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《大行報告》中金:思摩爾(06969.HK)具四大優勢可快速成長 予目標價61元
電子煙概念股今早(23日)抽上,華寶(00336.HK)股價彈高逾16%,思摩爾(06969.HK)今早盤中曾高見46.85元一度彈高14.5%。據中金上週發表報告,指早前邀請思摩爾國際管理層參加其年度策略會,期間公司與投資者就公司近況、未來發展戰略等進行了深入交流。中金認爲思摩爾具四大優勢包括專利體系、產能規模、產品品質、客戶優勢等競爭壁壘,料公司持續快速成長可期。 該行指,思摩爾在霧化領域已建立完備專利保護體系,新進者規避難度大,且公司作爲首家獨立原告已在美國提起337調查的中企,指控的侵權方或涉及38家企業及個人,公司在陶瓷霧化領域的專利優勢明顯。第二是產能、良率、一致性業內領先,該行預計2022年底公司產能有望進一步提升至年產39億單位,進一步滿足快速成長的海內外大客戶需求,強化全球龍頭地位。 中金指,思摩爾憑藉領先技術持續配合客戶新品開發,與海內外客戶深度合作,助力搶佔市場,據內媒早前報道公司下一代陶瓷霧化技術有望於12月發佈。 該行表示,美國PMTA首次通過電子煙產品,料思摩爾的海外頭部客戶快速崛起,公司在不斷鞏固自身陶瓷霧化芯領先地位的同時,通過與菸草公司積極合作及研發創新,亦有望抓住未來HNB產品的成長紅利。該行維持思摩爾「跑贏行業」評級與目標價61港元,對比預測2022年預測市盈率41倍,潛在上行空間49.5%。
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