中金发表研究报告指，思摩尔国际(06969.HK) 去年收入118亿元人民币，按年升5.3%，净利润13亿元人民币，按年跌20.8%，低于该行预期，产品结构调整、销售及研发费用高投入下公司盈利能力短期受压。按每季来看，第一、二、三及四季净利润分别按年升12.8%、跌17.5%、跌22.5%及跌45.1%。
该行指，考虑公司高研发投入及新业务商业化推广节奏，将今年年归母净利润预测下调36%至13.1亿元人民币，2026年归母净利润预测为16.9亿元人民币，考虑电子烟经营改善及新业务开拓下中长期成长动能充足，上调目标价22%至16.5港元，其评级为“跑赢行业”。(ca/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-20 12:25。)
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