证券研究报告·海外公司点评·家庭电器及用品(HS) 思摩尔国际（06969.HK） 2025 半年度业绩点评：欧洲电子雾化加速修 复，HNB 有望释放利润弹性 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,177 | 11,799 | 13,722 | 16,166 | 18,395 | | 同比(%) | (8.06) | 5.56 | 16.30 | 17.81 | 13.79 | | 归母净利润（百万元） | 1,645 | 1,303 | 1,329 | 2,217 | 2,891 | | 同比(%) | (34.47) | (20.78) | 1.96 | 66.84 | 30.40 | | EPS-最新摊薄（元/股） | 0.27 | 0.21 | 0.21 | 0.36 | 0.47 | | P/E（现价&最新摊薄） | 80.56 | 101.69 | 99.73 | 59.78 | 45 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]

证券研究报告·行业深度报告·商贸零售 商贸零售行业深度报告 烟草行业专题报告：新型烟草继续增长，巨 头加码无烟产品 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：监管政策不确定，新产品推广不及预期，市场竞争加剧等。 2025 年 05 月 18 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 2024/5/20 2024/9/17 2025/1/15 2025/5/15 商贸零售 沪深300 相关研究 《4 月我国出口额超预期，关注非美 出口核心标的小商品城》 2025-05-12 《关注五一旅游出行高峰，景区公司 天气全梳理》 2025-04-28 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 全球烟草：传统卷 ...