金吾财讯 | 思摩尔国际(06969)早盘持续上行，午后最高涨超9.7%。截至发稿，报10.90港元，涨7.92%，成交额1.97亿港元。
消息面上，欧洲《烟草制品指令》（TPD）将在2025年进行修订，各国逐步明确一次性烟禁令时间点，后续换弹及开放式产品份额有望回升。美国FDA于2024年8月与财政部提出一项新议案，规定所有进口电子烟均需提交FDA签发的STN编号，、未获得STN编号的电子烟，都可能被禁入美国。该议案后续若落地，或可从源头管控非法产品。
国金证券指出，国内电子烟监管政策风险已基本出清，欧美国家严厉打击非法和一次性电子烟，利好换弹式产品市占率的提升，预计将显著提升公司的利润水平。另一方面，公司依托雾化技术平台，在HNB、特殊雾化及医疗美容雾化上储备较多的在手专利和客户资源，未来逐步放量后有望为公司带来业绩增长新空间。
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