港股公司报告 | 公司点评 思摩尔国际（06969） 证券研究报告 2024年03月20日 投资评级 中国大陆市场收入或筑底，海外市场持续开拓！ 行业 非必需性消费/家庭电 器及用品 6个月评级 买入（维持评级） 事件：公司发布2023 年度业绩，2023 年公司实现营收111.7 亿元，同比 当前价格 6.87港元 降低8.0%；实现净利润16.45亿元，同比减少34.5%。 目标价格 港元 2023年盈利受产品结构及中国大陆市场影响有所下降，海外收入增长较快 基本数据 ➢ 分版块来看，2023年公司面向企业客户销售（ODM）实现收入93.21 港股总股本(百万股) 6,137.70 亿元（占比83.5%），同比减少12.7%，主要因国内《电子烟管理办法》 港股总市值(百万港元) 42,165.99 及电子烟国家标准推行后短期对需求造成一定影响，2023年公司于中 国大陆市场的销售收入约为1.63亿元，同比降低92.7%；面向零售客 每股净资产(港元) 3.85 户销售（APV）实现收入18.47亿元（占比16.5%），同比增长26.0%， 资产负债率(%) 16.07 主要因公司在 2023 年陆续推出众 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨思摩尔国际（6969.HK） [Table_Title] 思摩尔国际 2023A 点评：自主品牌延续亮眼增 长，多元发展和降本增效并进 | --- | --- | |------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2023 年度业绩报告， 2023 年实现收入 / 净利润 / 全面收益总额 111.68/16.45/15.66 亿 | | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 赵智勇 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SAC：S0490517110001 SFC：BRP550 请阅读最后评级说明和重要声明 思摩尔国际（6969.HK） cjzqdt11111 2024-03-20 港股研究丨公司点评 ...

[Table_Title] 一次性&APV 表现突出，多元布局发展可期 证券研究报告 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

智通财经APP获悉，大和发布研究报告称，重申思摩尔国际(06969)“跑赢大市”评级，认为最坏情况已过去。将今明两年盈利预测上调1%至2%，以反映较高的收入增长预测，目标价由6港元上调至8港元。 管理层表示，经过两年收入倒退后，预期今年收入有双位数增长，至于盈利增幅则较慢，主要因为新产品的研发投资持续，并估计产品及收入组合将更多元化。此外还指出，美国及中国市场的收入增长前景，仍然很大程度取决于监管规则，该行估计两个市场在去年的低基数下，今年将一步复苏。 ...

业绩简评 3月 18 日，公司发布2023 年业绩公告，2023 年收入/净利润分别 同比-8.0%/-34.5%至 111.7/16.5 亿元，H2 收入/净利润分别同比 -6.9%/-17.6%，整体业绩基本符合预期。 经营分析 中国市场承压，一次性烟+APV推动欧美市场延续增长：分业务来 看，公司 ODM/APV 收入分别同比-12.7%/+26.0%至 93.2/18.5 亿 元。ODM 业务方面，1）中国市场全年收入同比-92.7%至 1.6 亿元 （已剔除出口转运影响），H1/H2 收入分别同比-96.3%/-81.7%，由 于非法产品扰动H2 环比恢复幅度有限；2）美国市场、欧洲及其他 市场全年收入分别同比+8.2%/8.9%至 40.8/50.7 亿元，其中一次 性烟全年收入同比+74.5%至 33.7 亿元，是欧洲市场增长重要驱动 力。美国、欧洲及其他市场H2 收入分别同比-6.3%/-5.4%，预计主 因换弹式产品销售相对承压。APV 业务方面，美国、欧洲及其他市 主 要财务指标 场全年收入分别同比+8.8%/+31.3%至 3.7/14.8 亿元，H2 收入分别 项目 2022A 202 ...

