Investment Rating - The investment rating for Smoore International is "Buy" (maintained) [1]. Core Views - The report highlights steady growth in performance and anticipates an increase in market share due to stricter regulations in the electronic cigarette industry [1]. - The company reported a pre-tax profit of 400 million HKD for Q1 2024, representing a year-on-year growth of 25.2%, and a net profit of 340 million HKD, up 12.8% year-on-year [1]. - The total comprehensive income reached 310 million HKD, reflecting a year-on-year increase of 5.6% [1]. - Global regulatory policies for electronic cigarettes are continuously evolving, providing opportunities for leading companies to develop in compliance with regulations [1]. - The company emphasizes product research and development, with an investment of approximately 1.48 billion HKD in 2023, marking a year-on-year increase [1]. - The report projects revenue growth of 12% in 2024, 13% in 2025, and 13% in 2026, with net profit growth of 2%, 15%, and 13% respectively [2][3]. Financial Summary - For the fiscal year 2023, the company reported revenue of 11.168 billion HKD, with a year-on-year decline of 8%. Projections for 2024 estimate revenue of 12.546 billion HKD, reflecting a growth of 12% [2][3]. - The net profit attributable to the parent company for 2023 was 1.645 billion HKD, down 34% year-on-year, with a projected increase to 1.677 billion HKD in 2024 [2][3]. - The report indicates a return on equity (ROE) of 7.68% for 2023, with projections of 7.26% for 2024 and 8.04% for 2026 [2][3]. - Earnings per share (EPS) for 2023 was 0.27 HKD, with expectations of maintaining this level in 2024 and increasing to 0.32 HKD and 0.36 HKD in 2025 and 2026 respectively [2][3].
24Q1业绩稳步增长，监管趋严下份额有望提升