Investment Rating - The investment rating for the company is "Buy" and is maintained [12] Core Insights - Smoore International is the largest electronic vaporizer supplier globally, with growth potential unlocked by its technology positioning in HNB (Heated Not Burn) products [3][6] - The company's core business is recovering, benefiting from regulatory shifts in the industry and increasing market share among major clients [3][6] - The HNB business is expected to see significant growth, with a projected annual growth rate in the double digits and a current global penetration rate of less than 6% [3][7] Summary by Sections Introduction - Smoore International leverages its R&D advantages to launch HNB products, marking a new phase in the industry [6][17] - The company has transitioned from a pure equipment supplier to a tobacco business model, opening new growth avenues [6][17] Core Business - The HNB segment is poised for accelerated development, with a low penetration rate and high barriers to entry, indicating substantial growth potential [7][28] - The collaboration with British American Tobacco to launch Glo Hilo combines both companies' strengths, enhancing market competitiveness [7][28] Performance Outlook - The revenue-sharing model for Glo Hilo is expected to yield significant profits, with projections estimating annual profits for Smoore's HNB business to reach 6-7 billion RMB if market penetration increases [8][9] - The U.S. market presents a significant opportunity, with potential market size increases if HNB penetration rises to 15% [8][37] Traditional Business - The U.S. vaping market is expected to grow from $19.81 billion in 2021 to $27.03 billion in 2024, with a CAGR of 11% [9][20] - Regulatory changes in the U.S. are becoming more favorable, allowing for a recovery in the vaporizer business [9][20] Long-term Strategic Direction - The company is diversifying into medical and beauty vaporization, aiming for long-term growth across multiple sectors [10][19]
思摩尔国际（06969）：系列深度（二）：万里征途，骐骥为锋