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思摩尔国际(06969.HK):推出新一代技术FEELMAIR 技术壁垒持续夯实

广发证券 ·  {{timeTz}}
核心观点:

思摩尔在伦敦举办新技术发布会,发布新一代超薄电子雾化解决方案Feelm Air,搭载新一代仿生薄膜陶瓷芯,复合加热膜厚度从80 微米降至2 微米,陶瓷基体厚度由4.5 毫米降至3.5 毫米,开启超薄时代。

仿生薄膜陶瓷芯拥有三大技术创新。材料上,采用行业首款7 层复合加热膜,提升抗腐蚀性、口感还原度、升温速度等性能,更好实现减害;工艺上,采用纳米级真空覆膜工艺,降低薄膜厚度、更好还原口感;结构上,独创多孔立体仿生结构,实现更透气、更防漏液的效果。

仿生薄膜陶瓷芯拥有七大性能突破。减害性,重金属等排放量减少80%;口感还原率,提升33%;防漏液性能,提高237%;能效比,提升13%;全新震感波模式,全球最小线性马达拥有1.5 亿次震动的超长寿命;行业首个超级能源管理系统,使充电速度提升100%、电池寿命提升30%;首次搭载MEMS 传感技术更灵敏制控。

新技术是对重要性能的全面升级。思摩尔新技术是对减害、口感还原度、防漏液等重要属性或痛点的有效改善,助力口感和体验的升级,进一步拉开与竞对的差距,提升客户粘性。不过产品端的效果需要通过客户销售与公司出货等后验数据来证明,期待未来大规模应用。

22 年思摩尔海外有望稳健增长,国内静待政策落地。海外PMTA 落地后客户动销有望改善,一次性陶瓷芯产品推广后将受益于行业趋势。

盈利预测与投资建议。预计21-23 年调整后净利54/69/89 亿元,同比增长39%/27%/29%,给予22 年30 倍PE 的合理估值,对应合理价值41.98 港元/股(使用港币汇率为0.82),维持“增持”评级。

风险提示。全球控烟行动加剧;新型烟草相关政策具有不确定性。

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