智通财经APP获悉，瑞银发布研报称，维持思摩尔国际(06969)“沽售”评级，目标价13.11港元。
该行表示，近期与日本烟草公司管理层在东京会面，并在深圳与思摩尔管理层举行投资者会议。虽然美国自2025年初以来加强打击非法电子烟，但从实地考察的反馈来看，由于执法力度不一致，美国执法的影响可能会减弱。这一点从中国海关数据得到证实，8月份电子烟出口量增长39%，表明中国电子烟出口商正在适应美国的执法。
瑞银预计，2025年收入同比增长20%，主要由电子烟销售推动，但由于研发和销售费用上升以及毛利率压力，净利润同比下降40%。该行对2025-27年的净利润预测比市场共识低18-45%。
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