Core view

This week's attention: On November 15th, the annual performance report of the Imperial Tobacco announced as of September 30, 2022, the net income of 7.793 billion pounds in fiscal 2022, an increase of 1.5%year -on -year. Among them, the new type of tobacco business achieved net income of 208 million pounds. The year -on -year increase of 10.8%, mainly due to the driving driver of the European market, partially offset the negative impact of the US market sales ban (MDO); the realization of £ 3.694 billion in operating profit, an increase of 1.8%year -on -year, mainly due to the increase in overall income and new tobacco business Decreased losses.

New type of tobacco sector: continuous development of new products, new markets, the main source of performance growth in the European market

The new type of tobacco business sector, the product types are divided into product types: ① Heating tobacco products Pulze and ID have been listed in the Czech Republic for more than one year. As of September 2022, ID brands in Czech and Greece's heating tobacco market share reached 4.20%and 2.80%, respectively. Essence During the reporting period, Pulze and ID further were listed in Italy (the largest heating tobacco market in Europe), Portugal, and Hungary; Local market share and listed in the UK in November 2022. ③ The net income of mouth -to -mouth smoke increased by 37%year -on -year. The Zone X brand has landed in the Norwegian market, and the new taste is also issued and promoted in other markets.

Looking at the sales area:

Europe: The new type of tobacco business in 2022 achieved net income of 166 million pounds, an increase of 34.2%year -on -year. It mainly benefited from the relaxation of tourism restrictions related to the new crown epidemic and changes in consumer purchase methods. The company's heating does not burn products, atomized electronic cigarettes, and mouth -containing smoke categories are progressing well in the European market: Pulze and ID have been released in 5 countries in Europe; BLU 2.0 successfully entered the British market, and the company will continue to launch disposable smoke bombs in Europe in Europe The product portfolio added to the BLU brand; the launch of the new taste mouth has increased the market awareness of Zone X, and has achieved significant business growth in Switzerland, Norway, and Austria.

The United States: The new type of tobacco business in the fiscal year of 2022 achieved a net income of 42 million pounds, a decrease of 29.7%year -on -year, mainly due to the intensification of market competition, which caused the discounts of similar categories of products, and the company did not participate in price discounts, and the US FDA market sales ban was uncertain. Influence. In April, the FDA issued a market sales ban on some products of the company Myblu brand, but the relevant products will remain normal during the appeal. In addition, after the BLU brand was approved after consumer marketing solutions in Charlotte and North California, the company plans to further implement it in other parts of the United States.

Africa, Asia and Oceania: The new tobacco business in the fiscal year of 2022 has not realized revenue (£ 106 million in the same period last year), mainly due to the company withdrawing from Japan, Russia's atomized electronic cigarette market, and the heating market in Japan, in order to match the company's new type of new models The targeted strategies of tobacco business, especially to increase investment in the European heating and not burning markets.

Comprehensively implement the strategy of "focusing on new tobacco", and firmly promote the transformation of sustainable growth

Since the company has proposed the five -year strategic plan, it has continued to promote the establishment of global consumer offices, management team renewal, new tobacco pilot promotion, and improvement of operational efficiency. During the reporting period, the total market share of the five major markets has been further improved while maintaining the pricing strategy. In terms of the layout of new tobacco products, the company plans to fully implement the strategy of "focusing on new tobacco", increase the promotion of Pulze and ID heating tobacco products in the European market, and expand the marketing scope of BLU in the US market. It is expected to enter the 2023-2025 fiscal year. The harvest stage.