思摩尔国际（6969.HK）2023年年报点评 海外收入稳健增长，自有品牌持续发力 2024年03月20日 [T able_Author] 分析师：徐皓亮 执业证号：S0100522110001 邮箱：xuhaoliang@mszq.com ➢ 事件。思摩尔国际发布2023年度业绩公告，2023年全年实现收入/净利润 推荐 维持评级 111.68/15.66亿元(-8.04%/-37.21%)，23Q4实现收入/净利润31.66 /3.72亿 当前价格： 7.02港元 元(-3.52%/-8.43%)。 ➢ 本地化运营叠加监管加强执法力度，美国地区实现收入增长。全年收入 11 相关研究 1.68 亿元（-8.04%)，全球市占率下降至 12.41% (-5.7pcts)，下半年公司收入 1.思摩尔国际（6969.HK）2023 年三季报点 60.46 亿元，同比-6.87%。分客户：全年企业客户/零售客户收入同比变动-12. 评：收入&利润环比改善，利空逐步落地静待 7%/+26.0%至93.21/18.47亿元，收入占比83.5%/16.5%。分区域：2023年 业绩拐点-2023/10/17 海外/国内销 ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Views - The company's Q4 performance met expectations, and a recovery is anticipated in 2024 due to market environment changes and product structure adjustments [6]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 1.94 billion, 2.28 billion, and 2.61 billion RMB respectively, with the latest closing price corresponding to PE ratios of 19, 16, and 14 times [6]. - The manufacturing business is steadily recovering, and the proprietary brand APV products continue to show high growth [6]. Summary by Sections Financial Performance - In 2023, the company's revenue was 11.177 billion RMB, down 8% year-on-year, with a projected revenue of 13.2407 billion RMB for 2024, representing an 18% increase [7]. - The net profit for 2023 was 1.645 billion RMB, a decrease of 34% year-on-year, with an expected recovery to 1.942 billion RMB in 2024, an 18% increase [7]. - The gross profit margin and management expense ratio improved, with a net profit margin of 15.3% in H2 2023, up 1.3 percentage points from the previous period [6]. Market Dynamics - The U.S. revenue for H2 2023 was 2.02 billion RMB, down 6.3% year-on-year, while the European revenue was 2.72 billion RMB, also down 6.3% year-on-year but up 15.8% quarter-on-quarter [6]. - Domestic sales revenue in H2 2023 was 0.1 billion RMB, down 81.6% year-on-year but up 62.5% quarter-on-quarter, indicating a recovery as non-compliant products impact diminishes [6]. - The company is expected to benefit from market improvements due to regulatory actions against non-compliant products in both domestic and international markets [6].

证券研究报告 | 年报点评报告 2024年03月19日 思摩尔国际（06969.HK） APV 表现靓丽，多元产品矩阵逐步成型 公司发布2023年财务数据：2023全年实现收入111.68亿元（同比-8.0%），归母 买入（维持） 净利润为15.66亿元（同比-37.2%）；单Q4实现收入31.66亿元（同比-3.5%）， 归母净利润为3.72亿元（同比-11.0%）。收入表现平稳，表观盈利能力下滑主要系 股票信息 一次性小烟占比提高，且加大研发投入。 行业 消费电子产品 自主品牌表现靓丽，ODM略承压。分业务来看，2023年APV实现收入18.47亿元 （同比+26.0%），其中欧洲及其他地区/美国分别实现收入 14.75 亿元（同比 前次评级 买入 +31.3%）/3.72亿元（同比+8.8%），表现靓丽主要系公司坚持本土化运营，推出 3月18日收盘价(港元) 6.56 COSS、ARMOUR等差异化产品系列（具备创新性自动注液、自动充电、更长寿命等 总市值(百万港元) 40,263.30 特性）。2023年代工业务实现收入93.21亿元（同比-12.7%），分地区来看： 总股本(百万股) 6,137.7 ...

