金吾财讯 | 思摩尔国际(06969)短线拉高，截止发稿，报13.28港元，涨5.4%，成交额2.46亿港元。财政部、税务总局此前发布公告，明确自2026年4月1日起，取消包括电子烟在内的多类产品增值税出口退税。天风证券发布研报称，此项政策调整被视为将加速行业整合，长期利好具备规模与技术优势的头部合规企业。国投证券指，公司2025年第三季度营收达41.97亿元人民币，同比增长27.2%，创历史新高，主要受益于加热不燃烧(HNB)产品在全球主要市场的成功推出。Q3经调整净利约4.44亿元，同比增长4.0%，费用管控优异。 研报指出，公司作为合规龙头充分享受全球监管趋严带来的政策红利，电子雾化业务稳健增长，旗舰新品带动自有品牌业务份额提升。预计2025-2027年营业收入分别为141.08亿元、167.17亿元、198.67亿元，同比增长19.57%、18.50%、18.84%；净利润分别为10.43亿元、19.31亿元、27.26亿元。 国投证券给予公司2026年48倍PE估值，目标价16.80港元，维持"买入-A"评级。
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