Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in the European electronic vaporization market, and the HNB (Heat-not-Burn) segment is expected to release profit elasticity [8] - The company's revenue for the first half of 2025 reached 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding initial high single-digit expectations [8] - The HNB market is in a rapid growth phase, with the company collaborating with British American Tobacco on new products, indicating potential for future profit contributions [8] Financial Summary - Total revenue projections for the company are as follows: - 2023A: 11.177 billion yuan - 2024A: 11.799 billion yuan - 2025E: 13.722 billion yuan - 2026E: 16.166 billion yuan - 2027E: 18.395 billion yuan - Year-on-year growth rates are projected at (8.06)%, 5.56%, 16.30%, 17.81%, and 13.79% respectively [1] - Net profit attributable to the parent company is forecasted as: - 2023A: 1.645 billion yuan - 2024A: 1.303 billion yuan - 2025E: 1.329 billion yuan - 2026E: 2.217 billion yuan - 2027E: 2.891 billion yuan - Year-on-year growth rates are projected at (34.47)%, (20.78)%, 1.96%, 66.84%, and 30.40% respectively [1] - The latest diluted EPS (Earnings Per Share) is projected as follows: - 2023A: 0.27 yuan - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.36 yuan - 2027E: 0.47 yuan [1] - The P/E (Price-to-Earnings) ratios at current price and latest diluted EPS are: - 2023A: 80.56 - 2024A: 101.69 - 2025E: 99.73 - 2026E: 59.78 - 2027E: 45.84 [1]
思摩尔国际（06969）：2025半年度业绩点评：欧洲电子雾化加速修复，HNB有望释放利润弹性