Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company reported a revenue of 11.168 billion yuan in 2023, a year-on-year decrease of 8.0%, and a comprehensive income of 1.566 billion yuan, down 37.2% year-on-year. In Q1 2024, the comprehensive income was 310 million yuan, reflecting a year-on-year increase of 5.6% [1] - The company has launched upgraded ceramic atomization core technology, FEELM Max, which has led to a 74.5% increase in revenue from disposable electronic atomization products to 3.37 billion yuan [3] - The self-owned brand business saw a revenue increase of 26.0% to 1.847 billion yuan, with the XROS series contributing significantly to sales [3] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 11.177 billion yuan, with a net profit of 1.645 billion yuan, reflecting a year-on-year decrease of 34.5% [4] - The projected net profits for 2024 and 2025 are 1.698 billion yuan and 1.975 billion yuan, respectively, indicating growth rates of 3.2% and 16.3% [5] Market Analysis - The sales revenue from enterprise customers decreased by 12.7% to 9.321 billion yuan, primarily due to a 92.7% drop in revenue from the mainland China market [6] - Conversely, sales to the U.S. market increased by 8.2% to 4.084 billion yuan, while revenue from Europe and other markets grew by 8.9% to 5.074 billion yuan [6] Profitability Forecast - The report forecasts that the company's overall revenue will grow by 11.1%, 9.9%, and 8.0% from 2024 to 2026, with retail customer sales expected to maintain a higher growth rate of 25.7%, 23.8%, and 20.8% during the same period [6][7] - The gross margin is expected to improve slightly, reaching 39.1% by 2026 [6] Valuation - The report suggests a price-to-earnings (PE) ratio of 28 to 30 for 2024, leading to a reasonable value range of 7.84 to 8.40 yuan per share [1][4]
思摩尔国际：公司年报点评：技术研发持续推进，自有品牌营销能力全面提升