【券商聚焦】华泰证券维持思摩尔国际(06969)“买入”评级看好其雾化科技和加热烟草技术解决方案平台价值

金吾财讯

Apr 13

金吾财讯 | 华泰证券研报指，思摩尔国际(06969)公布Q1财务更新，26Q1总收入38.56亿元/同比+41.7%，期内溢利2.63亿元/同比+36.6%，经调整期内溢利3.47亿元/同比+10.7%，若剔除医疗业务亏损带来的阶段性影响，还原后的经调整利润约4.67亿元/同比+25.7%。公司26Q1收入及利润端端表现均靓丽，主要得益于雾化主业持续修复以及HNB新业务逐步实现快速放量。展望26年，该机构认为全球监管政策变化利好合规龙头，公司雾化主业有望延续持续修复趋势；同时HNB技术平台商业化进程加速推进，在现有业务稳步爬坡的同时，公司有望逐步构建“多客户+多产品”业务矩阵，新增长曲线加速构建。该机构看好公司雾化科技和加热烟草技术解决方案平台价值。该机构维持盈利预测，预计26-28年经调整净利润分别为16.52/22.53/28.41亿元，对应经调整EPS为0.27/0.36/0.46元。参考可比公司Wind一致预期27年18倍PE均值，考虑到：1）HNB业务尚处技术红利期，成长空间广阔；2）雾化电子烟业务合规能力和监管环境持续改善，长期价值属性突出。该机构维持公司27年40倍目标PE，维持目标价16.00港币（人民币兑港币汇率=1：1.1114）和“买入”评级。

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