Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][5]. Core Insights - The company's H1 2024 revenue and net profit decreased by 1.7% and 4.8% year-on-year, reaching 5.04 billion and 680 million RMB, respectively, which is in line with expectations [2]. - The self-owned brand business is experiencing rapid growth, with Q2 2024 sales of pod-based products showing positive signals. ODM revenue decreased by 12.4% to 3.92 billion RMB, while OBM revenue increased by 71.9% to 1.12 billion RMB [2]. - The gross margin for H1 2024 improved by 1.8 percentage points to 38.0%, driven by an increase in OBM revenue proportion and ongoing cost reduction efforts [2]. - The company is increasing R&D investment in medical and heated non-combustible products, with R&D expense ratio rising by 3.1 percentage points to 15.1% [2]. Financial Performance Summary - Revenue for 2024 is projected to be 12.113 billion RMB, with a growth rate of 8.46% [3]. - Net profit for 2024 is expected to be 1.667 billion RMB, reflecting a growth rate of 1.33% [3]. - The diluted EPS for 2024 is estimated at 0.27 RMB, with corresponding P/E ratios of 30, 26, and 23 for 2024, 2025, and 2026, respectively [2][3].
思摩尔国际：基本盘改善趋势已现，APV业务亮眼