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue was RMB 11,168,422 thousand, a decrease of 8.0% compared to RMB 12,144,980 thousand in 2022[4] - Gross profit for the same period was RMB 4,334,446 thousand, resulting in a gross margin of 38.8%, down from 43.3% in 2022[4] - The company reported a net profit of RMB 1,645,090 thousand, a decline of 34.4% from RMB 2,510,316 thousand in the previous year[4] - The total comprehensive income for the review period was approximately RMB 1,566,470 thousand, down about 37.2% from RMB 2,494,934 thousand in 2022[41] - Basic earnings per share for 2023 were RMB 27.01, down from RMB 41.66 in 2022, reflecting a decrease of 35.4%[85] - The company reported a significant increase in inventory provision costs, which rose to RMB 61,176 thousand in 2023 from RMB 8,791 thousand in 2022[129] Market Performance - The company maintained a market share of approximately 13.7% in the global electronic vaporizer equipment market, down from 18.1% in 2022[11] - Revenue from the mainland China market was approximately RMB 163,008 thousand, a significant decline of about 92.7%, accounting for approximately 1.5% of total revenue[19] - Revenue from overseas markets increased by approximately 11.2% to RMB 11,005,414 thousand, rising to approximately 98.5% of total revenue[16] - In the U.S. market, revenue from enterprise customers reached approximately RMB 4,083,779 thousand, an increase of about 8.2%, representing approximately 36.6% of total revenue[17] - Revenue from Europe and other regions increased by approximately 17.9% to RMB 5,065,271 thousand, representing about 45.4% of total revenue[46] Research and Development - The company continues to focus on research and development in electronic vaporization products, enhancing its R&D management system to improve efficiency[7] - The total R&D expenditure amounted to approximately RMB 1,482,846 thousand, representing an increase of about 8.1% compared to the previous year, with the percentage of revenue rising from approximately 11.3% to about 13.3%[28] - The company has over 1,400 R&D personnel and significantly higher R&D investment compared to peers, ensuring long-term growth and innovation[23] - The company has filed a total of 2,033 new patent applications globally during the review period, including 1,172 invention patents, bringing the cumulative total to 7,695 patents, of which 3,867 are invention patents[28] - The introduction of a digital management system for new product development has significantly improved the efficiency and effectiveness of R&D resource allocation[28] Cost Management - The company has implemented cost reduction strategies, resulting in a significant decrease in administrative expenses during the review period[9] - Distribution and sales expenses increased from approximately RMB 387,671 thousand to about RMB 526,238 thousand, a growth of approximately 35.7%, accounting for about 4.7% of revenue[53] - Administrative expenses decreased from approximately RMB 1,147,916 thousand to about RMB 867,154 thousand, a decline of approximately 24.5%, accounting for about 7.8% of revenue[54] - Total employee costs accounted for approximately 23.0% of the group's revenue in 2023, down from 25.0% in 2022, due to improved operational efficiency[78] Corporate Governance - The board of directors consists of eight members, including three independent non-executive directors, exceeding the one-third requirement set by listing rules[148] - The board has recommended a final dividend of HKD 0.05 per ordinary share for the year ending December 31, 2023, pending approval at the upcoming annual general meeting[158] - The company has adopted a dividend policy that considers its financial condition and other relevant factors before declaring dividends[158] - The audit committee has been established in accordance with the listing rules, consisting of three independent non-executive directors, with Mr. Zhong Shan as the chairman[171] - The board is committed to maintaining high standards of corporate governance and has reviewed the effectiveness of its governance structure[150] Future Outlook - The global electronic vaporization product market is projected to reach approximately $19.86 billion by 2028, with a compound annual growth rate (CAGR) of about 11.5% from 2023 to 2028[32] - The company plans to launch a new oil cartridge-based closed product in the European market in 2024, which has successfully obtained TPD compliance certification[33] - The company aims to enhance production management levels in 2024 to reduce manufacturing costs and improve product competitiveness[38] - The company will continue to invest in R&D across electronic vaporization, heated tobacco, and medical vaporization products to maintain its leading position in these sectors[37] - The company is committed to optimizing supply chains and production processes to shorten order delivery cycles and improve delivery efficiency[38]

SMOORE INTERNATIONAL HOLDINGS LIMITED 思摩爾國際控股有限公 司 (於開曼群島註冊成立的有限公司） (股份代號：6969） 中期 報告 2023 (Incorporated in the Cayman Islands with limited liability) (Stock code: 6969) SMOORE INTERNATIONAL HOLDINGS LIMITED REPORT 2023 SMOORE INTERN ATIONAL HOLDINGS LIMITED 思 摩 爾 思摩爾國際控股有限公 司 國 INTERIM 股 際 有 控 限 公 司 INTERIM REPO RT 中 期 報 陳志平先生 （主席兼總裁） 熊少明先生 王貴升先生 王鑫女士 告 非執行董事 2023 目 錄 | 公司信息 | 02 | | --- | --- | | 主席報告書 | 04 | | 財務摘要 | 07 | | 管理層討論與分析 | 09 | | 其他資料 | 29 | | 簡明綜合財務報表審閱報告 | 46 | | 簡明綜合損益及其他全面收益表 | 47 | | 簡明綜 ...