in steady growth in its electronic vaporization business [2] - The adjusted net profit for Q3 was approximately RMB 444 million, reflecting a year-on-year growth of 4.0%, with excellent cost control as the growth rate of expenses was lower than that of revenue [2]
国投证券：维持思摩尔国际(06969)“买入”评级 回购彰显长期信心