金吾财讯 | 东吴证券发研报指，思摩尔国际(06969)toB业务主要通过ODM模式研究、设计及制造电子雾化产品和组件、加热不燃烧产品及特殊雾化产品等，toC业务产品为自有品牌开放式产品或APV。2023年公司营收111.7亿元，同比-8%，其中toB业务/toC业务占比83%/17%。2024年12月发布股权激励计划，以市值作为绩效目标体现中长期发展信心。该行提到，雾化电子烟监管趋严，合规龙头格局优化。另外，加热不燃烧空间可观，龙头公司卡位布局。该行指，合规龙头深度绑定大客户，HNB有望开启第二曲线：1）与行业龙头客户深度绑定，合规趋势下率先受益。2）高研发投入保持技术领先，满足客户新品研发需要。3）HNB有望打造第二曲线，多元业务助力长期发展。该行指，思摩尔国际是全球雾化科技龙头，与大客户绑定深耕雾化电子赛道，加大研发投入发展多元业务，未来或将受益于欧洲和美国电子烟监管趋严，加热不燃烧业务有望打造第二曲线。该行预测公司2024-2026年归母净利润为13.2/16.6/22.4亿元，对应PE为60/48/36倍，未来率先受益于电子烟格局改善、加热不燃烧放量释放业绩弹性，首次覆盖给予“增持”评级。
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