Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 14.26 billion yuan for 2025, representing a year-on-year growth of 20.83%. However, the net profit was 1.06 billion yuan, down 18.37% year-on-year. Adjusted net profit was 1.53 billion yuan, showing a slight increase of 1.3% [7] - The HNB (Heat Not Burn) business is expected to ramp up, while the electronic atomization segment is recovering steadily. The company is expanding its product matrix and has launched HNB products in various international markets, aiming for increased market share [7] - The company is positioned as a global leader in atomization technology, with ongoing growth opportunities in electronic atomization and new business ventures in medical and beauty atomization [7] Financial Projections - Total revenue projections for the company are as follows: 2024A: 11.8 billion yuan, 2025A: 14.26 billion yuan, 2026E: 16.62 billion yuan, 2027E: 19.77 billion yuan, and 2028E: 23.34 billion yuan [1] - The projected net profit for 2026 is 1.26 billion yuan, with further increases expected in subsequent years, reaching 2.78 billion yuan by 2028 [1] - The earnings per share (EPS) is forecasted to be 0.21 yuan for 2024, decreasing to 0.17 yuan for 2025, and then gradually increasing to 0.45 yuan by 2028 [1] Business Performance - The company’s self-owned brand and B2B business segments reported revenues of 29.12 billion yuan and 113.44 billion yuan respectively, with year-on-year growth rates of 17.6% and 21.7% [7] - The HNB revenue reached 12.87 billion yuan, showing a significant year-on-year increase of 475.4%, while European and American atomization revenues grew by 18.5% and 2.1% respectively [7] - The adjusted net profit margin for the second half of 2025 was 9.6%, with a year-on-year decrease of 1.6 percentage points, indicating a narrowing decline compared to the first half [7]
思摩尔国际（06969）：雾化电子稳健增长，HNB业务爬坡期