Investment Rating - The report maintains a "Buy" rating for Smoore International (06969) with a target price of HKD 12.00, indicating a potential upside from the current price of HKD 9.95 [1]. Core Views - The approval of four menthol-flavored e-cigarette products by the FDA marks a significant policy shift, as it is the first time non-tobacco flavored e-cigarettes have received PMTA authorization [1]. - Smoore International is expected to benefit from the compliance market development, as it supplies all NJOY LLC approved products and has been involved in the production of multiple other approved products [1]. - The menthol-flavored e-cigarettes are popular in the U.S. market, accounting for approximately 30% of the total e-cigarette shipment volume and about 50% of the pod-based product shipments, which is expected to drive sales growth for Smoore [1]. Summary by Sections Company Overview - Smoore International is a global leader in providing aerosol technology solutions, with a focus on the e-cigarette market [1]. - The company has a total share capital of 6,137.70 million shares and a market capitalization of 61,070.10 million HKD [1]. Recent Developments - On June 24, Smoore announced that four non-tobacco flavored e-cigarette products from its client NJOY received PMTA authorization from the FDA [1]. - This is the first FDA approval for menthol-flavored e-cigarettes, indicating a recognition of their safety and paving the way for compliant companies to benefit in the future [1]. Financial Projections - The report forecasts Smoore's net profit for 2024-2026 to be 16.64 billion, 20.71 billion, and 24.62 billion HKD, respectively, with year-on-year growth rates of 1.16%, 24.46%, and 18.88% [1].
思摩尔国际：美国FDA首批薄荷醇电子烟，公司有望受益合规市场发展