Core Viewpoint - Guotou Securities maintains a "Buy" rating for Smoore International (06969), highlighting its leadership in the global electronic vaporization market and its commitment to R&D and technology innovation. The company is expected to benefit from increased regulatory scrutiny on non-compliant products and ongoing business expansion, with significant share buybacks reflecting long-term confidence in its growth potential [1][8]. Group 1: Share Buybacks - The company executed two significant share buybacks on December 11 and 12, spending nearly HKD 200 million. On December 11, it repurchased 8.14 million shares at an average price of HKD 12.26 per share, costing HKD 99.77 million. On December 12, it repurchased 7.99 million shares at an average price of HKD 12.48 per share, costing HKD 99.76 million. The proportion of shares held by the trustee increased from 1.2853% to 1.5457%, indicating management's long-term confidence in the company's value and future growth [2][8]. Group 2: Financial Performance - In Q3 2025, the company achieved a record revenue of approximately RMB 4.197 billion, representing a year-on-year growth of 27.2%. This strong performance was primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets. The tightening global regulations accelerated the exit of non-compliant products, allowing the company to fully benefit from policy advantages as a compliant leader. The flagship new products contributed to an increase in the share of its proprietary brand business. Adjusted net profit for Q3 was approximately RMB 444 million, up 4.0% year-on-year, with expense growth below revenue growth, indicating excellent cost control [3][9]. Group 3: Revenue Projections - Guotou Securities projects Smoore International's revenue for 2025-2027 to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, reflecting year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively. The company is assigned a target price of HKD 16.80 for 2026, based on a price-to-earnings ratio of 48x [1][8].
国投证券：维持思摩尔国际“买入”评级 回购彰显长期信心