華泰金融(HK)：給予思摩爾國(guó)際(06969.HK)“買入”評(píng)級(jí) 目標(biāo)價(jià)12.37港元

2024-09-27 15:01:05 來源： 同花順金融研究中心

　　華泰金融(HK)9月27日發(fā)布公告。Given a steady recovery in Smoore's traditional atomized electronic cigarette segment, we anticipate a positive inflection in its operational momentum in 2H24. Additionally, Smoore is strategically advancing efforts in its heat-not-burn and medical atomization products, suggesting robust long-term growth prospects. We maintain our earnings forecasts, and estimate its 2024/2025/2026 attributable NP at RMB1,698/2,010/2,393mn, with EPS at RMB0.28/0.33/0.39. Given: 1) the company’s increasing efforts in product innovation and product mix expansion, improving R&D and administrative competitive edges; 2) prominent market value following implementation of regulatory policies across countries, demonstrating Smoore’s long-term investment value; 3) new businesses well on track, pointing to new growth impetus, we value the stock at 40x 2024E PE, a premium over its peers’average of 20x on Wind consensus, for our target price of HKD12.37 (previous: HKD11.31). Maintain BUY.

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