美银证券发表研究报告指，思摩尔国际发盈警，预期上半年收入按年增长18%，经调整溢利介乎倒退9%至增长4%。该行认为表现符合全年收入正增长及经调整溢利持平的指引，意味下半年收入较弱；收入增长主要来自自有品牌业务和企业客户业务，次季趋势与首季相若，但利润则受到拖累，原因包括股份支付费用增加、自有品牌产品于海外市场的销售及管理费用上升，以及法律费用大幅增加。该行预期费用比率上升的趋势会持续至下半年，继续抑压盈利。 报告提到，投资者对加热不燃烧(HNB)业务仍持乐观态度，去年11月公司推出的新产品GloHilo于今年6月在日本仙台试卖，并将扩展至日本其他城市及欧洲，将会是短期催化剂。但该行认为HNB产品渗透率的能见度、GloHilo获取市场份额的举措及公司潜在利润缓冲空间仍然较低。因此，HNB产品仍需时才能有实际利润贡献。该行将2025及26年每股盈利预测分别下调11%及19%，将目标价从8港元上调至9.2港元，维持“跑输大市”评级。
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