Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 11.799 billion and a net profit of 1.303 billion for 2024, reflecting a year-on-year change of +5% and -21% respectively. In the second half of 2024, revenue and net profit were 6.761 billion and 620 million, showing a year-on-year increase of +11% and a decrease of -33% respectively [2][4]. - The core business of the company is recovering growth, with the HNB (Heated Not Burned) segment showing potential as a future growth driver. The company has received positive feedback from consumers and British American Tobacco in Serbia [6][4]. - The company is focusing on expanding its product matrix with new launches and enhancing its market share in the open product segment through its brand VAPORESSO [6][4]. Revenue Summary - The company's revenue from the TOB (Business to Business) segment in the second half of 2024 increased by 11%, with contributions from various regions: +5% from the US, +17% from mainland China, and +14% from Europe and other regions. The revenue breakdown shows a decline in disposable products but growth in the HNB and APV (Advanced Personal Vaporizer) segments [6][4]. - The TOC (Business to Consumer) segment also saw a revenue increase of 13% in the second half of 2024, supported by the establishment of localized marketing teams and online store management systems [6][4]. Profitability Summary - The company's gross margin decreased by 3.9 percentage points to 37.0% in the second half of 2024, primarily due to changes in product sales structure. The net profit dropped by 33%, influenced by increased sales and R&D expenses [6][4]. - The company is investing heavily in marketing and R&D, particularly in the fields of medical vaporization and heated not burned products, which is expected to impact profitability in the short term but may yield long-term benefits [6][4]. Long-term Outlook - The company aims for a market capitalization target of 300 to 500 billion, with significant growth potential in the HNB business and a positive trend in traditional business recovery. The company is committed to long-term development and increasing investment in HNB and medical vaporization R&D [6][4]. - The company has launched the Glo Hilo product in collaboration with British American Tobacco, which has shown promising feedback in terms of heating time, taste, and design, indicating a competitive edge against existing products like IQOS [6][4]. - The company is also progressing in the clinical development of drug-device combination products for respiratory diseases, which is expected to contribute significantly to revenue in the future [6][4].
思摩尔国际（06969）：2024A点评：看好HNB潜力，雾化烟、医疗雾化等趋势向好