智通财经APP获悉，思摩尔国际(06969)再涨超6%，截至发稿，涨5.5%，报318.2港元，成交额8556.28万港元。
天风证券发布研报称，思摩尔国际发布2025年Q1业绩公告，25Q1实现税前利润为2.55亿元，同比下降36.3%。税后利润为1.92亿元，下降幅度为43.4%。2025年Q1全面收益总额为2.08亿元，同比下降32.9%。2025年Q1内税前利润同比下滑，主要系行政开支、分销及销售开支以及研发开支总体上较2024年同期有较大幅度的增长。
该行指出，公司于2022年耗资约五亿在印尼建设第十四家工厂(海外首家工厂)，工厂占地六公顷。该工厂建在玛琅摄政区，是印度尼西亚第一家中印电子烟烟弹生产商，并且将由16条技术先进的生产线组成，每条线每小时可生产7200个，预计年产值8.6亿美元(相当于48亿人民币)。该行认为，公司的印尼工厂产能成熟有望平滑关税影响，同时在监管不断趋严的背景下，预计产业链集中度或将加速提升，公司是提供雾化科技解决方案的全球领导者，壁垒优势不断凸显。
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