金吾财讯 | 思摩尔国际(06969)逆市上行，截至发稿，涨1.72%，报10.66港元，成交额2881.29万港元。
国金证券发研指，近年来，公司在保证雾化电子烟技术领先优势的同时，对于特殊、医疗及美容雾化等研发方向上持续加大投入。依托自身雾化平台化优势，公司在特殊、美容雾化领域持续迭代产品，并且在医疗雾化领域储备了较多差异化的领先技术。整体来看，公司新品类在平台化优势助推下，产品迭代顺利，后续有望逐步放量，支撑公司长期成长。该行表示，不充分考虑HNB业务贡献的情况下，该行预计公司24-26年EPS分别为0.22/0.26/0.37元人民币，当前股价对应PE分别为45/38/27倍，考虑公司后续新业务成长性较强，给予25年合理PE48x，对应目标价为13.35港币，维持“买入”评级。
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