思摩尔国际 2026 年 03 月 19 日 （06969.HK ） 买入（维持评级） 港股公司点评 证券研究报告 斜率预期波动不改长期空间，雾化有 望加速修复 事件简评 3 月 17 日，公司发布 2025 年业绩公告。2025 全年，公司实现营 收 143 亿元，同比+21%，归母净利润 10.6 亿元，同比-19%，其中 2025H2 营收+22%至 82 亿元，归母净利润-8%至 5.7 亿元。25 全年 实现调整后（扣除股权激励费用）归母净利润 15.3 亿元，同比 +1.3%。2025 全年公司股息为 0.2 港元/股。 盈利预测、估值与评级 综合来看，公司在雾化成熟业务上保持领先优势持续修复以稳固 业绩基本盘，HNB 成长业务加速放量提供高增长空间，医疗美容雾 化新兴业务远期盈利弹性充足。公司保持高分红彰显对未来发展 信心（25 年股息率 3.36%），看好公司长期增长逻辑逐步兑现。预 计 2026-2028 年公司营业收入 169.14/199.81/236.62 亿元，同比 +18.64%/+18.13%/+18.42%,归母净利润 16.51/25.69/34.85亿元， 同比+55.20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a long-term growth trajectory despite short-term fluctuations, with a focus on the recovery of its vaping business [1] - The company has demonstrated strong performance in its mature vaping business, with a notable recovery in overall performance [2] - The HNB (Heat-not-Burn) segment is experiencing significant growth, with a projected revenue increase of 476% year-on-year [3] - The emerging medical and beauty vaping business is in the exploratory phase, with high R&D investments impacting short-term performance but offering substantial long-term profit potential [3] - The company is expected to maintain a high dividend yield, reflecting confidence in future growth [4] Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 14.3 billion HKD, a year-on-year increase of 21%, while the net profit attributable to shareholders was 1.06 billion HKD, a decrease of 19% [1] - The adjusted net profit for 2025 was 1.53 billion HKD, reflecting a year-on-year increase of 1.3% [1] - The company plans to distribute a dividend of 0.2 HKD per share for 2025 [1] Business Segments - The vaping business in the US and Europe showed revenue growth of 19% and 2% respectively, while the Chinese market saw a decline of 11% [2] - The company's own brand generated revenue of 2.9 billion HKD, with significant growth in the US and European markets [2] - The HNB segment generated 1.3 billion HKD in revenue, with plans for expansion into key markets like Japan and Poland [3] - The medical and beauty vaping segment is preparing for FDA approval and aims to build small-scale production capabilities [3] Future Projections - Revenue projections for 2026-2028 are 16.91 billion HKD, 19.98 billion HKD, and 23.66 billion HKD, with year-on-year growth rates of 18.64%, 18.13%, and 18.42% respectively [4] - Net profit projections for the same period are 1.65 billion HKD, 2.57 billion HKD, and 3.49 billion HKD, with growth rates of 55.20%, 55.58%, and 35.69% respectively [4] - The expected EPS for 2025-2027 is 0.27 HKD, 0.41 HKD, and 0.56 HKD, with corresponding P/E ratios of 42, 27, and 20 times [4]