Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA has revoked the marketing ban on Juul, shifting its status to pending review, which allows Juul products to continue selling in the U.S. until the PMTA approval process is completed. This is expected to benefit the market share of pod-based products as the FDA increases regulation on disposable products [5] - The company is positioned as a leading global manufacturer in the vaping industry, with diversified operations in electronic vaporization, heated non-combustion products, special-purpose vaporization, and medical vaporization. The company has seen steady growth in disposable products and improved profitability [5] - The company achieved a net profit of 310 million yuan in Q1 2024, marking a year-on-year increase of 5.6%, indicating a return to positive growth [5] - The company is expected to maintain a strong growth trajectory in the long term, driven by its innovative product offerings and market insights [5] Financial Data Summary - Closing price (HKD): 8.87 [2] - Circulating shares (billion): 6.138 [2] - Net asset per share (HKD): 3.42 [2] - Projected net profit for 2024-2026: 1.8 billion, 2.09 billion, and 2.47 billion yuan respectively, with corresponding PE ratios of 22, 19, and 16 [5] - Revenue growth rates for 2024-2026 are projected at 9.17%, 13.03%, and 11.27% respectively [6][8] - The company’s ROE is expected to improve from 7.68% in 2023 to 8.99% in 2026 [8]
思摩尔国际：FDA撤销Juul营销禁令，关注PMTA审批进展