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思摩尔国际(06969.HK):欧洲雾化快增 看好HNB全球铺开及商业化前景
Ge Long Hui· 2025-08-26 19:32
机构:中金公司 研究员:徐卓楠/柳政甫/邹煜莹 风险 1H25 业绩符合我们预期 公司公布1H25 业绩,收入实现60.1 亿元,同增18.3%,归母净利润实现5 亿元,同降30.8%,调整股权 激励费用后归母净利润7.4 亿元,同降2.1%,业绩符合我们预期。分季度看,1Q/2Q25 净利润实现2/3 亿元,分别同比-40.7%/+12.7%。此外,公司派发中期股息每股20 港仙,对应分红率225.1%(1H24 为 38.7%),股东回报力度加大。 发展趋势 1、品类切换下欧洲电子雾化快增,美国市场有望随执法趋严迎来改善。公司1H25 ToB 收入同增19.5% 至47.39 亿元,其中,1)欧洲及其他:收入同增38%至27.3 亿元,随英国、法国等一次性禁令落地,合 规企业以优质产品力及渠道优势高效承接用户转化,公司伴随客户实现快速成长;2)美国:收入同增 1.5%至18.9 亿元,我们判断随美国执法趋严,公司Q2 起美国市场经营或已迎来改善,后续有望持续向 好;3)国内:收入同降6.1%至1.2 亿元。 2、APV 欧洲延续快增,雾化美容商业化加速。1H25 ToC 收入同增14.1%至12.74 亿 ...
英美烟草发布2025H1业绩前瞻,关注新品GloHilo日本表现
Jianghai Securities· 2025-06-11 10:09
Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Insights - The report highlights the potential growth in the HNB (Heated Not Burned) market, particularly with the launch of Glo Hilo in Japan, which is expected to enhance sales performance and accelerate market penetration [4][5] - The report indicates that British American Tobacco's (BAT) revenue for the first half of 2025 is projected to grow by 1%-2%, driven by strong performance in the U.S. market despite an overall decline in industry retail sales [5] - The report emphasizes the importance of technological barriers in the HNB product segment, particularly in heating technology and flavoring processes, which are crucial for enhancing user experience [4] Industry Performance Over the Last Twelve Months - The industry has shown a relative return of 4.33% over the past month, 4.58% over the past three months, and 5.82% over the past twelve months compared to the CSI 300 index [2] - Absolute returns for the same periods are 4.83%, 2.59%, and 13.97% respectively [2] Related Research Reports - Previous reports include insights on the light industry manufacturing sector and the anticipated release of new products in the smart glasses market [3] - The report also references the performance outlook for British American Tobacco in the first half of 2025, focusing on new product launches and market strategies [5]