思摩尔国际：2024半年报点评：各项业务渐进良性通道，费用拖累业绩释放节奏

Investment Rating - The report maintains a "Buy" rating for Smoore International (6969.HK) with a target price of HKD 8.54 [2][3]. Core Insights - Smoore International reported a revenue of CNY 5.037 billion and a net profit of CNY 0.683 billion for H1 2024, reflecting a year-on-year decline of 1.67% and 4.76% respectively [2]. - The company experienced a mixed performance across its product lines, with disposable products under pressure, while self-branded products saw significant growth of 72% year-on-year [2]. - The company is expected to see revenue growth accelerate in the second half of 2024, although profit margins may still face pressure due to high R&D and management expenses [2]. Financial Performance Summary - For H1 2024, Smoore's revenue decreased by 2% to CNY 5 billion, with a notable decline in revenue from enterprise customers by 12.3% and a significant increase from retail customers by 71.9% [2]. - The gross profit margin for H1 2024 was 38%, with a net profit margin of 13.56%, showing a slight increase in gross margin but a decrease in net margin compared to the previous year [2]. - The company anticipates a double-digit growth in revenue from its pod-based products, while disposable products are expected to stabilize despite ongoing regulatory pressures [2]. Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be CNY 1.658 billion, CNY 1.865 billion, and CNY 2.155 billion respectively, with corresponding P/E ratios of 29, 26, and 22 [2][3]. - Smoore is positioned as the largest global manufacturer of electronic vaporization devices, with strong compliance capabilities, which is expected to drive growth as regulatory pressures on non-compliant products increase [2]. - The company is also focusing on expanding its HNB (Heat-not-Burn) product line and has made progress in developing new medical vaporization products [2].