思摩尔国际:Q1业绩好于表观 大股东增持彰显信心

东方财富证券
14 Apr

【投资要点】若加回股权激励费用,25Q1 税前净利同比基本持平。4 月7 日公司发布25Q1 业绩公告,25Q1 公司实现税前利润为2.5 亿元/-36.3%,预计除了自有品牌推广、新品研发的持续投入外,更多来自股权激励摊销费用的增加,经过我们测算,2024 年12 月24 日公告的股权激励若完全行权,股权激励费用合计31.2 亿元,平均分摊至每个季度为1.3亿元,若加回股权激励费用,25Q1 ...

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