Global situation: According to the statistics of Euromonatte, the size of the global new type of tobacco products in 2022 is expected to reach US $ 79.47 billion, an increase of 17.1%year -on -year, of which the global market size of smokeless tobacco/atomized electronic cigarette/heating tobacco products is 139.5/268.1/ 33.38 billion US dollars, a year -on -year increase of 4.9%/17.8%/15.8%. In terms of atomizing electronic cigarettes, the size of North America/Western Europe/Asia -Pacific markets in 2022 increased by 15.9%/27.0%/14.5%year -on -year. The growth of the Western European market is relatively highly relying on the rapid increase in the sales of disposable electronic cigarettes. The taste ban from the 22nd year of the market affects the short -term market demand. In terms of HNB, the size of the Asia -Pacific/Eastern European/Western European market in 2022 increased by 12.1%/34.3%/4.8%year -on -year, respectively.

Philip International: In 2022, new tobacco revenue accounted for over 30%, and the core market maintained steady growth. In 2022, Fimo International's new type of tobacco revenue increased by 7.4%year -on -year to US $ 9.91 billion, and the income ratio increased to 31.2%. The slowdown in the growth rate was mainly due to the increase in the Japanese market tobacco tax. The income ratio increased by 18.2%to $ 2.87 billion. IQOS ILUMA excellent products have supported the continuous improvement of traditional smokers' conversion rates. At the end of 22, the number of IQOS users has reached 24.9 million, and the number of traditional cigarette consumers has 17.8 million, with a replacement rate of 71.49%. In terms of market share, Philip International has continued to increase in its main market in 22 years. Italy/Poland/German market share increased by 3.1/1.9/1.7pct to 14.6%/8.2%/4.8%compared with 2021, respectively. In addition, Philimo International has re -re -re -re -launched the exclusive commercialization of IQOS in the United States since April 30, 2024. In the future, the U.S. market will develop.

British and American tobacco: atomization+HNB two -wheel drive, new tobacco revenue continues to grow well. In 2022, British and American tobacco's new tobacco business revenue was+40.9%to 2.89 billion pounds. The 22H2 new tobacco revenue reached 1.61 billion pounds, a year -on -year+37.6%, and still maintained excellent growth. In terms of division categories, 22 years of atomized electronic cigarette income+54.9%to 1.43 billion pounds, sales year -on -year+14.4%to 610 million, of which VUSE products achieved revenue of 1.13 billion pounds, an increase of 44.0%year -on -year. 22H2 British and American tobacco atomizing electronic cigarette revenue/sales increased by 54.8%/11.1%year -on -year, respectively. In terms of HNB, relying on Glo Hyper's excellent performance in various regions, the British and American tobacco HNB business continued to grow rapidly. The increase in users by nearly 30%to 8.8 million people. The overall revenue of 22 years was+24.3%to 1.06 billion pounds.

Empire tobacco: The new type of tobacco business has returned to growth, and the sales of sales in Europe are welcoming. In 2022, the new type of tobacco business of imperial tobacco achieved income of 210 million pounds, an increase of 10.8%year -on -year. In 22 years, H2 achieved income of £ 110 million, an increase of 15.1%year -on -year. Although the Empire Tobacco MYBLU products received the US FDA marketing ban in 2022, relying on the rapid recovery of Europe, they still regained their growth. In 22 years, new tobacco revenue in Europe increased by 31.4%year -on -year to 170 million pounds, while revenue in the United States fell 25.1%year -on -year to £ 40 million.

Japan Tobacco: The new type of tobacco business has maintained a steady development, and the sales of PLOOM X. sales have doubled sales. In 2022, the new type of tobacco business of Japanese tobacco achieved revenue of 75.4 billion yen, an increase of 4.4%year -on -year. In 22, the new Tobacco revenue of Q4 in 22 years was 16.6 billion yen, a year -on -year increase of 18.7%, and the sales volume reached 1.9 billion, a year -on -year increase of 9.2%. In terms of region, Japanese tobacco relies on the release of Ploom X in Japan. In 2022, RRP products sales in the Japanese market increased by 30.4%year -on -year to 6 billion yuan, and the market share increased by 1.7PCT to 11.9%from 21 years. Stress, sales of RRP products fell 24%year -on -year to 1.9 billion.

Investment recommendations and valuations

From the perspective of the development of all regions and various tobacco giants overseas and various tobacco giants, although it has been differentiated, it can be clearly seen that new types of tobacco in overseas markets have become the general trend, and the new type of tobacco business has gradually become an important growth driving force for various tobacco giants. In terms of atomized electronic cigarettes, it is recommended to pay attention to Simo International. As the head of the global electronic cigarette foundry market, it is deeply bound to British and American tobacco. However, the global new type of tobacco trend remains unchanged, and the company's long -term space at home and abroad is still expected. In terms of HNB, Yingqu Technology, as the core supplier of IQOS, has gradually extended to heating components and machine delivery from precision plastic parts suppliers in the past. It is expected to benefit from the further expansion of IQOS in the world.

risk warning

Industry policy supervision exceeds expectations; US electronics mint mint flavors are limited; exchange rate fluctuations are greatly fluctuated; PMTA certifications are not approved.