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Smoore International reported Q1 2023 revenue of RMB 2.5b and net profit of RMB 3b, both below our full-year estimates of RMB 16b and RMB 10b respectively. China region revenue decreased by 98% due to strong sales of refillable e-cigarettes in Europe, while overseas revenue grew by 58%. The decline was more severe than expected, with the market down 80-90% from Q1 2022 when fruity refillables were still legal. We believe this result may reignite concerns about the recovery of Smoore and RLX, and their stocks have corrected by 3%+ in the past 10 trading days. We will monitor their Q2 recovery trajectory. Our revenue estimates are in line with market consensus, but we maintain our estimates, which are 5-10% lower than consensus. Our valuation reflects current confusion over pricing the revised business outlook after the new regulations come into effect, and we now use the average valuation from the IPO until March 2022. Our target price remains at RMB 21.5x FY23E P/E, 1sd below average valuation. The current valuation is near historical lows, and we believe regulatory risks are well reflected. Maintain Buy.
