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思摩爾國際(06969.HK):電子霧化領域領導者
格隆匯 07-08 14:20

機構:國盛證券

電子霧化領域的領導者。思摩爾是全球最大電子霧化設備製造商,2019年佔總市場份額的16.5%。公司主要通過核心霧化技術提供霧化科技解決方案,OEM/ODM模式搭配自有品牌APV組成主營業務板塊。得益於公司強大的研發能力與客户網絡,公司營收由2016年的人民幣7.07億元增加至2019年的人民幣76.11億元,複合年增長率為120.8%;淨利潤由2016年的人民幣1.06億元增加至2019年的人民幣21.74億元,複合年增長率為173.5%。

全球電子霧化設備市場規模增長迅速,美國市場份額最大。根據弗若斯特沙利文報告電子煙佔煙草的市場份額由2014年1.7%提升至2019年4.2%,預計到2024年佔比達到9.3%,電子煙使用者預計2025年達89.6百萬人。全球電子霧化設備市場規模由2014年的1828.8百萬美元迅速增至2019年的6701.9百萬美元,複合年增長率為29.7%。技術創新、功能的豐富及安全性的提升、線上及線下零售渠道的開發、吸霧化汽作為一種文化及愛好的增長趨勢刺激電子霧化設備的發展。全球電子霧化設備的市場規模預期將於2024年達22716.9百萬美元,複合年增長率將達27.7%。美國擁有全球電子霧化設備市場的最大市場份額,在2019年達57.1%。

先進的研發-製造綜合技術平台,打造核心競爭力。電子霧化行業進入壁壘較高,公司擁有先發優勢及突破性技術,有助於維持其在電子霧化行業的領先地位。2018年公司將陶瓷加熱技術應用到電子霧化設備中,引起產品銷量上升,產品價格上升。為提升產品性能,公司的研發團隊開展可行性研究並於新產品“TARGET”應用研發的加熱技術,通過消除若干霧化缺陷,贏得了市場的歡迎。募投項目將助力研發與產能擴張,支持公司未來高速發展。

拓展新客户,探索新領域。公司目前已建立起由全球領先的煙草公司及獨立電子霧化公司組成的全球客户網絡,被廣泛銷往50多個海外國家,主要包括美國、日本及歐洲國家,客户包括日本煙草、英美煙草、ReynoldsAsia-Pacific、RELX及NJOY等。覆蓋全球的客户網絡增加了公司業內品牌知名度,更將吸引許多全球領導品牌的潛在客户。公司的目標是探索新的應用領域,特別是醫療及保健領域,以進軍新興市場並進一步多樣化公司的客户羣。

投資策略:我們預測公司2020-2022年收入分別為94.07億元、133億元、174.02億元,同比增長23.6%、41.4%、30.8%。淨利潤分別為27.24億元、40.16億元、54.38億元,同比增長25.3%、47.4%、35.4%。

風險提示:政策風險、市場競爭加劇風險、貿易摩擦風險、原材料及人工成本上漲風險。

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