According to a research report released by open source securities, Smoore International Holdings Limited (06969) is the world's largest manufacturer of electronic atomization equipment, accounting for 22.8% of the global electronic atomization equipment market by revenue in 2021. The bank is optimistic that the boots of the new tobacco industry regulatory policy will fall to the ground, and the company will break the situation by virtue of the deep internal force of R & D and manufacturing; the growth of new fields such as superimposed medical atomization and marijuana atomization is expected, and the company's medium-and long-term development logic is smooth. Taking into account that the company's domestic market will be greatly affected by the new GB policy in the short term, the bank has lowered its profit forecast. It is expected that the company's net profit in 2022-24 will be 25.2 yuan 29.8 yuan / 4.65 billion yuan (RMB, the same below) (formerly 36.41 picks up to 45.74 yuan / 5.706 billion yuan), corresponding to earnings per share of 0.4. 0.5 yuan, 0.8 yuan, the company's technical barriers and manufacturing advantages remain strong, maintaining the "buy" rating.
In the industry, the bank pointed out that at present, the complete new tobacco regulatory systems in various countries have landed one after another, and the trend of industry regulation is to reduce the harm of products instead of tobacco and return to the nature of tobacco, and it is optimistic that the industry will continue to maintain high growth and high profitability. brand going out to sea is the focus of the development of Chinese enterprises. In R & D, short-term strong R & D support the company to speed up technology renewal and iteration, and FEELM Air, FEELM Max and other technology solutions have been launched one after another in 2022, breaking the pain points of traditional products in multiple dimensions; in the long run, high R & D investment and perfect R & D technology platform enable the company to effectively resist industry risks. In manufacturing, the company's capacity replacement continues to advance, and the successful commissioning of the industry-leading automated production line and self-built production rooms will effectively reduce costs in terms of labor and rental costs.
In addition, the bank continued to point out that cannabis atomization and medical atomization create the company's second growth curve. The compliance process of marijuana has been accelerated, and the blue ocean characteristics of the market have been shown. The company has become the invisible leader of the track by virtue of the CCELL technology platform; in terms of medical atomization, the company has accelerated the pace of R & D investment, and the results are expected to be industrialized within this year.