Investment Rating - The report maintains a "Buy" rating for Smoore International (6969 HK) [27] Core Views - Smoore International revised its equity incentive plan, granting 61 million shares (1% of total shares) to Chairman Chen Zhiping at HKD 11 26 per share (current price) The unlocking conditions are tied to the company's market capitalization milestones of HKD 300 billion, HKD 400 billion, and HKD 500 billion over six years (2025-2030) [17] - The company has differentiated product solutions in the HNB (Heat-Not-Burn) business, with its partner British American Tobacco launching advanced GLO HILO series products featuring improved heating technology, enhanced user experience, and longer battery life [18] - As the world's largest e-vapor device manufacturer, Smoore is well-positioned to benefit from stricter e-cigarette regulations in the US, with its closed-system products deeply tied to major compliant brands like VUSE (51 2% market share in the US in 2024H1) The company is also rapidly growing its open-system products (self-branded) [19] - Smoore is investing in long-term growth areas including HNB, medical vaporization, self-branded products, and beauty businesses It has completed development and production layout for several drug delivery devices targeting asthma and COPD, along with 10+ drug formulations, which are expected to contribute to revenue and profit growth in the medium to long term [19] Business Performance and Strategy - The equity incentive plan demonstrates management's confidence in the company's long-term growth potential in the fast-evolving and competitive e-vapor industry [17] - Smoore's technological and product advantages, reliable customer base, and strong marketing network are expected to enhance its competitive edge [17] - The company's partnership with British American Tobacco positions it to benefit from the latter's market share gains through its premium GLO HILO products [18] - Smoore's focus on compliance and its status as a leading OEM manufacturer are likely to drive further market share gains amid tightening regulations [19]
思摩尔国际：股权激励彰显长期发展信心，期待HNB业务弹性