Investment Rating - The investment rating for Smoore International (6969) is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The report highlights that Smoore International's revenue for 2023 was 11.168 billion, a decrease of 8.0% year-on-year, with a net profit of 1.645 billion, down 34.5% year-on-year. The company plans to distribute a dividend of 0.05 HKD per share [1]. - The domestic market share has dropped to 1.5%, while overseas markets are steadily growing, particularly in the disposable and APV segments [1]. - The company has increased its efforts in overseas market expansion, launching innovative products like the VAPORESSO COSS and ARMOUR series, which feature automatic liquid filling and charging capabilities [1]. Financial Performance Summary - Revenue Breakdown: - Sales to enterprise customers generated 9.321 billion, down 12.7% year-on-year, with sales to the US and Europe increasing by 8.2% and 8.9% respectively, while sales in China plummeted by 92.7% [1]. - Sales to retail customers, specifically APV products, reached 1.847 billion, a growth of 26% year-on-year, with significant increases in Europe and the US [1]. - Gross Margin: The gross margin for 2023 was 38.8%, a decrease of 4.5 percentage points, attributed to changes in product mix [1]. - Expense Ratios: The sales, management, and R&D expense ratios were 4.7%, 7.8%, and 13.3% respectively, with notable changes in each category [1]. Future Outlook - The report anticipates that Smoore International will continue to strengthen its leading position in the global aerosol technology sector, with expectations for revenue growth in the coming years [1][2]. - Profit forecasts for 2024-2026 indicate a gradual recovery, with net profits projected to reach 1.647 billion in 2024, reflecting a slight increase from 2023 [2][3].
一次性&APV表现突出，多元布局发展可期