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 ...

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]