Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a global leader in atomization technology, primarily developing a diversified business model focused on B2B operations. In 2023, the company reported revenue of 111.7 billion yuan, a year-on-year decrease of 8%, with B2B and B2C business accounting for 83% and 17% of revenue, respectively [2][20]. - The tightening regulations on electronic cigarettes are expected to benefit compliant leaders in the industry, while the potential for heated non-combustion (HNB) products remains significant [3][43]. - The company is deeply integrated with major clients, and the HNB segment is anticipated to create a second growth curve for the business [8][58]. Summary by Sections Company Overview - The company, originally established in 2009, has evolved from an OEM for electronic cigarettes to a diversified business model, including heated non-combustion and special atomization products. It went public in 2020 and has a market share of 13.7% in the global electronic atomization device market as of 2023 [17][19]. Industry Analysis - The global electronic cigarette market is projected to grow, with a market size of 21.2 billion USD in 2023, reflecting a 7% year-on-year increase. The market is expected to continue expanding, with a compound annual growth rate (CAGR) of 6% from 2023 to 2028 [43][44]. - The HNB market is also on the rise, with a 2023 market size of 34.5 billion USD, showing a 12% increase year-on-year. The CAGR for the HNB market is expected to be 14% from 2023 to 2028 [58][59]. Financial Analysis - The company's revenue forecast for 2024-2026 is projected at 132.1 billion, 166.1 billion, and 223.6 billion yuan, respectively. The corresponding price-to-earnings (P/E) ratios are estimated to be 60, 48, and 36 times [1][8]. Investment Recommendations - The report emphasizes that the company is well-positioned to benefit from the tightening regulations in the electronic cigarette market and the growth potential of the HNB segment, leading to a favorable investment outlook [8][58].
思摩尔国际：全球雾化科技龙头迎政策拐点，布局加热不燃烧打造第二曲线