Company and Industry Summary Company Overview - The company reported a revenue of 11.8 billion and a net profit of 1.3 billion for 2024, reflecting a year-on-year increase of 5.3% in revenue but a decrease of 20.8% in net profit [1] - The overall profit met expectations, with a recovery trend observed in ODM (Original Design Manufacturer) business revenue in the second half of the year [1] ODM Business Insights - The ODM business is projected to decline by 0.3% for the entire year 2024, but is expected to grow by 9.7% year-on-year in the second half [1] - Recovery in the ODM business is noted across various regions, with the United States and Europe showing growth rates of 5.1% and 14.2% respectively in the second half [1] - The Chinese market for ODM is expected to see a year-on-year increase of 25.1%, reaching 240 million [1] - The overall assessment aligns with previous expectations regarding the end of the global downturn for the company's aerosol ODM business [1] OBM Business Performance - The OBM (Original Brand Manufacturer) business is projected to generate 2.48 billion in revenue for the year, reflecting a year-on-year increase of 34%, with a 13.4% increase in the second half [1] R&D Investment - The company is increasing its R&D investment, with a projected R&D expenditure of 1.57 billion for 2024, marking a 6% year-on-year increase, primarily focused on HNB (Heated Not Burned) and medical aerosol products [2] Future Outlook - 2025 is anticipated to be a turning point for the company's performance, with long-term growth expected [2] - Two core growth drivers are emphasized: 1. Aerosol Products: The company is closely tied to leading tobacco groups and is expected to benefit significantly from the expansion of the compliant market in the U.S., where over 70% of aerosol sales are currently from the illegal market, as well as from category shifts in Europe [2] 2. HNB Products: The glo hilo product line is considered to have a competitive edge, with strong potential for market share growth as major clients express positive sentiments [2] Key Catalysts to Monitor - The market sales performance and consumer feedback for the gloHilo product line in key countries (excluding Serbia) after its launch in 2025 [2] - The regulatory environment for aerosol electronic cigarettes in the U.S. and Europe, and the pace of expansion in the compliant aerosol market [2]
未知机构：思摩尔速评业绩整体符合预期核心关注后续两大逻辑兑现国金轻工-20250318