Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA has recently approved four menthol-flavored e-cigarettes from NJOY, marking the first approval of flavored e-cigarettes beyond tobacco in the U.S. This indicates a clearer regulatory direction and potential benefits for compliant products [2] - The approval of menthol-flavored e-cigarettes is expected to create new opportunities for other brands to gain approval, particularly in the disposable and pod-based product segments [2] - The company, Smoore International, is positioned well in the e-vapor market, having achieved a net profit of 310 million yuan in Q1 2024, a year-on-year increase of 5.6%, indicating a return to positive growth [2] - The company is expected to see a net profit of 1.8 billion, 2.08 billion, and 2.47 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 29, 25, and 21 [3] Financial Summary - The company's revenue for 2024 is projected to be 12.19 billion yuan, with a growth rate of 9.17% [6] - The net profit for 2024 is estimated at 1.8 billion yuan, reflecting a growth rate of 9.17% [6] - The company's total assets are expected to grow from 25.51 billion yuan in 2023 to 32.17 billion yuan by 2026 [5] - The company's earnings per share (EPS) is projected to increase from 0.27 yuan in 2023 to 0.40 yuan in 2026 [6]
思摩尔国际：FDA批准薄荷醇调味电子烟，减害性获认可