Core ideas:
Seymour held a new technology conference in London to launch a new generation of ultra-thin electronic atomization solution Feelm Air, equipped with a new generation of bionic thin film ceramic core, the thickness of composite heating film decreased from 80 microns to 2 microns, and the thickness of ceramic substrate decreased from 4.5mm to 3.5mm, ushering in the era of ultra-thin.
Bionic film ceramic core has three major technological innovations. In terms of material, the industry's first seven-layer composite heating film is adopted to improve corrosion resistance, taste reduction, heating rate and other properties to better achieve harm reduction; in technology, nanometer vacuum coating technology is adopted to reduce the film thickness and improve the reduction taste; structurally, the original porous three-dimensional bionic structure is created to achieve the effect of more breathable and leak-proof liquid.
Bionic film ceramic core has seven performance breakthroughs. Reduced heavy metal emissions by 80%; taste reduction rate, increased by 33%; anti-leakage performance, increased by 237%; energy efficiency, increased by 13%; new shock-sensitive wave mode, the world's smallest linear motor has a long life of 150 million vibrations; the industry's first super energy management system increases charging speed by 100% and battery life by 30%; and it is equipped with MEMS sensor technology for the first time.
The new technology is a comprehensive upgrade of important performance. Si Moore new technology is to reduce damage, taste reduction, anti-leakage and other important attributes or pain points to effectively improve, help to upgrade the taste and experience, further open the gap with the competition, and enhance customer stickiness. However, the effect of the product side needs to be proved by customer sales and company shipments and other posterior data, looking forward to large-scale application in the future.
In 22, Si Moore is expected to grow steadily overseas and wait for the policy to land at home. After the overseas PMTA landing, the customer mobile sales are expected to improve, and the promotion of disposable ceramic core products will benefit from the industry trend.
Profit forecast and investment advice. The adjusted net profit for 21-23 is expected to be 100 million yuan in 54-69-89, an increase of 39%, 27% and 29% over the same period last year, giving a reasonable valuation of 30 times PE in 22 years, corresponding to a reasonable value of HK $41.98 per share (using the Hong Kong dollar exchange rate of 0.82), maintaining the "overweight" rating.
Risk tips. Global tobacco control actions are intensified; new tobacco-related policies are uncertain.