Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown rapid revenue growth, with a 21.8% year-on-year increase in total revenue for the first three quarters of 2025, amounting to 10.21 billion yuan [8] - The HNB (Heated Not Burned) products are gradually being promoted, with positive feedback from customers and plans for expansion into new markets [8] - The company is expected to benefit from stricter regulations in the electronic vaporization market, leading to a recovery in its business [8] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 11,168 million yuan, 11,799 million yuan, 13,722 million yuan, 16,166 million yuan, and 18,395 million yuan respectively, with year-on-year growth rates of -8.04%, 5.64%, 16.30%, 17.81%, and 13.79% [1] - The net profit attributable to the parent company for the same years is projected to be 1,645 million yuan, 1,303 million yuan, 1,331 million yuan, 2,219 million yuan, and 2,893 million yuan, with year-on-year growth rates of -34.47%, -20.78%, 2.11%, 66.75%, and 30.37% [1] - The latest diluted EPS (Earnings Per Share) is forecasted to be 0.27 yuan, 0.21 yuan, 0.21 yuan, 0.36 yuan, and 0.47 yuan for the years 2023A to 2027E [1] Market Data - The closing price of the company's stock is 15.77 HKD, with a market capitalization of approximately 89.18 billion HKD [5] - The price-to-book ratio is 3.97 [5] - The company has a total share capital of 6,193.04 million shares [6]
思摩尔国际（06969）：收入增速较快，HNB稳步推广