Investment Rating - The investment rating for the company is "Buy" [3][10]. Core Views - The company's performance is steadily recovering, with multiple business products and channel expansions continuing to show growth since 2023. Additionally, the company is increasing its R&D efforts based on market demand insights, leading to efficient innovation and agile responses to consumer trends [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 1.65 billion, 1.92 billion, and 2.23 billion RMB respectively, down from previous estimates of 1.94 billion, 2.28 billion, and 2.61 billion RMB. The latest closing price corresponds to P/E ratios of 24, 21, and 18 times for the respective years [2]. - In Q1 2024, the company achieved a pre-tax profit of 399 million RMB, a year-on-year increase of 25.2%, and a net profit of 339 million RMB, up 12.8% year-on-year. Total comprehensive income reached 309 million RMB, reflecting a 5.6% year-on-year growth [2]. Financial Summary - The company reported revenue of 11.177 billion RMB in 2023, with projected revenues of 12.424 billion, 14.286 billion, and 16.427 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 11%, 15%, and 15% [6]. - The gross profit for 2023 was 4.334 billion RMB, with projections of 4.941 billion, 4.941 billion, and 6.534 billion RMB for the following three years [6]. - The net profit for 2023 was 1.645 billion RMB, with forecasts of 1.654 billion, 1.922 billion, and 2.231 billion RMB for 2024, 2025, and 2026 respectively [6]. Market Dynamics - The company is expected to benefit from an improving market landscape, particularly in the domestic market, where a recent announcement from the National Tobacco Monopoly Administration aims to regulate the e-cigarette market, potentially eliminating non-compliant products and concentrating market share among compliant brands [2]. - On the international front, the ongoing crackdown on illegal products by the U.S. FDA and the upcoming ban on disposable e-cigarettes in the UK from April 2025 are likely to favor strong, compliant brands, positioning the company to capitalize on this industry reshuffling [2].
思摩尔国际2024Q1业绩点评：业绩稳步修复，底层研发持续夯实