25Q3营收创历史新高，HNB持续放量反馈积极 公司2025年第三季度营收约人民币41.97亿元，同比增长27.2%，表现亮眼，主要受益于战略客户在全球 主要市场成功推出加热不燃烧(HNB)新品。同时全球监管趋严加速不合规产品出清，公司作为合规龙头 充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带动自有品牌业务份额提升。Q3经调整净 利约4.44亿元，同比增长4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优异。 智通财经APP获悉，国投证券发布研报称，维持思摩尔国际(06969)"买入"的投资评级。思摩尔国际作为 全球电子雾化龙头，坚持研发加码与技术引领，随着全球主要国家对不合规产品的监管力度加强及新业 务的持续拓展，叠加近期连续大额回购彰显的长期信心，其未来发展潜力清晰可期。该行预计思摩尔国 际2025-2027年营业收入为141.08亿元、167.17亿元、198.67亿元，同比增长19.57%、18.50%、18.84%; 给予2026年48xPE，对应目标价16.80港元。 风险提示 国投证券主要观点如下： 两日耗资近2亿港元，连续大额回购彰显长期信心 根据公司公告，12月11日与 ...

Core Viewpoint - Citi has released a report predicting that Smoore International (06969) will experience a 44% year-on-year decline in net profit and a 7% decline in adjusted net profit for this year, with a recovery expected between 2026 and 2027 [1] Financial Performance - The company reported an 18% year-on-year increase in sales for the first half of the year, while net profit fell by 28% and adjusted net profit decreased by 2%, aligning with earlier profit warnings [1] - The decline in net profit is primarily attributed to a significant drop in sales in China and a decrease in gross margin due to product mix adjustments [1] Future Projections - The firm anticipates a gross margin of 36.4% for this year, improving to 38.8% next year [1] - From 2025 to 2027, the company is expected to achieve a compound annual growth rate (CAGR) of 16% in sales and 48% in adjusted net profit [1] Market Dynamics - Sales this year are expected to be driven mainly by capsule products, following the EU's ban on single-use e-cigarettes and the expansion of advanced personal vaporizers (APV) and heated non-combustible (HNB) products [1] Investment Strategy - The management indicated that this year will be an investment year, with an additional investment of 300 million RMB planned for research and development in medical and heated non-combustible products [1]

Core Viewpoint - Citi has lowered the target price for Smoore International (06969) to HKD 21, maintaining an "outperform" rating, anticipating a 44% decline in net profit and a 7% drop in adjusted net profit for this year, with recovery expected in 2026-2027 [1] Financial Performance - The company reported an 18% year-on-year increase in sales for the first half of the year, while net profit fell by 28% and adjusted net profit decreased by 2%, aligning with earlier profit warnings [1] - The expected gross margin for this year is 36.4%, with an increase to 38.8% projected for next year [1] Future Projections - The firm anticipates a compound annual growth rate (CAGR) of 16% in sales and 48% in adjusted net profit from 2025 to 2027 [1] - Sales in the current year are expected to be primarily driven by capsule products, following the EU's ban on single-use e-cigarettes and the expansion of advanced personal vaporizers (APV) and heated non-combustible (HNB) products [1] Investment Strategy - Management has indicated that this year will be an investment year, with an additional RMB 300 million allocated for research and development in medical and heated non-combustible products [1]