报告提到，虽然思摩尔国际第三季收入较市场预期高至少10%，但盈利胜市场预期的幅度则较小。关键 正面因素在于加热烟业务开始好转，且增长动能不仅来自单一客户英美烟草(British American Tobacco)。尽管盈利能见度仍然有限，集团核心业务改善的趋势，应有助其股价回稳。 大和发布研报称，思摩尔国际(06969)第三季总收入同比增长27%至42亿元人民币，创历史新高，并是自 2021年以来最大升幅。该行将思摩尔国际2025至27年每股盈利预测下调6%至20%，预期利润率恢复步 伐会较缓慢;重申"跑赢大市"评级，目标价由16港元微升至17港元。管理层首次作出指引，料全年加热 烟(HNB)业务将贡献至少12亿元人民币收入，该行估算相当于约8%销售额。 ...

Core Viewpoint - Daiwa's report indicates that Smoore International (06969) achieved a record high total revenue of 4.2 billion RMB in Q3, representing a year-on-year growth of 27%, the largest increase since 2021 [1] Financial Performance - Q3 revenue exceeded market expectations by at least 10%, although the profit beat was modest [1] - The company's management provided guidance indicating that the heated tobacco (HNB) business is expected to contribute at least 1.2 billion RMB in revenue for the year, which is approximately 8% of total sales [1] Market Outlook - Daiwa has lowered its earnings per share forecast for Smoore International for 2025 to 2027 by 6% to 20%, anticipating a slower recovery in profit margins [1] - Despite limited visibility on profitability, the trend of improvement in the core business is expected to support a stabilization in the company's stock price [1] Investment Rating - Daiwa maintains an "Outperform" rating on Smoore International, with a slight increase in the target price from 16 HKD to 17 HKD [1]