智通财经APP获悉，里昂发布研报称，预计思摩尔国际(06969)今年净利润及经调整净利润将同比跌44%及7%，在2026至2027年将恢复增长。同时该行预料今年毛利率为36.4%，明年毛利率将提高至38.8%，并料集团在2025年至2027年销售额及经调整净利润的年均复合增长率为16%及48%。该行将其目标价由24港元下调至21港元，维持“跑赢大市”评级。
集团上半年销售同比升18%，纯利跌28%，经调整净利润跌2%，符合早前盈警预测。净利润下降主要由于中国销售大幅下降以及产品结构调整导致的毛利率下降。该行预计，在欧盟禁止一次性电子烟以及高级个人雾化器(APV)和加热不燃烧(HNB)产品扩张后，今年销售额将主要受胶囊型产品驱动。管理层表示，今年也将是投资的一年，预计将额外投入3亿元人民币用于医疗和加热不燃烧产品的研发。
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