Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Insights - The company achieved a revenue of HKD 11.8 billion in 2024, representing a slight increase of 5.3%, while net profit decreased by 20.8% to HKD 1.3 billion. The second half of 2024 showed improved performance with revenue of HKD 6.76 billion, up 11.2%, and net profit of HKD 620 million, down 33.2% [1][2] - The company's proprietary brand business, including Vaporesso and MOYAL, saw significant growth, with revenue reaching HKD 2.48 billion, a 34.0% increase, and its revenue share rising from 16.5% to 21.0% [1] - The company is focusing on developing a heating not burning (HNB) product line, which is expected to become a second growth curve, with positive consumer feedback from its recent launch in Serbia [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 11.8 billion, a 5.3% increase, and a net profit of HKD 1.3 billion, a decrease of 20.8%. The second half of 2024 showed a revenue increase of 11.2% to HKD 6.76 billion, while net profit decreased by 33.2% to HKD 620 million [1][2] - The company declared a final dividend of HKD 0.05 per share, with an annual dividend yield of 40.2% [1] Business Segments - The ODM business saw a slight decline in revenue to HKD 9.32 billion, with a first half decrease of 12.3% and a second half increase of 10.7%. The European market contributed HKD 5.1 billion, while the US market generated HKD 3.99 billion [2] - The proprietary brand segment showed strong growth, particularly in Europe and other markets, with revenue of HKD 2.02 billion, a 37.2% increase, and in the US, revenue reached HKD 420 million, a 14.0% increase [1] Future Outlook - The company is optimistic about the HNB product line, which is expected to contribute to revenue growth in 2025. The focus on creating a comprehensive vaporization technology platform is anticipated to drive long-term growth [3] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of HKD 1.52 billion, HKD 2.00 billion, and HKD 2.52 billion, reflecting growth rates of 16.3%, 32.0%, and 26.0% respectively [3][4]
思摩尔国际（06969）：化代工改善、自主品牌高增，HNB打造第二增长曲线