share_log

思摩尔国际(06969.HK):新一代雾化解决方案发布 技术与研发优势巩固龙头地位

Smoore International Holdings Limited (06969.HK): new generation atomization solution release technology and R & D advantages to consolidate its leading position

東興證券 ·  Jan 20, 2022 18:22

Event: on January 18, Smoore International Holdings Limited held a new technology conference in London, England, announcing a new generation of ultra-thin electronic atomization solution FEELM Air.

Seven breakthroughs have been achieved in the user experience, and the new generation of ceramic cores ushered in three major innovations. According to the company, FEELMAir has achieved seven breakthroughs in the user experience compared to the previous generation of solutions, including:

(1) enhanced harm reduction: the harm reduction increased by 80%, in which the production of heavy metals / aldehydes and ketones decreased by 78.6% and 80.7% respectively; (2) high taste reduction: the taste reduction rate increased by 33%. In the smoke volume, aroma, aroma richness and other eight dimensions to improve; (3) super leak-proof: leak-proof liquid performance increased by 237%; (4) ultra-high energy efficiency: 13% higher than the previous generation. (5) shock-sensitive wave mode: equipped with the smallest linear motor in the world, the interactive experience of vibrating with suction is realized with ultra-low power consumption; (6) Super energy management system: charging speed / battery life / energy density is increased by 100%, 30%, 20% respectively, charging for 10 minutes, free for 8 hours. (7) Ultra-sensitive control: equipped with MEMS sensing technology, the control process of atomization is more sensitive through suction, and at the same time effectively prevent misstart.

As the core of the solution, the company's new generation of ceramic atomization core has achieved technological innovation in three aspects: heating film material, film coating process and ceramic structure. The new ceramic core adopts the industry's first seven-layer composite heating film, which improves damage reduction, taste reduction and leak-proof ability through the film with different functions, and the porous three-dimensional bionic structure of the ceramic core also increases air permeability and leak proof; at the same time, the thickness of the heating film of the new ceramic core is reduced from 80 μ m to 2 μ m, and the thickness of the ceramic matrix is reduced from 4.5mm to 3.5mm, so that the thickness of the e-cigarette body can be reduced by 25% to reach 7.8mm.

The technological leading edge has been expanded, demonstrating once again the strong R & D capability. The previous generation of FEELM atomization technology is still ahead of the industry and helps the company to become the world's largest e-cigarette manufacturer, working closely with Vuse, the world's largest brand, and Yuejue, the largest domestic brand. The company's new generation of technology has further expanded its leading edge, and the number of innovations is rich, which will significantly increase the difficulty of competitors' technological catch-up. At the same time, we believe that the launch of the new technology once again verifies the company's significant advantages in R & D capability, reflecting the company's comprehensive R & D strength of basic research + technology R & D + technology production. as well as a deep understanding of all aspects of e-cigarette user experience and R & D layout. Based on the moat of technology and research and development, we are optimistic about the company's long-term competitive position.

The upgrading of product power is expected to increase market share and support profit margins. The new generation of technology has made a breakthrough in all pain points of e-cigarette user experience, and features such as thinner atomization core and lower energy consumption also provide more possibilities for product design innovation. We are optimistic that after the company's new technology is applied on the ground, it will help major customers to open the gap with their competitors in terms of product power, and work with major customers to improve their market share. At the same time, we are optimistic that FEELM Air continues the strong pricing power that FEELM atomization technology brings to the company, supporting the company to maintain a high gross profit margin.

Investment advice and profit forecast: in the long run, we are optimistic that the new generation of atomization solutions will help the company maintain high market share and high profit margins. In the short term, the market share of overseas key customers is expected to continue to increase, supporting the company's performance growth, and domestic market sales may be temporarily affected by the regulatory transition period. We forecast that the adjusted net profit of the company from 2021 to 2023 will be 55.21,66.60 and 8.071 billion yuan respectively, with a growth rate of 42%, 21% and 21% respectively. At present, the stock price corresponds to 32 times, 26 times and 22 times PE respectively, maintaining the "recommended" rating.

Risk hint: the production of new technology is not as expected, the examination and approval under the new regulations is not as expected, and the follow-up industry policy is in an extreme situation.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment