智通财经APP获悉，思摩尔国际(06969)涨超3%，截至发稿，涨2.36%，报13港元，成交额7316.81万港元。
浙商证券发布研报称，4月23日，菲莫国际发布2025Q1业绩，IQOS作为HNB市场份额70%+的领军产品，从其经营表现感知行业成长，对思摩尔的HNB业务潜力具备指导意义。25Q1菲莫国际SFP(Smoke-Free Products)收入同比+20.4%，毛利同比+33.1%，毛利率超过70%、同比提高6.7pct，且比传统烟高出5pct；出货量同比+14.4%，其中HNB/口含烟/电子烟分别+12%/+27%/+107%，三类无烟产品均取得强劲开局。公司多产品组合拳形式打市场，目前已在30个市场有2类无烟产品销售，在16个市场3类无烟产品均有销售。
该行认为，国际烟草巨头贯彻无烟化战略，菲莫Q1取得强劲开局，HNB增长符合预期、美国市场有序推进，看好新型烟草供应链核心标的思摩尔国际。其中HNB 市场潜力仍然较大，且HNB较雾化烟在监管上更占优(对青少年低吸引力、减害性更易论证)，竞争格局更好(参与厂商少)，同时英美烟草的新一代Glo Hilo产品无论横向对比市面上的领军产品IQOS iluma i或是纵向对比上一代老产品均有显著的性能和使用体验提升，看好其在25-26年逐渐拓展至更多市场、迎来放量，思摩尔做为GLO HILO核心供应商，有望受益。
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