思摩尔国际(06969)今日盘中大涨7.54%，引起了市场的广泛关注。消息面显示，这或与机构人士看好公司的HNB业务增长前景以及传统换弹式代工业务有望回暖有关。
申万宏源证券发布研报指出，思摩尔国际最近公布的股权激励计划将绩效目标直接锚定市值，被视为积极信号。该行预计，思摩尔国际作为英美烟草新HNB产品Glo Hilo的核心合作伙伴，随着这一新系列在塞尔维亚上市试销，公司HNB收入有望快速增长，打开第二增长曲线。
此外，随着英美烟草与菲莫国际就HNB专利达成和解，全球HNB市场预计将迅速扩容，这亦将受益于思摩尔国际。同时，欧洲一次性电子烟监管趋严，公司传统换弹式代工业务或将迎来回暖。申万宏源认为，思摩尔国际的技术优势显着，HNB业务增长逻辑兑现将打开公司成长空间，医疗等非烟业务亦可接力增长，具备良好的成长性，因此维持"增持"评级。
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