Investment Rating - The report maintains a "Buy" rating for Smoore International (06969) with a target price of 12.54 HKD [1] Core Views - The company reported steady revenue growth in Q3 2024, achieving a revenue of 32.86 billion HKD, a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5% [1] - The company's proprietary brand business is experiencing rapid growth, while the closed-system product business is gradually recovering [1] - The decline in net profit is attributed to increased R&D and management expenses, with net profit for Q3 2024 at 3.79 billion HKD, down 22.5% year-on-year but up 10.2% quarter-on-quarter [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 83.23 billion HKD, a 4.0% increase year-on-year, with a net profit of 10.62 billion HKD, down 11.9% year-on-year [1] - In Q3 2024, the revenue was 32.86 billion HKD, with a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5% [1] Business Segments - The revenue from proprietary brand business reached 11.16 billion HKD, showing a significant year-on-year growth of 71.9% [1] - The company is expected to continue benefiting from the growth of both proprietary open and closed-system products due to increasing regulatory pressures in the European electronic vaporization market [1] R&D and Future Outlook - The company is increasing its R&D investments, focusing on non-combustible products and medical vaporization products, which are anticipated to become new revenue and profit growth points [1] - The company has completed the development and production of several devices for asthma and COPD medications, with research results gaining industry recognition [1]
思摩尔国际：24Q3收入稳步上升，看好自有品牌及HNB等新业务增长潜能