Tiger Brokers

【券商聚焦】国金证券维持思摩尔国际(06969)买入评级 指其新兴雾化业务远期盈利弹性充足

金吾财讯
Mar 20

金吾财讯 | 国金证券研报指，思摩尔国际(06969)发布 2025 年业绩公告。2025 全年公司实现营收 143 亿元，同比+21%，归母净利润 10.6 亿元，同比-19%，其中2025H2 营收+22%至 82 亿元，归母净利润-8%至 5.7 亿元。25 全年实现调整后（扣除股权激励费用）归母净利润 15.3 亿元，同比+1.3%。2025 全年公司股息为 0.2 港元/股。研报指，公司在雾化成熟业务上保持领先优势持续修复以稳固业绩基本盘，HNB 成长业务加速放量提供高增长空间，医疗美容雾化新兴业务远期盈利弹性充足。公司保持高分红彰显对未来发展信心（25 年股息率 3.36%），看好公司长期增长逻辑逐步兑现。预计 2026-2028 年公司营业收入169.14/199.81/236.62 亿元，同比+18.64%/+18.13%/+18.42%,归母净利润 16.51/25.69/34.85亿元，同比+55.20%/+55.58%/+35.69%。预计公司2025-2027 年 EPS 分别为 0.27/0.41/0.56 元，当前股价对应 PE 分别为 42/27/20 倍，维持“买入”评级。

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