Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 13.3 HKD, indicating an expected return of over 20% within the next six months [4][12]. Core Views - The company reported a revenue of 11.8 billion HKD for 2024, reflecting a year-on-year growth of 5.3%, while net profit decreased by 20.8% to 1.303 billion HKD [1][3]. - The company maintains its position as a global leader in the manufacturing of vaporization devices, with a market share of approximately 13.1% [7]. - The self-branded business segment showed significant growth, achieving a revenue of 2.475 billion HKD, which is a 34% increase year-on-year [7]. Summary by Sections Financial Performance - In 2024, the company generated 9.324 billion HKD from enterprise client business, accounting for 79.0% of total revenue, with a slight decline of 0.3% year-on-year. However, the second half of 2024 saw a recovery with a revenue of 5.357 billion HKD, up 9.7% [7]. - The company’s gross margin for 2024 was 37.4%, a decrease of 1.3 percentage points, primarily due to changes in product mix [7]. Business Segments - The enterprise client business saw revenues of 5.096 billion HKD from Europe and other markets, a slight increase of 0.3% year-on-year, while the U.S. market generated 3.988 billion HKD, down 2.4% [7]. - The self-branded business, including the newly launched "Lan Zhi" beauty vaporization product, contributed 2.475 billion HKD, with a notable growth of 34% [7]. Research and Development - The company invested 1.572 billion HKD in R&D in 2024, representing 13.3% of revenue, which is a 6.0% increase year-on-year [7]. - The focus of R&D includes products for vaporization medical applications and heated non-combustible products, with positive feedback received from consumers [7].
思摩尔国际（06969）：传统业务受益合规市场发展，HNB+雾化美容业务开辟新增长曲线！事件