Core Viewpoint - The company's third-quarter performance confirms the upward trend in industry prosperity, with significant achievements in technology research and development [1] Group 1: Investment Recommendations - The company has adjusted its profit forecast for 2025-2027, expecting net profit attributable to shareholders to reach 1.03 billion, 1.94 billion, and 2.54 billion yuan respectively, maintaining a "buy" rating [1] - The company is positioned as a core supplier in the heated non-combustible industry chain, benefiting from long-term R&D investments and a broad growth space [1] - The target price for 2025 is set at 19.87 HKD, based on a PE ratio of 110.0X [1] Group 2: Financial Performance - In Q3 2025, the company achieved a record revenue of 4.197 billion yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 27.5% [1] - The net profit attributable to shareholders was 317 million yuan, a year-on-year decrease of 16.4% but a quarter-on-quarter increase of 5.7% [1] - Excluding equity incentive expenses, net profit increased by 4.0% year-on-year and 4.8% quarter-on-quarter [1] Group 3: Business Growth - The OEM and proprietary brand revenues both experienced growth, with significant increases in HNB and vaping businesses [2] - The company supports strategic customers in global market expansion, leading to a substantial increase in product shipments for HNB [2] - The company has successfully launched new compliant electronic vaping products in response to increased regulatory scrutiny in major global markets [2] Group 4: Industry Trends - The upward trend in industry prosperity is clear, with traditional vaping businesses expected to benefit from regulatory changes in the US and Europe [2] - The new Glo Hilo product has received positive feedback, with plans for nationwide promotion in Japan by September 2025 and expansion into more core markets in the second half of 2025 [2] - The company is developing multiple technology platforms to address various user pain points, accelerating commercialization efforts in collaboration with partners [2]

智通财经APP获悉，国泰海通发布研报称，思摩尔国际(06969)三季度经营情况验证行业景气度上行趋 势，考虑公司股权激励费用影响，上调公司盈利预测，预计2025-2027公司归母净利润为10.3/19.4/25.4 亿元，维持"增持"评级。参考行业平均，考虑公司作为加热不燃烧产业链核心供应商，通过长期研发投 入实现深厚技术护城河，以及行业广阔成长空间、公司头部品牌客户英美烟草新一代加热不燃烧产品力 迭代、市占率持续提升赋予的估值溢价，给予公司2025年PE 110.0X，对应目标价19.87港元(按照1港元 =0.92元人民币折算)。 国泰海通主要观点如下： 三季度营收创历史新高 2025Q3公司实现营收41.97亿元，创历史新高，同比+27.2%，环比+27.5%;归母净利润3.17亿元，同 比-16.4%，环比+5.7%;剔除股权利润费用后，净利润同比+4.0%，环比+4.8%。公司利润增长主要得 益：1 )收入和毛利额增长;2 )剔除股权激励费用后，分销及销售开支、行政开支及研发费用增速低于收 入;3 )其他收入及收益的增加。 业务多点开花，增长齐头并进 分业务看，OEM业务及自有品牌收入同环比均实现增 ...