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Caitong Securities: Vuse tobacco flavor product gets approval again, maintains a "buy" rating for Smoore Intl.
Caitong Securities released a research report and maintained a 'buy' rating for Smoore International (06969). The company has diversified into multiple fields such as electronic atomization, non-combustion heating, special purpose atomization, medical atomization, etc. In 2024Q1, the company achieved a net income of 0.31 billion yuan, a year-on-year increase of 5.6%, returning to positive growth. The company is investing in research and development in a counter-cyclical manner and is expected to launch differentiated products in multiple fields, cultivate new growth points, and benefit fully from the growth of overseas demand for new types of tobacco and the increase in market share of major customers, in addition to the tightening regulation of non-compliant products being bullish for leading brands. The opinion of Caitong Securities is as follows: Vuse tobacco flavored products again.
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