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]

摘要 Q&A 请介绍一下思摩尔国际的股权激励目标及其对公司未来发展的影响。 思摩尔国际设定了到 2030 年实现市值 3,000 亿、4,000 亿、5,000 亿港币的股 权激励目标，并向核心创始人发放一定比例的股份。该目标引起了市场广泛关 注，主要集中在其与英美烟草合作推出的 Glo Hyper 产品的未来前景上。具体 而言，这款产品的竞争力如何、主要客户是否将其作为重点推广方向以及上市 节奏等因素都将对公司未来业绩产生重要影响。 中信建投｜大消费联合电话会 • 思摩尔国际的 Glo Hyper 产品市场表现具优势，虽口感略逊于 IQOS，但整 体水平达 IQOS 7-8 成，预计未来销量约 810 支烟弹，保守估计扣税后纯利 可达 40 亿元，若按七分钱计算，总利润可达 56 亿元，增长空间显著。 • 快递行业自 2025 年 3 月起进入淡季价格调整，各品牌降价幅度不一，中通 降幅最大，同比去年同期降幅更高。义乌地区低价竞争压力仍存，关注中 通和申通的投资机会，高频月度份额数据反映战略执行情况。 • 阿里巴巴对菜鸟网络的组织业务和人员调整，可能对快递行业格局产生较 大影响。关注阿里持股较多的申通快递， ...