智通财经APP获悉，思摩尔国际(06969)早盘涨超4%，截至发稿，涨3.25%，报13.96港元，成交额4923.29万港元。
第一上海指出，思摩尔国际为英美烟草供应的加热不燃烧(HNB)产品Glo Hilo试销反馈积极，其使用体验和口感较现有主流产品有所提升。根据战略规划，该产品将于2025年全面进军核心市场，并有望从2025年下半年开始为公司带来持续利润增长。预计到2026年，随着市场渗透率提升和客户群体扩容，HNB业务将展现强劲的发展动能与盈利潜力。
东方财富证券此前指出，24年思摩尔国际对美业务敞口为44.1亿元，占24年收入比重37%，其中ODM为39.9亿元，自有品牌4.2亿元。首先，该品类具备高加价倍率和高粘性特征，关税成本部分可以转嫁至终端；其次，公司凭借其技术优势、产能优势，有望平滑关税压力，作为技术驱动型公司，思摩尔在产业链中具备一定的议价能力，且公司在印尼等地布局产能，一定程度上可以平缓关税压力。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.