Guotai Haitong Securities: Maintains "Overweight" rating on Smoore International (06969), Q3 profit shines

Zhito Finance APP has learned that Guotai Haitong Securities issued a research report stating that it maintains its earnings expectations for Smoore International (06969), forecasting net profit attributable to shareholders of RMB 1.09/1.88/2.22 billion for 2026-2028, and maintains an "Outperform" rating; with reference to the industry average, taking into account the company's position as a core supplier in the heat-not-burn industry chain, its deep technical moat achieved through long-term R&D investment, as well as the valuation premium conferred by the industry's broad growth space, the product strength iteration of the company's leading brand customers, and the continuous increase in market share, the bank assigns the company a 2026 PE of 60.0X, corresponding to a target price of HKD 12.09. The bank believes that the company's revenue fluctuates periodically, its earnings quality is solid, and it is awaiting the realization of positive catalysts.