思摩尔国际(06969)现跌超5%，截至发稿，跌4.81%，报9.9港元，成交额8575.76万港元。

华福证券指出，回顾特朗普政府对电子烟的监管态度，推动产品合规、保护青少年健康为主要宗旨；未来随着特朗普接任，或将对美国市场中合规品牌份额提升产生积极影响。从近期美国电子烟监管趋势看，在烟草巨头推动下合规产品优势扩大；英国受政策影响预计一次性承压，但有望向盈利能力更强的换弹式、开放式切换。

思摩尔国际此前公布，2024年第三季度实现收入32.86亿元，环比增长16.5%，同比增长14.1%；税后利润约3.79亿元，环比增长10.2%，同比减少22.5%。国盛证券指出，公司24Q3税后利润同比下降，主要由于研发费用及管理费用增长，其中研发费用主要用于加热不燃烧产品及雾化医疗产品。除自研项目外，公司与客户共同研发合作，未来有望为客户提供产品解决方案与相关技术服务，后续加热不燃烧产品及医疗雾化产品的研发投入有望逐步转化为公司新的收入及盈利增长点。

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