思摩尔国际(06969)午后反复扬升3.67% 长江证券长期看好其HNB和雾化烟双线成长

金吾财讯04-20

金吾财讯 | 思摩尔国际(06969)午后反复扬升3.67%，截至发稿，报10.18港元，成交额1.75亿港元。

消息面上，长江证券最新研报指出，长期看好思摩尔国际的HNB和雾化烟双线成长，医疗雾化等新业务有望多点开花。1)HNB业务：估计GloHilo在波兰和意大利份额提升快于日本，体现英美烟草在核心市场的影响力。同时今年可期待有新的国际烟草客户拓展，仍需关注核心市场的份额提升速度，长期看好HNB技术平台发展，后续成长动能充沛；2)雾化烟：主业筑底回暖趋势明确，有望受益行业监管转向和大客户市占率提升等持续修复；3)医疗雾化：传思生物美国生产基地已于2025年12月获得FDA的cGMP认证，后续关注传思生物的融资及业务进展。

该机构预计，思摩尔国际2026-2028年将实现归母净利润11.1/15.6/23.1亿元，对应PE为46/33/22X。若加回股权支付相关费用等，预计公司2026-2028年实现经调整年内溢利15.8/20.3/27.8亿元，对应PE为32/25/18X。

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