金吾财讯 | 华泰证券发布研报指，思摩尔国际(06969)公司发布股权激励，授予条件挂钩市值考核，同时HNB新业务进展积极。2024年以来，公司传统雾化板块持续修复，HNB新业务进展积极，股权激励挂钩市值考核，彰显公司发展信心，继续看好公司投资价值。
该行指，公司24Q1-3实现营收83.23亿元（+4.0%），单季度测算Q3收入同比+14.1%至32.86亿元（24H1收入同比-1.7%至50.37亿元），主要受益于英国等欧洲国家宣布将禁售一次性产品&美国对不合规电子烟监管趋严。展望后续，受益于海外执法力度加强下传统业务恢复&自有品牌稳增，产品结构优化，看好25年雾化板块持续修复，支撑基本面表现。
该行预测，考虑到公司持续研发投入，自主品牌及新业务快速成长，我们上调研发及销售费用率预测，预计24-26年归母净利润分别为13.71/18.09/23.11亿元（分别下调19.3%/10.0%/3.4%），对应EPS分别为0.22/0.29/0.38元，给予公司25年50倍PE，目标价15.66港币（前值15.42港币，基于24年50倍目标PE，EPS为0.28元），维持“买入”评级。
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