《大行報告》大和下調思摩爾國際(06969.HK)目標價至8元 評級「持有」
大和發表研究報告指,思摩爾國際(06969.HK)上半年的一次性電子煙(Disposable Vape)收入達15億元人民幣,佔總收入的29%。集團毛利率由去年下半年的39%下降至今年上半年的36%。該行料高利潤Pod-based電子煙產品將在下半年繼續受壓。該行建議投資者應保持觀望,直到收入有更高可見度。
該行提到,雖然思摩爾國際的最大客戶英美煙草(BAT)在美國的銷量下降6.6%,但集團上半年來自美國的收入仍按年增26.9%。該行認為,這是由於英美煙草庫存和採購的波動所引致。
該行下調集團2023至25年的盈測4至17%,以反映較低的利潤預測,維持其「持有」評級,惟將目標價由8.3元下調至8元。
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