中金预计，随著高毛利自有品牌、换弹式业务增长向好，产品结构优化可望带动公司毛利率稳中向好。中金表示，随著雾化美容、HNB、雾化医疗等逐步迎来商业化落地，研发投入可望进入收成期。该行维持集团“跑赢行业”评级，目标价上调17%至13.5元。Sinolink News | Smoore Intl (06969) stock price fluctuated in the morning, up 3.14% as of the time of publication, at HK$11.16, with a trading volume of HK$30.6464 million.
The company's major client, British American Tobacco (BTI), recently held a capital markets exchange day event. The company stated during the event that they expect the number of users of aerosol electronic cigarettes to continue to increase, reaching 0.11 billion users by 2030. Although the disposable category has seen rapid growth in recent years, the current trend is changing with rechargeable closed products returning to growth. In the U.S. market, illegal flavored products account for about 70% of the overall aerosol electronic cigarette market size. Some states in the USA have begun to take action to restrict some illegal products, with Louisiana seeing a 28% increase in the legal aerosol market size after strengthening regulation, and a 91% decrease in channels for illegal disposable products.
Sinolink maintains a 'buy' rating for the company, with the company's estimated EPS for 2024-2026 being 0.22/0.28/0.37 yuan respectively. On October 16, the major client of Smoore Intl, British American Tobacco, held a capital markets exchange day event. During the event, British American Tobacco not only reiterated its goal of becoming a smoke-free company by 2035 (i.e., becoming a completely new tobacco company), but also focused on sharing the latest developments in new tobacco-related products, sending positive signals for future developments.
Zhongjin predicts that with the improvement in the high gross margin of self-owned brands and the growth of cartridge-based business, the optimization of product structure is expected to drive the company's gross margin to stabilize and improve. Zhongjin stated that as aerosol beauty, HNB, aerosol medical products gradually commercialize, research and development investment is expected to enter the harvest period. The bank maintains a 'outperform industry' rating for the group, raising the target price by 17% to 13.5 yuan.
