大和研究报告指，思摩尔国际(06969.HK) 第三季总收入按年增长27%至42亿元人民币，创历史新高，并是自2021年以来最大升幅。管理层首次作出指引，料全年加热烟(HNB)业务将贡献至少12亿元人民币收入，该行估算相当于约8%销售额。
报告提到，虽然思摩尔国际第三季收入较市场预期高至少10%，但盈利胜市场预期的幅度则较小。关键正面因素在于加热烟业务开始好转，且增长动能不仅来自单一客户英美烟草(British American Tobacco)。尽管盈利能见度仍然有限，集团核心业务改善的趋势，应有助其股价回稳。
该行将思摩尔国际2025至27年每股盈利预测下调6%至20%，预期利润率恢复步伐会较缓慢；重申“跑赢大市”评级，目标价由16元微升至17元。(ss/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-10-13 16:25。)
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