Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see steady growth in HNB (Heated Not Burned) products in 2025, with significant contributions anticipated in the second half of the year. The potential of the aerosol medical business is also highlighted as a key component of the company's 2030 goals [11] - Revenue for 2024 is projected at 117.99 billion CNY, with a year-on-year growth of 5.3%, while net profit is expected to decline by 20.8% to 13.03 billion CNY [1][11] - The company is focusing on expanding its HNB and aerosol medical product lines, with R&D investments showing significant increases in these areas [3][11] Financial Performance - In 2024, the company achieved a revenue of 117.99 billion CNY, with a net profit of 13.03 billion CNY, resulting in a net profit margin of 11.05% [1] - The company’s revenue for the fourth quarter of 2024 was 34.63 billion CNY, reflecting an 8% increase year-on-year, but a decline in profit by 42% due to high expenses [1] - The projected revenues for 2025, 2026, and 2027 are 128.92 billion CNY, 151.12 billion CNY, and 173.48 billion CNY, respectively, with corresponding net profits of 16.19 billion CNY, 21.21 billion CNY, and 26.59 billion CNY [11][12] Market Potential - The global market for electronic aerosol is expected to reach 91.42 billion USD by 2029, with a CAGR of approximately 7.4% from 2024 to 2029 [4] - The heated not burned market is projected to reach 66.86 billion USD by 2029, with a CAGR of about 10.1% during the same period [4] - The aerosol medical market is anticipated to grow significantly, with the global market for pulmonary drugs and delivery devices expected to reach 93.28 billion USD by 2030 [4]
思摩尔国际（06969）：HNB25年预期稳步展开，雾化医疗高潜力