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陷入增收不增利困境,思摩尔国际(06969)反弹结束了吗?
智通财经网· 2025-10-15 02:12
海外业绩大增,收入从负增长到双位数增长,然而却增收不增利,思摩尔国际(06969)估值遇反弹压力。 智通财经APP了解到,今日思摩尔国际发布2025年Q3财报,期间收入41.97亿元,同比增长27.2%,创下单季度收入历史新高,前三季度收入 102.1亿元,同比增长21.8%;然而增收不增利,Q3净利润3.17亿元,同比下滑16.4%,前三季度净利润8.09亿元,同比下滑23.8%,盈利能力呈下 滑趋势。 该公司此次收入大增主要是面向企业客户业务以及自有品牌业务双轮驱动,均实现了可观的收入增长,而最大的功劳为海外业绩贡献,主要受欧 洲及其他国家和美国两大海外市场客户需求增长影响,这两个市场的收入贡献超过97%。但由于成本以及竞争压力,该公司盈利能力不增反降, 净利润连续四年下滑,2025年前三季度净利率下降至7.92%。 但受业绩增收及板块驱动,该公司于2024年市值探底反弹,升幅超过100%,2025年继续反弹,不过明显存在反弹压力,升幅远低于同行以及大 市,且以月线看已连续三个月回落,那么,该公司反弹结束了吗? 数据来源:公司财报 思摩尔国际有两大业务,分别是面向企业客户业务以及自有品牌业务,两大业务均重 ...
思摩尔国际(06969):收入增速较快,HNB稳步推广
Soochow Securities· 2025-10-14 12:45
证券研究报告·海外公司点评·家庭电器及用品(HS) 思摩尔国际(06969.HK) 2025Q3 业绩点评:收入增速较快,HNB 稳 步推广 增持(维持) 执业证书:S0600525070003 wanglj@dwzq.com.cn 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 11,168 | 11,799 | 13,722 | 16,166 | 18,395 | | 同比(%) | (8.04) | 5.64 | 16.30 | 17.81 | 13.79 | | 归母净利润(百万元) | 1,645 | 1,303 | 1,331 | 2,219 | 2,893 | | 同比(%) | (34.47) | (20.78) | 2.11 | 66.75 | 30.37 | | EPS-最新摊薄(元/股) | 0.27 | 0.21 | 0.21 | 0.36 | 0.47 | | P/E(现价&最新摊薄) | ...
天风证券:思摩尔医疗雾化业务实现阶段性突破 建议关注雾化产业链及烟草供应链
Zhi Tong Cai Jing· 2025-09-27 23:43
Group 1: Company Developments - Transpire Bio, a wholly-owned subsidiary of Smoore International, has submitted an Abbreviated New Drug Application (ANDA) for Breo® Ellipta® and received acceptance from the FDA on September 23 [1][1] - If approved, Transpire Bio will have a 180-day exclusivity period in the U.S. market for Breo® Ellipta®, which is used for the maintenance treatment of asthma and COPD, with projected sales of $2.02 billion in 2024 [1][1] - This breakthrough highlights Transpire Bio's strategic positioning in the complex generic drug sector and strengthens Smoore International's innovative advantage in the global inhalation drug market [1][1] Group 2: Industry Trends - The FDA has launched a pilot program to enhance the efficiency of pre-market tobacco product applications (PMTAs) for nicotine pouch products, aiming for more frequent feedback and shorter review times [2][2] - The pilot program reflects the FDA's commitment to improving regulatory efficiency while maintaining scientific standards for tobacco product reviews [2][2] - As of now, the FDA has authorized 20 nicotine pouch products, with potential for more varieties in the future [2][2] Group 3: Export Data - In the first eight months of 2025, the export value of e-cigarettes and similar personal vaporizing devices reached $2.116 billion, a year-on-year increase of 14.55%, while other non-combustible nicotine products saw a decrease of 18.31% [3][3] - In August 2025, the export value of e-cigarettes was $301 million, up 34.01% year-on-year, while other nicotine products reached $635 million, down 5.68% year-on-year [3][3] - The average export price for e-cigarettes was $4.46 per unit, with an overall export price of $45.07 per kilogram in August [3][3] Group 4: Regional Insights - The top five export destinations (U.S., U.K., Germany, South Korea, UAE) accounted for 62.32% of total exports in the first eight months of 2025, a slight decrease of 0.56 percentage points year-on-year [4][4] - The U.S. remains the largest market with an export value of $2.199 billion, down 8.67% year-on-year, representing 33.56% of total exports [4][4] - Notable growth was observed in exports to the UAE and Indonesia, with increases of 60.57% and 67.25% respectively, while South Korea, Russia, and the Netherlands experienced significant declines [4][4]
思摩尔国际(06969.HK)2025半年度业绩点评:欧洲电子雾化加速修复 HNB有望释放利润弹性
Ge Long Hui· 2025-08-23 11:31
Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding early-year high single-digit expectations [1] - The net profit was 492 million yuan, a year-on-year decrease of 28.0%, which is the midpoint of the forecast range, attributed to increased management expenses and legal compliance costs [1] - Adjusted net profit was 737 million yuan, a year-on-year decline of 2.1%, also within the forecast range [1] - The company's gross margin for H1 was 37.3%, a decrease of 0.5 percentage points year-on-year, while the adjusted net profit margin was 12.3%, an increase of 2.5 percentage points year-on-year [1] Group 2: Business Segments - The self-owned brand business generated revenue of 1.274 billion yuan in H1, a year-on-year increase of 14.1%, with European revenue growing by 15.1% [1] - The To B business revenue was 4.739 billion yuan, a year-on-year increase of 19.5%, with European revenue rising by 38.0% [2] - The HNB market is experiencing rapid growth, with the company collaborating with British American Tobacco on the HNB product gloHilo, which received positive feedback during trials in Japan [2] Group 3: Market Outlook and Projections - The company is adjusting its profit forecasts due to the impact of incentive amortization and other expenses, projecting net profits of 1.33 billion, 2.22 billion, and 2.89 billion yuan for 2025-2027 [3] - The company maintains a "buy" rating, with projected P/E ratios of 100, 60, and 46 for the respective years [3]
思摩尔高端医疗器械项目投产,法国一次性电子烟禁令生效,24年中国电子烟出口额保持稳定
Tianfeng Securities· 2025-03-16 13:35
行业报告 | 行业研究周报 重点推荐:思摩尔国际-电子雾化设备制造商,未来有望受益于电子雾化 设备市场持续扩张 公司发布 2024 年 Q3 业绩,24Q1-Q3 公司实现营收 83.23 亿元,同比 增加 4.0%,实现税后利润 10.62 亿元,同比下降 11.9%;24Q3 实现营 收 32.86 亿元,同比增加 14.1%,环比增加 16.5%,实现税后利润 3.79 亿元,同比下降 22.5%,环比增加 10.2%。我们认为,公司作为提供雾 化科技解决方案的全球领导者,壁垒优势不断凸显,在监管不断趋严的背 景下,预计产业链集中度或将加速提升。 其他建议关注: 新兴产业 证券研究报告 思摩尔高端医疗器械项目投产;法国一次性电子烟禁令生效,24 年中国电子烟出口额保持稳 定 本周关注:思摩尔高端医疗器械项目投产;法国一次性电子烟禁令生效, 24 年中国电子烟出口额保持稳定。 思摩尔旗下科技护肤品牌取得二类医疗器械证书。近日,思摩尔旗下科技 护肤品牌 MOYAL 岚至取得了二类医疗器械证书,并于 2 月 26 日广西贺 州高新区产业举行"无创雾化高端医疗器械项目投产仪式",项目主要生产 雾化美容设备等产品 ...
新兴产业行业研究周报:思摩尔高端医疗器械项目投产;法国一次性电子烟禁令生效,24年中国电子烟出口额保持稳定
Tianfeng Securities· 2025-03-16 09:37
Investment Rating - Industry rating is maintained as "Outperform the Market" [9] Core Insights - The report highlights the production launch of Smoore's high-end medical device project, which is expected to generate revenue of 1 billion yuan within three years [4] - The French ban on disposable e-cigarettes officially took effect on February 25, 2025, following legislative approval [5] - China's total e-cigarette export value for 2024 reached approximately 10.96 billion USD, showing a slight year-on-year decline of 1.11% [6] Summary by Sections Smoore's Medical Device Project - Smoore's skincare brand MOYAL has obtained a Class II medical device certificate and launched a non-invasive aerosol high-end medical device project, focusing on aerosol beauty equipment [4] - The project aims to achieve production in the first half of the year and expects to generate 1 billion yuan in revenue within three years [4] E-Cigarette Market Developments - The French government has implemented a ban on disposable e-cigarettes, making it the second EU country to do so after Belgium [5] - The e-cigarette export data for 2024 indicates a total export value of 10.96 billion USD, with the U.S. being the largest market, accounting for one-third of the exports [6] Company Performance - Smoore reported a revenue of 8.32 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.0%, with a net profit of 1.06 billion yuan, down 11.9% [7] - The company is positioned as a global leader in aerosol technology solutions, with increasing competitive advantages amid tightening regulations [7]