Investment Rating - The investment rating for Smoore International (6969.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market opportunities [1]. Core Insights - Smoore International reported a record high revenue of 10.21 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 21.8%. The total comprehensive income for the period was 785 million yuan, down 25.5% year-on-year. In Q3 alone, revenue reached 4.196 billion yuan, with a quarter-on-quarter increase of 27.5% and a year-on-year increase of 27.2% [1]. - The company is expected to benefit from stringent global regulations, particularly in the vaping sector, with steady growth anticipated in the U.S. and high growth in Europe due to the introduction of compliant products [2]. - The HNB (Heated Not Burned) segment is gradually contributing to revenue growth, with expectations for increased shipments and market expansion in key regions like Poland and Italy [2]. - The adjusted net profit margin for Q3 2025 was approximately 10.6%, down from 13.0% in Q3 2024, primarily due to changes in product mix affecting gross margins. However, the company is optimizing its expense ratios, which are expected to decline as HNB product sales increase [3]. Financial Summary - For the fiscal years 2024 to 2027, the projected total revenue is as follows: - 2024: 11.799 billion yuan - 2025: 14.610 billion yuan - 2026: 17.669 billion yuan - 2027: 21.253 billion yuan - The expected growth rates year-on-year are 6% for 2024, 24% for 2025, 21% for 2026, and 20% for 2027 [4]. - The projected net profit attributable to the parent company is: - 2024: 1.303 billion yuan - 2025: 1.088 billion yuan - 2026: 2.040 billion yuan - 2027: 3.050 billion yuan - The corresponding P/E ratios are projected to be 57.75X for 2024, 83.46X for 2025, 44.52X for 2026, and 29.78X for 2027 [4][6].
思摩尔国际（06969）：Q3收入创新高，HNB逐步贡献增量