智通财经APP获悉，思摩尔国际(06969)现跌超5%，截至发稿，跌5.65%，报11.36港元，成交额2.21亿港元。
东方财富证券指出，24 年思摩尔国际对美业务敞口为44.1 亿元，占24 年收入比重37%，其中ODM 为39.9 亿元，自有品牌4.2 亿元。首先，该品类具备高加价倍率和高粘性特征，关税成本部分可以转嫁至终端；其次，公司凭借其技术优势、产能优势，有望平滑关税压力，作为技术驱动型公司，思摩尔在产业链中具备一定的议价能力，且公司在印尼等地布局产能，一定程度上可以平缓关税压力。
天风证券认为，思摩尔国际的印尼工厂产能成熟有望平滑关税影响，同时在监管不断趋严的背景下，预计产业链集中度或将加速提升，公司是提供雾化科技解决方案的全球领导者，壁垒优势不断凸显。信达证券指出，公司有望凭借稀缺产能/产品/技术优势平滑关税压力。
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